Report : Mechanical Ventilation Systems Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Exhaust Ventilation, Supply Ventilation, Balanced Ventilation, and Energy Recovery Ventilation) and Application (Industrial, Residential, and Commercial)
According to our latest market study on “Mechanical Ventilation Systems Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application,” the market was valued at US$ 19,566.67 million in 2021 and is projected to reach US$ 28,022.63 million by 2028; it is expected to grow at a CAGR of 5.27% from 2021 to 2028.
Growing innovations in energy recovery ventilation is anticipated to provide lucrative growth opportunities for the global mechanical ventilation system market. Prominent players are increasingly investing in the design and development of controlled ventilation that transfers heat from the warm exhaust air to the cold supply air to minimize energy and cost of heating ventilated air. A few energy recovery systems also use existing ductwork to manage the expenses. Efficient ducts can effectively reduce pressure drops in the system and improve overall performance. The incorporation of embedded devices in energy recovery systems prevent it from freezing and reduce frost formation that can damage heat exchangers. This further decreases the maintenance costs. Increased focus on indoor climate have increased demand for turn-key heating, ventilation, and air conditioning (HVAC) solutions and integrated cooling methodologies. This is enabling the market vendors to invest in technologies that helps to obtain good thermal comfort and indoor air quality in warm summer seasons.
The technological development in the HVAC industry is focused on cost down initiatives and improvements of existing technology. There is a growing demand for latent heat storage, with higher storage density and smaller temperature changes. The potential use of Phase Change Material (PCM) in HVAC solutions for thermal storage and temperature maintenance applications, and innovations in the Next Generation Ventilation (NeGeV) to optimize system performance and cater to the ventilation and cooling demands for commercial and industrial sectors are among the factors bolstering the growth of the market. Further, significant developments and innovations in mechanical ventilation systems are anticipated to match current price levels and greatly reduce operating costs while offering 50–90% reduced energy consumption and a reduced carbon footprint. All the aforementioned factors are expected to support market growth and offer lucrative growth opportunities to market players.
The increasing number of COVID-19 confirmed cases has led the governments of North American countries to close nation’s borders during the Q2 of 2021. Manufacturing facilities are either temporarily shut or are operating with limited staff. Moreover, the supply chains of components and parts are disrupted. The US is the largest market for mechanical ventilation systems due to its technologically advanced aerospace & defense and manufacturing sectors. However, the COVID-19 outbreak has severely affected the production and revenue generation due to lowered production volumes. Thus, the COVID-19 pandemic is restraining the growth of the mechanical ventilation system market in North America.
Currently, in Europe, Russia is the most-affected country due to the COVID-19 pandemic, followed by France, the UK, and Italy. Owing to implementation of containment measures, such as restrictions on travel and shutdown of manufacturing facilities and businesses in the region the slewing bearing market witness a crunch from supply side. Containment measures also disrupted the operations of end users of the mechanical ventilation system market, which negatively impacted the market from demand side. However, as containment measures were relaxed, the mechanical ventilation system market started to witness the growth from the Q1 of 2021.
Volution Group Ltd.; Aremec; Mechanical Air Supplies Ltd; Duco Ventilation and Sun Control; Caladair International; Mitsubishi Electric Corporation; Airflow Developments Limited; Vortice; Blauberg; and Infineon Technologies AG are among the key players profiled during the study of the mechanical ventilation systems market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
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