Ventilation Fans Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023
Albany, NY -- (SBWIRE) -- 01/20/2016 -- Ventilation fans are crucial devices that ensure ventilation in any building. Ventilation is a need in any commercial, residential, or industrial structure, as the buildup of stale air is not just uncomfortable for the inhabitants of a building, but can actually be a health hazard due to the buildup of microorganisms and particulates such as dust and pollen. Ventilation fans help bring about equilibrium between the atmospheric conditions inside a building and those outside it.
Due to the vital nature of ventilation in buildings, the global ventilation fans market was worth more than US$1.6 bn in 2015. The market is expected to exhibit a 4.90% CAGR from 2015 to 2023, due to a combination of factors such as the rising global construction industry and increasing government support to infrastructural construction in developing countries.
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Growing Construction Industry to Propel Ventilation Fans Market
Following the economic downturn in the last decade, the global construction industry experienced a slowdown as well. However, due to the steady recovery ever since, the construction industry is on the way to reclaiming its heyday. The ventilation fans market is growing along with the construction industry, as regulations in most countries now mandate the installation of ventilation fans in all types of construction.
Axial fans dominated the global ventilation fans market in 2014, outperforming other product categories such as centrifugal fans, cross-flow fans, power roof fans, domestic exhaust fans, and range hood fans. The dominance of the axial fans category is due to their versatility; they are used in applications ranging from ceiling fans to wind tunnels and computer cooling.
Residential, Infrastructure Sectors in Developing Countries to Propel Global Ventilation Fans Market
The construction industry is exhibiting a rapid growth rate in developing regions such as MENA and Asia Pacific. The rising purchasing power of the average customer in these regions and rising governmental support are responsible for the promising performance of the construction industry in these regions. Consequently, the ventilation fans market is also being driven by the rapid growth of the construction industry.
BRICS countries are among the leaders when it comes to urbanization, infrastructure construction, and residential construction. Countries such as China, in particular, have devoted significant resources to increasing the availability of high-quality infrastructure around the country, thus propelling the ventilation fans market.
Residential and commercial construction were the two strongest end users of ventilation fans in 2014; the industrial segment lagged behind the two. The residential sector led the demand from the global ventilation fans market in 2014 and is expected to remain in the lead over the forecast period due to the ubiquitous demand for ventilation fans in residential construction. However, the commercial end-use segment will expand at the fastest rate in the forecast period.
North America to Surpass Asia Pacific Ventilation Fans Market
The Asia Pacific ventilation fans market led the global market in 2014, due to the high demand for ventilation fans from China, India, South Korea, and Japan, among others. However, steady recovery of the construction industry in North America is expected to help the regional segment surpass the Asia Pacific market and emerge as the global market leader at the end of the forecast period.
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