Albany, NY -- (SBWIRE) -- 09/27/2018 -- The increased construction of residential and commercial spaces, thanks to the growing population as well as rapid urbanization across the world, has boosted the demand for ventilation fans remarkably, states an analyst at TMR.

The economic rise of BRICS nations and the commencement of major infrastructural development projects in the Middle East and North American countries have propelled the construction industry in these regions. Recently, economies such as the UAE, Saudi Arabia, and Qatar have undertaken huge commercial as well as residential construction projects. With the rising construction of commercial structures such as offices and hotels, the demand for ventilation fans is increasing significantly in these regions.

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Apart from this, in the coming years, major sports events are scheduled to take place in Brazil (Olympic 2016), Russia (FIFA World Cup 2018), and Qatar (FIFA World Cup 2022). As such large-scale events entail first-rate infrastructure and other auxiliary amenities, these fans are likely to witness substantial demand in the next few years.

Overall, the opportunity in ventilation fans looks bright for the coming years; however, the high initial purchasing and installation cost of these fans may limit their application to some extent in the near future.

As per TMR's estimates, the global opportunity in ventilation fans is likely to register a healthy CAGR of 4.90% during the period from 2015 to 2023 and increase from US$1.6 bn in 2015 to US$2.4 bn by the end of the forecast period. Asia Pacific emerged as the prime consumer of these fans in 2015, accounting for a share 43.4%. By 2023, the region is projected to retain its leadership with a rise of 0.1% in its total share.

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Currently, ventilation fans find widespread application in the residential sector. The commercial sector, however, is projected to generate more revenue than the former over the forecast period. Axial ventilation fans are the most demanded products in this market. Their wide-ranging application in automobiles, computer cooling, and wind tunnels and as cooling fans, ceiling fans, and ventilation exhaust fans is boosting their demand significantly.

The report segregates the ventilation fans market based on different geographies into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and South America. On the basis of type, the global ventilation fans market is segmented into centrifugal fans, axial fans, cross-flow fans, domestic exhaust fans, power roof fans, and range hood fans.

Moreover, in terms of end-use adoption the market for ventilation fans is segmented into residential, commercial, and industrial end-user segments. For detailed understanding of the ventilation fans market, all these segments have also been estimated in terms of revenue (US$ Mn) for the geographies mentioned above.

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