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Last edited 09 Nov 2020
The global ventilation fans market was worth US$1.6 bn in 2015 and is expected to reach US$2.4 bn by 2023, expanding at a CAGR of 4.9%. Asia Pacific was the largest market for ventilation fans in 2014. Growth in this region is expected to be driven by significant infrastructure development in commercial, residential, and industrial applications.
The significant growth in the construction industry in BRIC (Brazil, Russia, India and China) economies and major infrastructure development projects in MENA (Middle East and North Africa) is driving the growth of the ventilation fans market.
Some of the key factors driving the growth of ventilation fans market include rising awareness of indoor air quality (IAQ) and government regulations on ventilation fan deployment in the industrial sector.
For many years, residential, commercial, and industrial end-users considered natural ventilation the only way to provide a path for contaminated air or water vapour to exit enclosed spaces. However, Industries are now extensively replacing traditional ventilation systems with newly developed and technologically advanced ventilation systems, including brushless D.C. motors that offer low noise and high energy efficiency. The most common ventilation fan chosen is an axial ventilation fan, due to its wide range of applications such as cooling fans, wind tunnels, ceiling fans, computer cooling, automobiles, and ventilation exhaust fans. Additionally, rising awareness of IAQ opens opportunities to ventilation fan manufacturers to introduce new products that deliver good IAQ.
On the basis of ventilation fan type, the market is segmented into:
- centrifugal fans,
- axial fans,
- cross-flow fans,
- domestic exhaust fans,
- power roof fans,
- range hood fans.
In 2014, axial fans were the preferred option, accounting for around 31% of the overall market. Axial ventilation fans are expected to expand at a CAGR of 4.9% from 2015 to 2023. The most significant factor driving the market for axial ventilation fans is their wide range of applications, such as; cooling fans, wind tunnels, ceiling fans, computer cooling, automobiles, and ventilation exhaust fans.
In terms of end-users, the ventilation fans market is segmented into residential, commercial, and industrial end-users. In 2014, the residential end-user segment held the largest share of around 45% of the overall market. However, the commercial end-user segment is expected to expand at the highest CAGR in terms of revenue during the forecast period.
Geographically, the Asia Pacific is the largest market for ventilation fans. In 2014, Asia Pacific accounted for around 44% of overall market revenue. However, North America is expected to see the fastest growth during the forecast period.
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