Over the past three to four decades, high-efficiency airflow and ventilation technologies have evolved at a rapid pace. Current trends in the ventilation fans market point toward considerable advancements in technology and a growing emphasis on the development of energy efficient ventilation systems. Ventilation fans are increasingly being used across a range of residential, commercial, and industrial buildings, including hospitals, restaurants, shopping malls, supermarkets, and warehouses. The ventilation fans market is set to witness noteworthy growth during the forecast period, primarily driven by two important factors, including growing consumer awareness pertaining to the environment and soaring demand for high indoor air quality (IAQ).
Market players operating in the current ventilation fans market are, thereby, investing considerable resources to launch innovative ventilation technologies that address current requirements. Over the past decade, innovations and advancements in variable air volume (VAV) ventilation systems have come at a rapid pace. Ventilation fans are extensively used in the new-generation of VAV systems and as per current observations, the trend is expected to continue during the forecast period. In addition, manufacturers operating in the ventilation fans market are also expected to focus on product development and design of a new range of ventilation fans to enhance energy efficiency. At the back of these factors, the global ventilation fans market is expected to attain a market value of ~US$ 3 Bn by the end of 2030.
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Demand for Axial Fans Likely to Remain Consistent, Adoption of Centrifugal Fans across Commercial Buildings on Rise
Ventilation fans have come a long way since their inception due to advancements in technology, evolving regulatory landscape, and the nature of the application. Ventilation fans are an integral component in modern-day HVAC systems. The design and physical characteristics of a ventilation fan largely depend on the nature of the application. At present, market players involved in the ventilation fans market are increasingly focusing on providing integrated units wherein motor and controls are included to minimize space requirements and simplify the overall process of maintenance.
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The demand for axial fans is expected to remain steady during the forecast period and likely to gain considerable adoption for applications in which static pressure and airflow are low. Axial fans are increasingly being used in cooling towers, combustion engine cooling systems, air conditioning condensers, etc. The low production as well as the maintenance costs of axial fans are factors likely to spurt the demand in the upcoming years. The demand for centrifugal fans is expected to witness notable growth during the forecast period, due to widening applications across the expanding commercial and industrial sectors mainly in the developing regions of the world. Centrifugal fans are well suited for commercial and industrial applications, owing to the high noise levels.
Market Players Focus on Introducing Innovative Ventilating Fans for Application in Oil & Gas Sector
Conventional mining ventilation systems have compelled manufacturers to roll out solutions that offer a perfect balance between energy usage and minimizing the environmental impact. However, as manufacturers continue to scramble to offer solutions to cater to these requirements, innovations in oil & gas ventilation systems have come at a slow pace. However, over the past decade, ventilation on demand (VOD) systems have gained considerable popularity as more and more players operating in the ventilation fans market landscape are increasingly focusing on offering energy-efficient ventilation systems that are integrated with advanced software models.
VOD systems are likely to gain noteworthy traction over the upcoming decade, owing to advancements in novel technologies, including artificial intelligence and the Internet of Things (IoT). Innovations in VOD systems have focused on directing the airflow to areas where it is required. VOD systems offer tremendous cost-cutting potential.
Research Indicates Improving Ventilation to Reduce COVID-19 Transmission
Several research and development activities have suggested that improving ventilation systems across commercial buildings has tremendous potential in reducing the chances of COVID-19 transmission. In addition, as there is a considerable amount of ambiguity regarding the transmission of the novel COVID-19, the demand for ventilation fans is on the rise during the COVID-19 event, particularly from medical buildings. The demand from commercial buildings is likely to remain sluggish amid the closure of commercial buildings due to the ongoing lockdown and social distancing measures imposed by the government.
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