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Global Ventilation System Market
Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Ventilation System Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The global ventilation system market reached a value of nearly $28,487.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 9.0% since 2017. The market is expected to grow from $28,487.6 million in 2022 to $42,699.4 million in 2027 at a rate of 8.4%. The market is then expected to grow at a CAGR of 10.9% from 2027 and reach $71,544.4 million in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, boost in construction spending, supportive government initiatives and an increase in infrastructure investment.
Going forward, a rise in concerns regarding air quality, rising urbanization and growth of residential buildings will drive the growth. Factors that could hinder the growth of the ventilation system market in the future include a shortage of skilled workforce.
The ventilation system market is segmented by product into axial and centrifugal fans, recovery ventilation systems and other products. The recovery ventilation systems market was the largest segment of the ventilation system market segmented by product, accounting for 49.1% of the total in 2022. Going forward, the axial and centrifugal fans segment is expected to be the fastest growing segment in the ventilation system market segmented by product, at a CAGR of 8.7% during 2022-2027.
The ventilation system market is segmented by type into wall-mount type, ceiling-mount type and cabinet-mount type. The ceiling-mount type market was the largest segment of the ventilation system market segmented by type, accounting for 48.2% of the total in 2022. Going forward, the ceiling-mount type segment is expected to be the fastest growing segment in the ventilation system market segmented by type, at a CAGR of 8.7% during 2022-2027.
The ventilation system market is segmented by application into residential and non-residential. The non-residential market was the largest segment of the ventilation system market segmented by application, accounting for 61.9% of the total in 2022. Going forward, the non-residential segment is expected to be the fastest growing segment in the ventilation system market segmented by application, at a CAGR of 8.7% during 2022-2027.
Asia Pacific was the largest region in the ventilation system market, accounting for 47.1% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the ventilation system market will be South America and Asia Pacific where growth will be at CAGRs of 9.2% and 9.0% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 8.6% and 8.5% respectively.
The ventilation system market is fragmented, with a large number of small players. The top ten competitors in the market made up to 26.85% of the total market in 2021. Panasonic was the largest competitor with 6.33% share of the market, followed by Daikin Industries Ltd with 4.91%, Carrier with 3.82%, Mitsubishi Electric with 3.18%, LG Electronics with 2.83%, Midea Group Co., Ltd. with 2.59%, Johnson Controls with 1.44%, Twin City Fan and Blower with 0.71%, Greenheck Fan Corporation with 0.55%, and Honeywell International Inc. with 0.50%.
The top opportunities in the ventilation system market segmented by product will arise in the recovery ventilation systems segment, which will gain $6,823.6 million of global annual sales by 2027. The top opportunities in the ventilation system market segmented by type will arise in the ceiling-mount type segment, which will gain $7,073.8 million of global annual sales by 2027. The top opportunities in the ventilation system market segmented by application will arise in the non-residential segment, which will gain $9,117.1 million of global annual sales by 2027. The ventilation system market size will gain the most in China at $4,180.1 million.
Market-trend-based strategies for the ventilation system market include focus on company expansion, net zero emissions, partnerships and collaborations, developing innovative products, investing in technologies such as artificial intelligence (AI) and mergers and acquisitions.
Player-adopted strategies in the ventilation system market include focus on providing comfortable and healthy indoor environments for customers through business expansions, enhancing product offering for commercial and industrial customers through strategic acquisitions and enhancing business operations through the launch of new products.
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