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Ventilation Fan Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global ventilation fan products market was valued at USD 28.7 billion in 2022 and is projected to expand at a CAGR of 5.4% from 2023 to 2030. Ventilation fans are used to provide fresh air indoors, reduce moisture levels, and eliminate odors and airborne contaminants from homes, offices, and other commercial buildings. The growing demand for energy-efficient products and the surging number of renovation and remodeling activities are the key factors driving the market growth.
In addition, the growing awareness about air pollution and related health consequences is driving the installation of ventilation fans. Furthermore, the increasing necessity for energy-efficient ventilation, such as heat recovery ventilation and mechanical ventilation, is also boosting the market growth. The rising emphasis on indoor air quality is expected to result in the installation of ventilation fans in both residential and commercial buildings, thus propelling the market growth.
Moreover, the trend of smart homes is gaining traction, which is anticipated to boost the demand for ventilation fans. Smart ventilation fans are designed to save energy by automatically regulating the temperature and managing the air flow. The growing adoption of connected devices and automation is expected to drive the market in the coming years.
Innovation in ventilation systems is another factor driving the market growth. For instance, in April 2021, Panasonic launched a new range of ventilation fans, namely WhisperGreen Select. The fan features a Bluetooth module, which is used to control the fan’s speed and airflow. Furthermore, some market participants are also offering fans with innovative features such as voice control, motion sensors, and Wi-Fi connectivity.
Furthermore, the rising demand for green buildings is also expected to drive the market growth. Green buildings are designed to minimize the overall impact on the environment by optimizing the use of energy, water, and other natural resources. Ventilation fans play an important role in green buildings, as they help in reducing the energy consumption of the buildings. The rising number of green buildings and the increasing focus on sustainable buildings are expected to propel the market growth.
Product Insights
The ceiling fans segment led the market and accounted for a share of around 34.5% in 2022. Increasing demand for energy-efficient fans due to rising power consumption and various government initiatives to promote energy-efficient products are some of the factors driving the growth of the ceiling fan segment. Increasing demand for air cooling products due to rising temperatures and rising disposable income of individuals are also some of the major factors driving the growth of this segment.
The wall-mounted fans segment is anticipated to expand at the fastest CAGR of 8.6% over the forecast period. Increasing demand for wall-mounted fans due to their space-saving design, easy installation, and superior air delivery are some of the key factors driving the growth of this segment. The emergence of technologically advanced wall-mounted fans, such as remote-controlled fans, has also surged the adoption of these fans. Furthermore, the rising trend of replacing traditional fans with modern wall-mounted fans is further driving the growth of this segment.
Distribution Channel Insights
The offline segment accounted for a larger market share of over 80% in 2022. The growth of the segment is mainly driven by the widespread presence of retail outlets across the globe, as they have become a one-stop shop for all ventilation fan requirements and offer a wide variety of products. In addition, manufacturers are expanding their distribution networks to provide customers with easy access to the products. For instance, in April 2021, Panasonic India announced the launch of its new distribution channel for ventilation fans, which is expected to increase the availability of its products in the market.
The online segment is anticipated to expand at a rapid CAGR of 13.2% over the forecast period. The increasing popularity of e-commerce and rising internet penetration are the major drivers of the segment. This is due to the convenience offered by online platforms in comparison to physical stores. Furthermore, many online retailers are offering discounts and other attractive offers to attract customers, which is further boosting the growth of the segment.
Type Insights
The ceiling fan segment accounted for the largest revenue share of 63.3% in the year 2022. Factors such as convenience and low cost are driving the demand for ceiling fans. Additionally, the availability of innovative product designs with multiple features such as remote control and speed settings, automatic shut off and timer options, and sleep mode settings has attracted consumers. Additionally, the introduction of energy efficient ceiling fans such as Haiku Home L Series has boosted the segment.
The wall fan segment is expected to register the highest CAGR of 10.5% over the forecast period. The growth of the segment is attributed to the rising demand for ventilation fans in residential and commercial buildings. Additionally, the introduction of energy-saving wall fans such as Orient Aeroquiet has further fuelled the segment. Furthermore, the increasing popularity of fans with multiple features such as remote control, speed settings, and timer settings are likely to further boost the segment.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 43.6% in 2022. Increasing population, rapid urbanization, and an increase in construction activities are the primary factors driving the growth of the market in the region. Furthermore, governments in the region are launching initiatives to reduce carbon emissions and promote green buildings, which is further fueling the demand for ventilation fans in the region. For instance, in India, the government has launched the Pradhan Mantri Ujjwala Yojana scheme to provide clean cooking gas to the underprivileged section of society, which is expected to fuel the demand for ventilation fans in the region.
North America is expected to witness the second-fastest growth over the forecast period. Growing demand for energy-efficient ventilation fans and increasing investments in research and development activities by key players are expected to drive the growth of the market in the region. For instance, in January 2021, Broan-NuTone LLC introduced an energy-efficient ventilation fan with an eco-friendly design for residential and commercial use in the U.S.
Financial Projections
In this part of the ventilation fan products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a ventilation fan products business comes from direct sales of the products, as well as from servicing and maintenance contracts. Additionally, the business can also benefit from sales of spare parts and accessories, as well as from the sale of related products such as insulation, air filters and other components.
Projecting Expenses
In this section, all the regular expenses related to keeping the ventilation fan products business running will be described. The list of operating expenses includes wages, rent, utilities, advertising, travel, maintenance and repairs, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the ventilation fan market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In April 2022, Panasonic Corporation launched the WhisperSense DC fan, a ventilation fan with motion-activated sensors that detect the presence of someone in the room and automatically adjust the fan speed accordingly.
– In May 2022, Hunter Fan Company launched the HVLS fan, a large industrial-grade ceiling fan designed to circulate air more efficiently than traditional fans.
– In June 2022, Delta Electronics launched the Breez series of ventilation fans designed to maximize air circulation while minimizing noise.
Some of the prominent players in the ventilation fan market include:
– Panasonic Corporation
– Honeywell International Inc.
– Gree Electric Appliances Inc.
– Hunter Fan Company
– Delta Electronics
– Greenheck Fan Corporation
– Vent-Axia Limited
– LG Electronics Inc.
– Broan-NuTone LLC
– Soler & Palau Ventilation Group
Global Ventilation Fan Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global ventilation fan products market based on product type, application, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Wall Mounted Fans
– Ceiling Mounted Fans
– Inline Fans
– Others
2. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Residential
– Commercial
– Industrial
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Direct Sales
– Distributors
– Online
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is an important factor driving the Ventilation Fan product market. To meet customer requirements, manufacturers are introducing features such as energy-efficient motors, noise suppression, and higher air flow rates. Additionally, product customization is becoming increasingly popular among consumers, with manufacturers offering products that are tailored to the specific needs of each individual customer.
[Q]: Who are the Key Players in the Ventilation Fan Products Market?
[A]: Key players in the Ventilation Fan Products market include Panasonic, Gree Electric Appliances, Inc., Johnson Controls, ABB, LG Electronics, Schneider Electric, Nortek Air Solutions, and Mitsubishi Electric.
[Q]: What are the Major Drivers of the Ventilation Fan Products Market?
[A]: Major drivers of the Ventilation Fan Products market include the growing need for energy-efficient ventilation systems, increasing demand for ventilation in residential and commercial buildings, and the rising trend of green building initiatives.
[Q]: What are the Restraints on the Ventilation Fan Products Market?
[A]: Restraints on the Ventilation Fan Products market include the high cost of installation and maintenance, lack of awareness about the benefits of ventilation systems, and the high cost of innovative products.
[Q]: What are the Opportunities for New Entrants in the Ventilation Fan Products Market?
[A]: Opportunities for new entrants in the Ventilation Fan Products market include growth in emerging markets, technological advancements, and an increasing focus on green building initiatives. Additionally, manufacturers are focusing on product differentiation to gain a competitive edge in the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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