Long-term respiratory disorders coupled with premature deaths associated with increasing air pollution is a startling factor driving adoption of ventilation systems.
Persistence Market Research (PMR), in its report, delivers key insights about global ventilation equipment market. In 2017, the global ventilation equipment market will reach US$24 917.5 million in revenues; by 2025 this number is estimated to reach nearly US$40 000 million, expanding at 5.5% compounded annual growth rate (CAGR).
Increasing incidences of asthma and COPD owing to surged air pollution levels to drive market growth
Air pollution levels have surged exponentially in the recent past, resulting into increased cases of asthma and chronic obstructive pulmonary disorders (COPD). According to World Health Organisation (WHO), over 3 million premature deaths are reported each year caused by respiratory conditions. According to Nature Journal, particle sizes PM 2.5 and PM 10 present in the air are inhaled deep into lungs, leading to incidences of strokes and heart attacks.
Ventilation equipment renders removal of air pollutants and particles, improving ambient air quality in both industrial and commercial workspaces. Moreover, stringent government and environmental regulations have been implemented owing to growing concerns about health and safety of industrial work force. These factors are estimated to propel market growth.
Exaggerated marketing by new entrants to mislead customers in purchasing ventilation products
However, exaggerated marketing by new entrants has resulted into confusion among customers. Variety of options, sizes and prices offered by these players have been misleading customers in purchasing ventilation products. This is expected to spread mistrust and impede adoption of ventilation products, especially across developing economies, where absence of awareness about such products already persists.
Based on equipment type, air filter are expected to remain sought-after among end-users, followed by air purifiers. By 2025, demand for air filter in the market is projected to surpass 8 000 000 units, expanding at 5.3% CAGR in terms of volume. In addition, sales of axial fans are projected to exhibit second highest CAGR through 2025.
Industrial application of ventilation equipment to account for over 70% market share by the end of 2025
Industrial application of ventilation equipment are expected to account for over 70% share of the market value, with revenues pegged to reach nearly US$30 000 million by 2025. Robust adoption of ventilation equipment by manufacturing sector, catering to needs of commercial and residential sectors, is expected to drive demand for ventilation equipment from industrial application. In addition, non-industrial application of ventilation equipment is projected to witness highest CAGR of 6.1%.
Asia Pacific (APAC) will remain the largest market for ventilation equipment. Market in this region was evaluated at US$10 101.7 million in 2016. By 2025, it is estimated to reach US$20 000 Million, expanding at 7.3% CAGR. Availability of cost-effective land and labour, coupled with surging construction rate and lifestyle of people is driving growth of the market in this region. In terms of value, North America and Middle East & Africa (MEA) are expected to exhibit parallel expansion at 4.5% CAGR through 2025. In addition, leading manufacturers are gaining a firm foothold in Western Europe, which in turn is estimated to drive market growth in Europe by the end of 2025.
Read the article online at: https://www.globalminingreview.com/finance-business/23102019/ventilation-equipment-market-to-2025/
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