Ventilation Fan Market to Witness Steady Growth and Reach $3.85 Billion by 2025 Based on Increasing Demand From Commercial, Residential & Industrial Sector Projects | Million Insights
07 Jul, 2020, 10:10 BST
FELTON, California, July 7, 2020 /PRNewswire/ -- The global ventilation fan market size is projected to attain USD 3.85 billion by the year 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 7.7% throughout the approximated period. The major driver for this growth is the increasing demand from the commercial, residential and industrial infrastructures. The increase in the rate of installation into kitchens, garages, bathrooms, attics and dryer rooms are some of the prime drivers for the rise in demand for the product.
The increasing number of installation of exhausts in different institutions such as schools, colleges, hospitals, hotels, restaurants, beauty shops, publishing houses, laundry shops, and printing shops is supplementing the growth of the market. The requirement of the ventilation fans in different operations such as welding booths, portable fume exhausters, areas were grinding and polishing booths are required, coating and plating tanks and paint spray booths are high, which in turn is expected to bolster the market growth.
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E-commerce is dominating the industry because it is widely present across different digital platforms. The electronic retailers of this product (ventilation fans) have taken up different attractive strategies such as cash backs, discounts to capture the customers from different sectors through the estimated period.
The leading players in ventilation fan market are Havells India Ltd. (Noida, India); Crompton (Mumbai, India); Mitsubishi Electric Corporation (Tokyo, Japan); Systemair AB (Skinnskatteberg, Sweden); Panasonic Corporation (Kadoma, Osaka, Japan); Delta Electronics Inc. (Taipei, Taiwan); Rexnord Electronic & Control Ltd. (India); Fuji Electric Co. Ltd. (Tokyo, Japan); Surya Roshni Ltd. (India); and Volution Group Plc. (United Kingdoms). The manufacturing sector is boosting its production because of the rising demand for the product. Panasonic achieved a cumulative, global production of exhausts that counted to 200 million. Its annual production is around 7 million units of fans and its manufacturing units are located across 40 countries in the world.
Veent, in January 2017, introduced a ventilation fan, which was specifically made for the bathrooms. It is easily controlled by wireless devices (Veent switch and the Veent smartphone application) and can be easily installed. The product can calculate the percentage of moisture and humidity present near its vicinity and automatically turns on to thoroughly dry out the area and maintains the optimum moisture level. This inhibits bacterial growth. The product is noise-free and it is installed with the motor that consumes the energy efficiently.
Further key findings from the report suggest:
- The axial ventilation fans market share was over 65% in 2018. The product is dominating the market, as it is energy-efficient.
- The centrifugal fan is projected to exhibit a CAGR of over 8% during the forecast period.
- The revenue for the ventilation fans that are wall mounted was over 60% in 2018. Ease in installation is the primary factor attributing to its growth.
- The metal ventilation fan had 70% of the share in the market in 2018 as it provides better circulation of air.
- The plastic ventilation fan is anticipated to grow with the highest CAGR of over 8% during the forecast period.
- The market for ventilation fans that are ceiling-mounted is expected to grow with A CAGR of over 8% during the forecast period.
Browse 80 page research report with TOC on "Global Ventilation Fan Market" at: https://www.millioninsights.com/industry-reports/global-ventilation-fan-market
Million Insights has segmented the global ventilation fan market based on product, raw material, application, deployment, and region:
- Ventilation Fan Product Outlook (Revenue, USD Million, 2015 - 2025)
- Axial
- Centrifugal
- Ventilation Fan Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
- Metal
- Plastic
- Ventilation Fan Deployment Outlook (Revenue, USD Million, 2015 - 2025)
- Wall-mounted
- Ceiling-mounted
- Ventilation Fan Application Outlook (Revenue, USD Million, 2015 - 2025)
- Industrial
- Commercial
- Residential
- Ventilation Fan Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Europe
- U.K.
- France
- Asia Pacific
- India
- China
- Central & South America
- Brazil
- Middle East & Africa (MEA)
- South Africa
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