International.
The global ventilation systems market, which stood at $1.6 billion in 2015, is projected to reach $2.4 billion by the end of 2023, presenting a compound annual growth rate (CAGR) of 4.9% between 2015 and 2023, according to a report by Transparency Market Research.
Growing awareness of the importance of Indoor Air Quality and strict government regulations requiring the installation of adequate ventilation systems in buildings are the main factors fueling global demand.
Asia Pacific emerged as the largest regional market for ventilators in 2014. The demand for ventilators in the region is mainly being generated by the development of rapid infrastructure in the region.
Based on ventilation type, the global fan market has been segmented into cross-flow fans, axial fans, centrifugal fans, home fans, hood fans, and power roof fans. Of these, the axial fan segment dominated the market in 2014, accounting for a 31% share of the global market. By end use, the market is classified into industrial, commercial, and residential. Of these, the end-use residential segment took the lion's share of the market, accounting for 45% in 2014.
