The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global ventilation fan market size is expected to reach USD 3.85 billion by 2025, registering a 7.7% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Rising demand from residential, commercial, and industrial buildings is anticipated to drive the growth. Increasing installation in bathrooms, kitchens, dryer rooms, garages, and attics of residences is expected to drive the product demand.
Rising installation of exhaust fans recommended in schools, hotels, bars and restaurants, laundry shops, beauty and barber shops, auto repair shops, and publishing and printing shops is expected to contribute to the growth. Ventilation fans are required in paint spray booths, welding booths, and areas that require grinding and polishing booths, portable fume exhausters, and plating and coating tanks.
Brick and mortar hardware stores are the major distributors of ventilation fans. Most of these channels have a liaison with contractors, architects, and builders which enhances the total sales for these distributors. The buyers, while placing large purchase orders, are able to gain big discounts. Thus, the association is beneficial for builders and contractors as well as the retailer.
The millennial market is most majorly dependent on the e-commerce industry owing to their strong digital presence. Online retailers of ventilation fans including Lowe’s, Amazon, globalindustrial.com, IndustrialFansDirect.com, The Home Depot, Ferguson Enterprises, LLC and CANADIAN TIRE. have adopted strategies such as product discounts and cashbacks to attract this demographic during the forecast period.
Some of the key market players of ventilation fan include Crompton; Delta Electronics, Inc.; Fuji Electric Co., Ltd.; Havells India Ltd.; Mitsubishi Electric; Panasonic Corporation; Rexnord Electronic & Control Ltd.; Surya Roshni Ltd.; Systemair AB; and Volution Group Plc. The growing demand has been creating momentum in the manufacturing industry to boost the production process. In December 2018, Panasonic attained a global, cumulative production of 200 million exhaust fans. It produces over 7 million fans annually and has been manufacturing the product for over 60 years in 40 countries.
In January 2017, Veent launched a smart ventilation fan suitable for bathrooms. The easy to install product can be controlled wirelessly, through Veent fan switch and the Veent app available for mobile phones. The smart technology of the product evaluates median humidity and moisture level of the nearby areas and switches itself on automatically to dry the area. This proves helpful is solving the issue of molds. The fan is soundless and equipped with energy-efficient motor.
Further key findings from the report suggest:
- Axial products accounted for more than 65% of the global revenue share in 2018. The dominance is attributed to product efficiency in terms of power consumption
- Centrifugal ventilation fan is expected to witness the fastest CAGR of more than 8% from 2019 to 2025 as it offers first-rate energy efficiency along with allowing constant airflow
- Wall-mounted segment of ventilation fan market accounted for more than 60% of the global revenue in 2018 owing to easy installation process of the product
- Metal products accounted for more than 70% market share in 2018 owing to the better air circulation capacity of the product
- Plastic product forms is expected to witness the fastest CAGR of over 8% from 2019 to 2025
- Ceiling-mounted ventilation fans segment is expected to witness the fastest CAGR of 8% from 2019 to 2025