NEW YORK, Nov. 16, 2020 /PRNewswire/ -- Rapidly growing population, rising urbanization, increase in spending, and urge to invest in proper ventilation at homes, workplaces and manufacturing units are vital driving factors for the growth of the ventilation equipment market. The industrial manufacturing sector has witnessed significant growth in recent years, and this growth is estimated to persist over the coming years, subsequently ascending the demand for various equipment within the market.
The global ventilation equipment market is estimated to expand at a CAGR of over 5% throughout the forecast period of 2020-2030.
Key Takeaways from Ventilation Equipment Market Study
- Increasing demand for air handling units and rise in number of industrial applications of ventilation equipment across the world are major factors driving the demand in the ventilation equipment market.
- Demographic shifts in the South Asia and Pacific region are estimated to create significant opportunities for infrastructure development and building construction. Such paradigm shifts are expected to leave a fundamental imprint on development in building construction, and are anticipated to positively impact the ventilation equipment market.
- Sales of ventilation equipment are expected to surge in emerging economies such as China and India, where the chemical and pharmaceutical sectors are expected to witness robust growth over the forecast period.
- The European Union has strict regulations surrounding the usage of ventilation equipment. Ecodesign requirements covering energy efficiency and product information apply to units sold in the EU for usage in residential and non-residential buildings. Ventilation equipment sold in North America has to adhere to strict regulations of OSHA (Occupational Safety and Health Administration.
- East Asia accounts for almost one-third of the global ventilation equipment market share. This can be attributed to growth in industrial manufacturing, and pharmaceutical and chemical production.
- Countries such as India, China, Japan, and South Korea, etc. have become strategic locations for manufacturers owing to inexpensive labor, lower shipping costs, and established manufacturing infrastructure. Hence, the ventilation equipment market in South Asia & Pacific is expected to witness the highest growth during the forecast period.
- The COVID-19 pandemic led to supply chain disruptions, which adversely affected the progress of the ventilation equipment market. However, as a result of the virus spread, the importance of ventilation has never been so high, which will benefit market growth in the long term.
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"Concerns over health and safety at pharmaceutical, chemical, and manufacturing units, and constricted workplaces, are boosting demand in the ventilation equipment market. In this competitive business environment, manufacturing companies are focusing on enhancing their market share and presence through offering innovative products in a short time cycle, at low cost, with improved product quality, as well as higher performance, and by acquiring other manufacturers in untapped markets," says a PMR analyst.
Market Landscape Continues to Remain Moderately Fragmented
The global ventilation equipment market is moderately fragmented at global and regional levels. Tier-1 manufacturers account for more than one-fourth share in the global market. Some leading players included in the report are Daikin Industries, Systemair AB, Crompton Greaves Consumer Electricals Ltd., and Lennox International Inc., amongst many others. Manufacturers are determined to improve their market share in the ventilation equipment market by means of strategic expansion of production and distribution networks in emerging countries across the Asia Pacific and European regions.
Ventilation Equipment Market: Conclusion
Demand for ventilation equipment has grown over the years, owing to substantial growth in demand from industrial manufacturing, chemical industries, and pharmaceutical industries, besides others. The ventilation equipment market is occupied by a number of manufacturers. Regions such East Asia and Europe hold major shares in the global market. Also, cumulative demand from applications in automotive components is further anticipated to increase in the coming future, catalyzing the growth of the ventilation equipment market.
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Persistence Market Research has published a market research report on the ventilation equipment market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides in-depth analysis of the ventilation equipment market through different segments - equipment type, application, and region. The ventilation equipment market report also provides supply and demand trends, along with an overview of the parent market.
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