Ventilation System Market Size, Share, Analysis, Trends, Growth, 2032

Ventilation System Industry Prospective:

The global ventilation system market size was evaluated at $29 billion in 2023 and is slated to hit $57 billion by the end of 2032 with a CAGR of nearly 8% between 2024 and 2032.

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Ventilation System Market: Overview

Ventilation systems are key to maintaining healthy indoor air quality by removing stale air and replacing it with fresh air. Moreover, they play a pivotal role in home, school, and office settings. Various kinds of ventilation systems exist, including natural ventilation, heat recovery ventilation, and mechanical ventilation. 

Key Insights

• As per the analysis shared by our research analyst, the global ventilation system market is projected to expand annually at the annual growth rate of around 8% over the forecast timespan (2024-2032)
• In terms of revenue, the global ventilation system market size was evaluated at nearly $29 billion in 2023 and is expected to reach $57 billion by 2032.
• The global ventilation system market is anticipated to grow rapidly over the forecast timespan owing to escalating awareness about indoor air quality and a massive surge in construction activities.
• In terms of ventilation type, the mechanical ventilation segment is slated to register the highest CAGR over the forecast period.
• Based on application, the residential segment is predicted to record immense growth in the upcoming years.
• Region-wise, the North American ventilation system industry is projected to register the fastest CAGR during the projected timespan.

Ventilation System Market: Growth Factors

Need for improving air quality to reduce atmospheric pollution can boost global market trends

Escalating awareness about indoor air quality, along with a massive surge in construction activities, is expected to steer the expansion of the global ventilation systems market. Moreover, rising urbanization along with population surges are likely to expand the scope of the market growth in the upcoming years.

Favorable government policies along with incentives are likely to prop up the market surge in the ensuing years. Flourishing commercial sector and the increasing focus on boosting power efficacy are predicted to expand the growth of the global market. Apart from this, decentralized ventilation systems and a focus on renovation will foster the expansion of the market globally.

Ventilation System Market: Restraints

A prominent rise in the costs of product installation can hinder the global industry surge by 2032

Huge deployment costs and a rise in maintenance charges, along with less awareness about the benefits offered by ventilation systems, can retard the global ventilation system industry exponentiation. Apparently, an increase in the costs of compliance and differences in the building codes can put brakes on the global industry surge.

Ventilation System Market: Opportunities

Demand for constructing sustainable edifices can open new growth prospects for the global market

Green building initiatives, along with a focus on health & fitness, will drive the growth of the global ventilation system market expansion. Launching of smart ventilation tools and energy-efficient technologies will create new facades of growth for the global market.

Ventilation System Market: Challenges

Inflating costs of product and exponentially rising repairing charges can challenge the global industry expansion

An immense rise in the operating costs along with a surge in the repairing costs of ventilation systems can obstruct the global ventilation system industry surge. Scarcity of skilled personnel and aging manpower can hinder effective ventilation system operations, thereby deflating the growth of the industry globally.  

Ventilation System Market: Segmentation

The global ventilation system market is divided into ventilation type, application, and region.                                             

In terms of ventilation type, the ventilation system market across the globe is segmented into natural ventilation, heat recovery ventilation, and mechanical ventilation segments. Apparently, the mechanical ventilation segment, which amassed nearly 50% of the global market revenue in 2023, is anticipated to record the fastest CAGR in the next few years, subject to the versatility, integration ability with HVAC systems, and efficiency of mechanical ventilation systems.

Based on the application, the global ventilation system industry is segmented into commercial, industrial, and residential segments. Apparently, the residential segment, which accounted hugely to the global industry revenue in 2023, is predicted to record humungous growth in the upcoming years. This can be attributed to government support for the installation of ventilation systems in residential buildings.

Moreover, the focus on increasing energy efficiency has led to massive demand for green buildings, thereby further augmenting the segmental surge. Demand for increasing value of the house property and real estate will further drive the segmental expansion.

Ventilation System Market: Report Scope

Ventilation System Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the analysis time-interval

Asia-Pacific, which contributed about 49% of the global ventilation system market earnings in 2023, is anticipated to establish a leadership position in the global market in the upcoming years. Additionally, the regional market progression in the next couple of years can be attributed to a prominent increase in urbanization along with the popularity of ventilation systems in emerging economies.

A rise in the expenditure on home improvements along with bringing innovations in residential & commercial buildings will steer the regional market demand. Furthermore, escalating awareness about the product benefits in countries such as China and India will drive regional market expansion in the coming years.

North American ventilation system industry is likely to record the fastest compound annual growth rate in the forecast timeline. The elevation of the industry in North America can be a result of the presence of key ventilation system manufacturers in countries such as the U.S. and Canada. An increase in the installation of ventilation systems in residential and commercial buildings will embellish the expansion of the industry in the North American sub-continent.

Ventilation System Market: Competitive Space

The global ventilation system market profiles key players such as:

• Systemair
• LG Electronics Inc.
• Daikin Industries Limited
• Mitsubishi Electric Corporation
• Johnson Controls
• Greenheck Fan Corporation
• Honeywell International Inc.
• Zehnder Group
• Airstream Technologies
• Panasonic Corporation
• Midea Group Co. Ltd.
• Twin City Fan and Blower
• Skanray Technologies Pvt. Ltd.
• Advanced Energy Industries Inc.

The global ventilation system market is segmented as follows:

By Ventilation Type

• Natural Ventilation
• Heat Recovery Ventilation
• Mechanical Ventilation

By Application

• Commercial
• Industrial
• Residential

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa