PUBLISHER: The Business Research Company | PRODUCT CODE: 1429979
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429979
A ventilation system refers to a deliberate system delivering fresh outdoor air into indoor spaces while expelling stagnant air. This process can be achieved through mechanical or natural means. Its primary purpose is to regulate indoor air quality by diluting and eliminating indoor pollutants. Additionally, the system controls indoor humidity, temperature, and air circulation, thereby enhancing thermal comfort and overall indoor environmental conditions.
Various types of ventilation systems include axial and centrifugal fans, heat recovery systems, and other related products. Axial and centrifugal fans are available in diverse designs and sizes, tailored for specific applications based on airflow requirements, pressure needs, and intended usage scenarios. Mounting options such as wall-mount, ceiling-mount, and cabinet-mount types are utilized across residential and non-residential settings.
The ventilation system market research report is one of a series of new reports from The Business Research Company that provides ventilation system market statistics, including global market size, regional shares, competitors with a ventilation system market share, detailed ventilation system market segments, market trends and opportunities, and any further data you may need to thrive in the ventilation system industry. This ventilation system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ventilation system market size has grown strongly in recent years. It will grow from $30.91 billion in 2023 to $33.48 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. Historical growth can be attributed to robust economic expansion in emerging markets, increased construction spending, supportive government initiatives, and amplified infrastructure investment.
The ventilation system market size is expected to see strong growth in the next few years. It will grow to $47.78 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. Forecasted growth is driven by rising concerns about air quality, urbanization, and residential building expansion. Key trends include company expansion, net zero emissions, partnerships, innovative product development, technology investments such as AI, and mergers/acquisitions.
The growing preference for adapting to changing climates is anticipated to drive the growth of the ventilation system market. Global temperature increases and unpredictable climatic conditions associated with climate change have led to a greater focus on indoor air quality management. Implementing ventilation systems in various regions has become crucial to addressing and improving air quality issues, especially in the face of climate-related challenges. Climate change, marked by rising temperatures and more frequent and severe weather events, can exacerbate indoor air quality problems and contribute to building damages. As an illustration, data from the National Oceanic and Atmospheric Administration (NOAA) in March 2021 indicated a temperature increase of 0.14°F (0.08°C) per decade on Earth. This ongoing shift in climate dynamics is identified as a key factor influencing the growth of the ventilation system market.
Concerns related to air quality, particularly the impact on human and occupational health, are contributing to the heightened demand for ventilation systems. The significance of maintaining good indoor air quality is underscored by reports from the US Environmental Protection Agency (EPA), which highlight that indoor air pollutants can be 2-5 times higher than outdoor levels and, in some cases, even exceed outdoor levels by 100 times. Given that people spend approximately 90% of their time indoors, the elevated levels of indoor air pollutants are a matter of significant concern. The increasing awareness and concerns regarding air quality issues, including low indoor air quality, are expected to be key drivers propelling the growth of the ventilation system market.
Product innovation is a prominent and increasingly popular trend in the ventilation system market. Recognizing the high demand and aiming to gain a competitive advantage, numerous leading manufacturers in the global ventilation system market are actively engaged in the research, development, and marketing of cutting-edge devices. An illustrative example is Greenheck, a US-based manufacturer specializing in air movement, conditioning, and control equipment. In April 2021, Greenheck introduced its latest model, RV-10, as an addition to its lineup of rooftop ventilation equipment designed for both partial recirculation and 100% outside air systems. The RV-10 model incorporates an inverter compressor, providing precise temperature and moisture control with reduced noise levels. This innovation enhances energy efficiency by optimizing part-load performance.
Key players in the ventilation system market are leveraging advanced technologies to drive innovation and solidify their market positions. LG, a South Korea-based electronics company, exemplifies this approach by launching a new residential building energy recovery ventilation system in July 2022. This system features a built-in CO2 sensor, HEPA (high-efficiency particulate air) filter, and UV-C (Ultraviolet-C) technology, ensuring superior air quality for building occupants. The high-efficiency filter captures fine particles in the incoming supply air stream, while UV lights target and disrupt the DNA of microorganisms, such as bacteria and viruses, preventing their spread in the form of airborne aerosols. The adoption of advanced technologies for product development reflects the commitment of major companies in the ventilation system market to meet evolving customer needs and stay ahead in the competitive landscape.
In November 2022, Trane Technologies, an Ireland-based manufacturer specializing in HVAC and refrigeration systems, acquired AL-KO Air Technology, a subsidiary of AL-KO SE, for an undisclosed sum. This acquisition enables Trane Technologies to broaden its offerings in air handling, extraction, and ventilation solutions, strengthening its commercial HVAC product and service portfolios across Europe and Asia. AL-KO Air Technology, headquartered in Germany, is renowned for its expertise in manufacturing ventilation and air handling technology.
Major companies operating in the ventilation system market report are Panasonic, Daikin Industries Ltd., Carrier, Mitsubishi Electric, LG Electronics, Midea Group Co. Ltd., Johnson Controls, Twin City Fan and Blower, Greenheck Fan Corporation, Honeywell International Inc., Skanray Technologies Pvt. Ltd., LifeLine Biz Pvt. Ltd., Advanced Energy Industries Inc., Zhongshan Aden Environmental Technology Co. Ltd., Suzhou Mia Intelligent Technology Co. Ltd., Beijing Holtop Air Conditioning Co. Ltd., Shandong Beideli HVAC Equipment Co. Ltd., Porzellanfabrik Hermsdorf GmbH, TLT-Turbo GmbH, DOD Technologies Inc., Kemper GmbH, LK Metallwaren GmbH, Michell Instruments Ltd., ALNOR VENTILATION SYSTEMS Ltd., Bluevent Air Systems Sp. Z O.o, Telzas ETC Group, Vent-Ex Sp. Z O.o., Entalpia Europe Sp. z o. o., KOMFOVENT, CaptiveAire Systems, Nortek Air Solutions, MW Solutions, Nomad Go, Accruent, Lijan Insulation Contracting LLC, Constromech Fzco, Air Master Equipments Emirates LLC, Bisan Inc., Modern Systems for Environmental Tech. Co., Munters, Bacharach Inc., Acme Engineering Prod., Eigenbrodt GmbH & Co, Atlas Air Conditioning, CFW Fans, Trox Africa, FabricAir South Africa, Univent, Daikin Egypt, Aerovent
Asia-Pacific was the largest region in the ventilation system market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the ventilation system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the ventilation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The ventilation system market consists of sales of a air filters and fan coil units. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Ventilation System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ventilation system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ventilation system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ventilation system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.