Rapidly growing population, rising urbanization, increase in spending, and urge to invest in proper ventilation at homes, workplaces and manufacturing units are vital driving factors for the growth of the ventilation equipment market.
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The industrial manufacturing sector has witnessed significant growth in recent years, and this growth is estimated to persist over the coming years, subsequently ascending the demand for various equipment within the market.
The global ventilation equipment market is estimated to expand at a CAGR of over 5% throughout the forecast period of 2020-2030.
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Key Takeaways from Ventilation Equipment Market Study
- Increasing demand for air handling units and rise in number of industrial applications of ventilation equipment across the world are major factors driving the demand in the ventilation equipment market.
- Demographic shifts in the South Asia and Pacific region are estimated to create significant opportunities for infrastructure development and building construction. Such paradigm shifts are expected to leave a fundamental imprint on development in building construction, and are anticipated to positively impact the ventilation equipment market.
- Sales of ventilation equipment are expected to surge in emerging economies such as China and India, where the chemical and pharmaceutical sectors are expected to witness robust growth over the forecast period.
- The European Union has strict regulations surrounding the usage of ventilation equipment. Eco design requirements covering energy efficiency and product information apply to units sold in the EU for usage in residential and non-residential buildings. Ventilation equipment sold in North America has to adhere to strict regulations of OSHA (Occupational Safety and Health Administration.
- East Asia accounts for almost one-third of the global ventilation equipment market share. This can be attributed to growth in industrial manufacturing, and pharmaceutical and chemical production.
- Countries such as India, China, Japan, and South Korea, etc. have become strategic locations for manufacturers owing to inexpensive labor, lower shipping costs, and established manufacturing infrastructure. Hence, the ventilation equipment market in South Asia & Pacific is expected to witness the highest growth during the forecast period.
- The COVID-19 pandemic led to supply chain disruptions, which adversely affected the progress of the ventilation equipment market. However, as a result of the virus spread, the importance of ventilation has never been so high, which will benefit market growth in the long term.
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