Ventilation Fan Market Anticipated to Touch a CAGR of 7.3 % During the Forecast Period (2023-2031)
Ventilation is an architectural term, the ventilation history traced back more than 1000 years. The natural ventilations are being used in the home before the classical antiquity period. However, the use of forced ventilation that involves mechanical systems such as blower was started in the early 19th century.
The ventilation fans are used to circulate air in the building sometime it also refers to as exhaust fan which provides fresh air in the vicinity and maintains the temperature of the building. The ventilation fans are nowadays gaining popularity across the world. They are gaining momentum owing to increasing urbanization. The demand for ventilation can be observed across the world. The demand is expected to be increasing owing to the increasing construction in the residential, commercial as well industrial sector. In addition, smart home projects are also a major factor that is expected to propel the market growth in the near future. In addition, due to increasing disposable income, rising standards of living, are also increasing the demand for the ventilation fan market.
Ventilation fans are in use since a long time, however the demand for the product rise in recent times as the awareness regarding healthy lifestyle has increased among people across the globe. People are becoming aware of numerous benefits of ventilation fans such as, it maintains indoor air quality, reduce temperature, and lower the pressure inside the building premise. In addition, the demand for the ventilation fans in the residential sector has increased in recent times due to increasing disposable income and changing lifestyle of consumers. People are becoming more health conscious they know that to maintain good health appropriate air circulation in the surroundings is necessary. Ventilation fans keep bad odors, unsafe gases, and other impurities away from home and also prevent the formation of harmful molds inside the home. These benefits of ventilation fans have retained the ventilation fans market to enter in the saturation phase. Also, various manufacturers are consistently doing innovation in the ventilation fans. For instance, Havells India Ltd., is offering premium ventilation fans which are far better than the conventional ventilation fans. The company is offering “Vento Jet 10 Auto”, this ventilation fan creates no sound and has smooth and silent performance, it has automatic front opening, and has exquisite design. Such innovation, by the manufacturers is retarding the market to become saturated.
Having good ventilation in the industrial building premises can prevent people from diseases. People used to work in different industries are exposed to various environmental conditions which make them prone to hazardous diseases.
Pharmaceutical Industry: It is one of the hazardous Industry, when dealing with chemicals sufficient supply of air is needed. Also, the relative humidity and temperature need to be maintain to prevent product from spoilage.
Cement Industry: Cement industry needs good ventilation system as it suffers from dust pollution. Along with dust various chemicals such as calcium oxide, gypsum, and aluminum silicate are used in the industry. In addition, the temperature in the cement industry becomes high due to presence of kiln. Hence, ventilation fans are required to maintain temperature in such industries.
The construction industry is growing across the world owing to the increasing residential projects, commercial projects and regulatory agencies releasing work and funding for larger projects. Hudson Yards in New York will be the largest construction project area in the history of U.S., this is a regulatory agency released work. The commercial construction is also increasing owing to the large construction projects including new campus facilities for high-tech giants such as Apple Inc., Google and increasing construction for the distribution centers and warehouses of Amazon. The projects in the urban areas such as smart construction projects and green construction are also increasing at a fast pace. The growth of the construction industry leads to the increase in the growth of ventilation fans market. As ventilation fans have become important equipment in the construction industry. According to Statista, in 2018 the global construction industry spending in was valued at USD 11.4 trillion up from USD 10.9 trillion in the previous year. The steady increment in the construction industry will have a great impact on the ventilation fan market.
However, the covid-19 outbreak can have a negative impact on the market as construction industry is badly hit by the pandemic. As construction industry mostly depends on the manpower or laborers, at this time the lack of manpower is a major problem due to nationwide lockdown in different countries. Also the construction industry is not considered as the essential service providing industry, government in different nations has not given relaxations for such works.
By Product Type ventilation fan market is segmented into axial and centrifugal fans. Among these the demand for axial fans is high owing to the increasing application of axial fans in residential and commercial space. Axial fans can be used as ventilation fans and exhaust fans in the kitchen, toilet areas in the residential and commercial premises. Residential and Commercial applications accounted for around 85% of the market share in the global ventilation fan market and for these applications axial fans are mostly preferred, centrifugal fans are mainly installed in the industrial spaces.
By Material Used, the ventilation fan market is segmented into metal and plastic fans. The demand for the plastic fans is expected to be high in the near future as they are light in weight, energy efficient and are cheaper than metal fans. Consumers mainly focus on the quality; energy efficiency and affordability while buying a product. The metal fans find their application largely in the industrial area where the emission of hot gases and air occur. However, plastic ventilation fans are increasingly being adopted for the residential application.
The demand for the ventilation fan market is growing at a significant rate across the globe. The high-value infrastructure in the Middle East region mostly in UAE and Saudi Arabia is expected to propel the market in the upcoming years. UAE is a big market for construction and construction sector contributed 14.5% to Dubai’s GDP in the year 2018. In addition, around 5000 construction projects are currently ongoing in Saudi Arabia at a value of around USD 800 billion, such projects is expected to increase the demand for ventilation fans in the Middle East region. However, due to nationwide lockdown in Saudi Arabia due to Corona Virus many immigrants are returning their native places and due to this construction sector is facing lack of labors and workers which has impacted the constructed sector negatively. The construction activities in the region are expected to remain decreased until the corona virus end.
Asia Pacific is estimated as the fastest growing region in the ventilation fans market owing to the increasing disposable income and high standards of living. People are inclined towards smart and high-tech construction in the Asia Pacific region, mostly in the emerging countries. The increasing disposable income leads to the increasing standards of living in the middle class population the region. People are becoming more aware about their health in the region, which is escalating the demand for the ventilation fans market, as they enhance the indoor air quality of the building. Also, ventilation fans help in maintaining temperature of the vicinity which is further driving the market in the Region. Moreover, the trend of smaller apartment sizes in major urban areas of Asia Pacific region is also a key contributor to the demand for ventilation fans. In addition, Asia Pacific growth can be attributed to the factors such as higher focus on comfort, quality, and energy efficiency to meet the new standards of homes which will aid growth over the forecast period.
In October 2019, Likewise, Usha International Limited, has launched its Aeroclean range of dust and oil resistant exhaust fans. The fans are launched specifically for the residential buildings. The fans have a special lacquer coated blades that resists, oil, dust and stains to keep kitchen healthy and hygienic.
Some of the prominent players working in the ventilation fan market are
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