Pune, India, May 12, 2022 (GLOBE NEWSWIRE) -- The global ventilation system market size is anticipated to hit USD 46.47 billion by 2029. Fortune Business InsightsTM, in its report titled, “Ventilation System Market Size, Share & COVID-19 Impact Analysis, By Product (Axial & Centrifugal Fans, Recovery Ventilation Systems, and Others), By Application (Commercial, Residential, and Industrial), and Regional Forecast, 2022-2029”, observes that the market size stood at USD 25.76 billion in 2021 and USD 27.62 billion in 2022, and is expected to exhibit a CAGR of 7.7% between 2022 and 2029. Maintaining optimum air quality levels has become vital in recent years. The rising awareness of maintaining Indoor Air Quality (IAQ) is likely to uptick the market growth in the coming years.
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Launch of New Energy Core Ventilator ECV-40 by Greenheck to Incite Development
In May 2020, Greenheck, a renowned manufacturer and distributor in air conditioning, movement, and control equipment, unveiled its new energy core ventilator, ECV-40, a dual-fan arrangement ECV. The latest addition is available with a mixed flow fan, which is a hybrid of a centrifugal fan and an axial propeller that can reduce brake horsepower needs by nearly 50%. The product offers easy maintenance due to no belts and low sound levels.
Soaring Demand for Decentralized Ventilation Systems to Amplify Market Growth
Ventilation systems help to minimize carbon footprints, improve the surrounding environment, and optimize energy efficiency. The expanding demand for decentralized systems across the residential sector is likely to be a major propellant for market growth. Decentralized systems occupy less space and incur minimal maintenance and malfunctioning situations. Across the commercial and residential sectors, the expanding refurbishment and retrofitting projects are further invigorating the market’s expansion.
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Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.7% |
| 2029 Value Projection | USD 46. 47 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 25.76 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | By Product, Application, Region |
| Growth Drivers | Increased Demand for Decentralized Ventilation System to Spur Market Growth |
| COVID-19 to Hamper Business Strategic Approaches Resulting in Market Volatility and Uncertainty | |
| Escalating Indoor Air Quality (IAQ) Awareness and Rising Green Building Initiatives are Prominent Trends | |
| Pitfalls & Challenges | Unavailability of Skilled Technicians is Impeding Market Growth |
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Major Players Launch New Products to Garner Growth
The major players operating in the market emphasize extensive research and development activities to launch novel products in the market. They focus on reducing third-party warehouse charges, along with the shipping and transportation charges for sustainable production in diverse regions.
Key Industry Developments
- In May 2020, Greenheck unveiled a new energy core ventilator, ECV-40. The product is a dual-fan arrangement ECV.
Further Report Findings-
- Asia Pacific is projected to attain a major market share. The improving living standards across Malaysia, India, China, and Thailand are expected to complement the market growth.
- The availability of cheap labor and abundant raw materials and increasing modernization and refurbishment projects across the commercial and residential sectors are predicted to favor the market growth in Asia Pacific.
- According to the segmentation based on application, the commercial segment is anticipated to attain the highest growth in the market.
Key Companies Profiled in Ventilation System Market Players-
- Midea Group Co., Ltd. (China)
- KOMFOVENT (Lithuania)
- CaptiveAire Systems (U.S.)
- Greenheck Fan Corporation (Japan)
- S&P UK Ventilation Systems Ltd. (U.K.)
- Twin City Fan & Blower (U.S.)
- Honeywell International Inc. (U.S.)
- CENTROTEC SE (Germany)
- Johnson Controls (Ireland)
- Mitsubishi Electric Corporation (Japan)
- Nortek Air Solutions, LLC (U.S.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Ventilation System Market Share Analysis, 2021
- Key Market Insights
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- List of Companies Profiled –
- Midea Group Co., Ltd.
- KOMFOVENT
- CaptiveAire Systems
- Greenheck Fan Corporation
- S&P UK Ventilation Systems Ltd.
- Twin City Fan & Blower
- Honeywell International Inc.
- CENTROTEC SE
- Johnson Controls
- Mitsubishi Electric Corporation
- Nortek Air Solutions, LLC
- Overview
- Annexure / Appendix
- Global Ventilation System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- By Product (Value)
- Axial & Centrifugal Fans
- Recovery Ventilation Systems
- Others (Air Filters, etc.)
- By Application (Value)
- Commercial
- Residential
- Industrial
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Product (Value)
- Global Ventilation System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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