A growing awareness of Indoor Air Quality (IAQ) has boosted demand for ventilation fans.
A new study by Transparency Market Research (TMR) has found that competition in this market has intensified.
Leading participants are increasingly focusing on strengthening their presence through mergers and acquisitions while small-scale manufacturers of ventilation fans are improving their product portfolios in order to gain a strong foothold.
Going forward, TMR said manufacturers will need to focus on geographical expansion by developing their distribution channels.
“Product innovation will also help these players in gaining a competitive edge,” the study said. “The increased construction of residential and commercial spaces, thanks to the growing population as well as rapid urbanization across the world, has boosted demand for ventilation fans significantly.”
As per TMR’s estimates, the global opportunity in ventilation fans is likely to register a healthy CAGR of 4.90% during the period from 2015 to 2023 and increase from $US1.6 bn in 2015 to $US2.4 bn by the end of the forecast period.
Asia Pacific emerged as the prime consumer of these fans in 2015, accounting for a share 43.4%. By 2023, the region is projected to retain its leadership with a rise of 0.1% in its total share.
Currently, ventilation fans find widespread application in the residential sector. The commercial sector, however, is projected to generate more revenue than the former over the forecast period.
Axial ventilation fans are the most demanded products in this market. Their wide-ranging application as cooling fans, ceiling fans, and ventilation exhaust fans is boosting their demand significantly, TMR said.