The global ventilation system market size is predicted to reach USD 33.17 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period. The rising implementation of decentralized systems in the residential sector owing to its special benefits will have a positive impact on the market growth during the forecast period. Moreover, the rising emphasis on balanced ventilation systems to improve the air quality at workplaces will enhance the growth prospects of the market. For instance, as per a study conducted by World Green Building Council named “Health, Wellbeing and Productivity in Offices” indicated that the indoor air quality can lead to nearby 8-11% improvements in work productivity, states Fortune Business Insights in a report, titled “Ventilation System Market Size, Share Industry Analysis, By Products (Axial Centrifugal Fans, Heat Recovery Systems and Others), By Application (Commercial, Residential and Industrial) and Regional Forecast, 2020-2027” the market size stood at USD 21.40 billion in 2019.
List of Key Companies Operating in the Ventilation System Market are: UAB KOMFOVENT(Lithuania) CaptiveAire Systems (US) Greenheck Fan Corporation(US) SP UK Ventilation Systems Ltd(UK) Twin City Fan Blower(US) Johnson Controls (US) Honeywell International Inc (US) Mitsubishi Electric Corporation(Japan) Nortek Air Solutions (US) CENTROTEC SE (Germany)
Heavy Demand for Exhaust Kits Amid COVID-19 to Contribute Growth in North America
The market in North America is likely to hold the largest share in the market during the forecast period. The growth in the region is attributed to the high demand for lab exhaust equipment in hospitals. For instance, Greenheck Group, a leading supplier of air movement, control, and conditioning equipment announced that it is delivering lab exhaust equipment such as Vektor FumeJet to the hospitals in California for COVID-19 patient isolation rooms. The market in Asia Pacific stood at USD 8.82 billion in 2019 and is expected to rise impressively during the forecast period due to the rising demand for ventilators in infrastructure development activities. For instance, as per the Council on Tall Buildings and Urban Habitat survey, China built more than 57 tall buildings in 2019. The developing infrastructure and booming construction industry will favor the growth of the market in Asia Pacific. However, the coronavirus outbreak is likely to restrict the growth of the construction industry, which will simultaneously hamper the growth of the market.
Key Development: February 2020: Greenheck Group, a global leader and manufacturer of air movement, control, and conditioning equipment was listed as the 2019 Wisconsin Manufacturer of the Year in Milwaukee