The global ventilation system market is set to gain momentum from the increasing need to maintain the air quality for preventing severe impact on cognitive functions, productivity, and health. These systems are capable of removing excess moisture & molds, household chemicals, and bacteria present indoors. As per a report by Fortune Business Insights™, titled, “Ventilation System Market, 2021-2028,” the market size was USD 23.98 billion in 2020. It is projected to grow from USD 25.66 billion in 2021 to USD 42.56 billion in 2028 at a CAGR of 7.5% in the forecast period.
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A list of renowned ventilation system vendors operating in the global market:
- Midea Group Co., Ltd. (Guangdong, China)
- KOMFOVENT (Vilnius, Lithuania)
- CaptiveAire Systems (North Carolina, United States)
- Greenheck Fan Corporation (Tokyo, Japan)
- S&P UK Ventilation Systems Ltd. (Suffolk, United Kingdom)
- Twin City Fan & Blower (Minnesota, United States)
- Honeywell International Inc. (North Carolina, United States)
- CENTROTEC SE (Brilon, Germany)
- Johnson Controls (Cork, Ireland)
- Mitsubishi Electric Corporation (Tokyo, Japan)
- Nortek Air Solutions, LLC (Missouri, United States)
COVID-19 Pandemic: Investments in Installation of These Systems to Bolster Growth
The outbreak of the COVID-19 pandemic has hampered the supply chain and the global economy. Various national and international agencies, such as the United Nations (UN) mentioned that in 2020, the economy declined by 1%. Nationwide lockdown measures have also put forward travel restrictions and reduced the availability of the workforce. But, at the same time, regulatory bodies of the U.K., U.S., Germany, China, and India are investing huge sums in the maintenance and installation of ventilation systems to reduce the impact of the COVID-19 pandemic across healthcare facilities.
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Residential Segment Held 37.6% Share in 2020: Fortune Business Insights™
By applications, this industry is trifurcated into industrial, residential, and commercial. Amongst these, the residential segment earned 37.6% in terms of the ventilation system market in 2020. This growth is attributable to the surging per capita spending of people in both developed and emerging countries worldwide.
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Drivers & Restraints-
Surging Demand from Residential Sector to Augment Growth
The emergence of decentralized ventilation units to prevent the challenge of interconnections between suites in multi-unit buildings and reduce the space required for ductwork would drive the ventilation system market growth in the near future. The HVAC industry is also demanding for these units. Besides, the rising residential sector is constantly adopting decentralized systems because of the requirement of less maintenance and low risk of malfunctioning. However, today’s commercial and residential spaces are airtight and compact. It therefore depresses the indoor pressure, which, in turn, may reduce the demand for these systems.
Rising Modernization of Construction and Residential Projects to Help Asia Pacific Grow
Geographically, Asia Pacific earned USD 9.70 billion in terms of revenue in 2020. It is anticipated to exhibit an exponential CAGR in the forthcoming years because of the increasing number of residential and commercial project modernization programs in Malaysia, Thailand, India, and China. North America, on the other hand, would grow steadily in this market backed by the surging investments in the residential sector to meet the high demand for healthy indoor environments.
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