Ventilation System Market to Reach USD 33.17 Billion by

2022-06-10 21:03:04 By : Mr. Sand Cen

May 26, 2021 08:14 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, May 26, 2021 (GLOBE NEWSWIRE) -- The global ventilation system market size is anticipated to attain USD 33.17 billion by 2027, registering a CAGR of 5.7% during the forecast period. Increasing urbanization and rising construction activities are propelling the demand for these systems. Ventilation and aeration systems are prominently experiencing surging demand from commercial and residential spaces. Fortune Business Insights™ has presented this information in a report titled, “Ventilation System Market, 2020-2027”. The market size stood at USD 21.40 billion in 2019. The market is gaining momentum due to several reasons. For instance, an apt indoor climate supposedly improves work efficiency, comfort, and health. The World Green Building Council has stated this in their study called ‘Health, Well-being, and Productivity in Offices.’ According to the research, 8-11% improvement was observed in work productivity through improved indoor air quality.

The global pandemic has surged the need for a comfortable and safe indoor environment. Since the virus is capable of spreading through the air and other mediums, the demand for high air quality has risen. Also, the rising pollution levels around the globe have raised the need for increased air quality to an unprecedented height. However, due to lockdowns, social distancing norms, and curfews, the production levels have diminished. The market is expected to return to pre-pandemic levels as the vaccines are now available to the masses. The impact of the COVID-19 pandemic is expected to be alleviated soon.

On the basis of product, the market segments into heat recovery systems, axial & centrifugal fans, etc. On the basis of its application, the market trifurcates into industrial, residential, and commercial. Geographically, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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Rising Adoption of Decentralized Ventilation to Propel Market

Climate change is one of the most critical factors influencing the ventilation system market growth. Due to rising temperatures across the globe and unpredictable climatic conditions, several sectors are adopting aeration systems to improve air quality and maintain their indoor climate. Increasing construction projects of residential and commercial buildings are fueling the demand for aeration systems. Decentralized systems have experienced a surge in demand from the residential sector due to their several benefits. Decentralized systems are cost and time-efficient, easy to install, and require minimal maintenance. These factors are likely to complement the growth of ventilation units.

Additionally, government regulations are fueling the product demand. For instance, standards related to indoor air quality improvement passed by the American Society of Heating, Refrigeration, and Air-Conditioning Engineers (ASHRAE), are expected to expand the market growth prominently. However, these systems' high operating costs and high maintenance costs are expected to act as a restraint to market growth.

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Asia Pacific to Hold Major Market Share

Swift urbanization and growing construction activities in countries such as India, Vietnam, and Indonesia are expected to help Asia Pacific dominate the global ventilation system market share. China is expected to assert regional dominance due to increasing infrastructural development. As per the Council on Tall Buildings and Urban Habitat, beyond 57 skyscrapers were constructed in China in 2019.

The growing number of skyscrapers in major cities like Florida, Miami, and New York, are escalating the ventilation unit demand in the U.S. Additionally, the rising multi-family homes in the region are expected to help North America witness significant growth. Increasing construction of skyscrapers in the Middle East is expected to drive the market growth in the Middle East & Africa.

Europe’s strict government regulations for emissions and housing projects are expected to propel market growth significantly. Latin America is anticipated to witness gradual growth due to financial and political uncertainties.

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Key Players Adopt Inorganic Growth Strategies  to Solidify Market Presence The key players operating in the global ventilation system market are adopting various inorganic growth strategies like partnerships, acquisitions & mergers, expansions, etc. They are also focusing on research and development to strengthen their market presence. For instance, a heat recovery ventilation system was introduced by Mitsubishi Electric in April 2018. The product offers better efficiency and improved air quality.

Key Players in the Global Ventilation System Market are:

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