PUBLISHER: Orion Market Research | PRODUCT CODE: 1327618
PUBLISHER: Orion Market Research | PRODUCT CODE: 1327618
Title: Global Thermo ventilators Market Size, Share & Trends Analysis Report by Type (Wall Mounter, Window Mounter, Celling Mounted, and Portable), and by End User (Residential and Commercial)Forecast Period (2023-2030).
The global thermo ventilators market is anticipated to grow at a CAGR of 5.6% during the forecast period (2023-2030). Thermo ventilators are devices that regulate the temperature of a space by circulating air. The market growth is primarily driven by increasing household income among the global population, along with the rising investments in construction and infrastructure development in emerging countries. Additionally, the demand for thermo ventilators is fueled by the increase in temperature due to climate changes and occurrence of heatwaves from the sun. As a result, market players are focusing on introducing upgraded, well-equipped, and advanced thermo ventilator solutions to cater to the rising demand. For instance, in May 2023, Denso Corp. introduced a thermal management heat pump system that provides optimal management of thermal energy required in the vehicles. This system improves both energy efficiency and comfort, as the refrigeration cycle contributes to improving comfort while reducing energy consumption by producing cooling air, warm water and cold water. This technological advancement addresses the growing need for efficient and comfortable thermal management solutions, driving the growth of the thermo ventilator market.
The global thermo ventilators market is segmented on the type, and end user. Based on the type, the market is sub-segmented into, wall mounter, window mounter, celling mounted, and portable. Based on the end user, the market is sub-segmented into residential and commercial. Among the end user, the residential sub-segment is anticipated to hold a considerable share of the market owing to the rising urbanization and use of thermos ventilators in normal households due to the increasing temperature and polluted air.
Among the end user, the commercial sub-segment is expected to hold a considerable share of the global thermo ventilators market. The segmental growth is attributed to the growing industrialization and infrastructural development of urban areas influencing the expenditures of the global population. Owing to which major businesses of the electronic industry are focusing on investing in manufacturing effective thermo ventilators solutions. For instance, in March 2023, Panasonic Corp. completed the acquisition of all the outstanding shares of Systemair AC SAS, Systemair S.R.L., and Tecnair S.P.A., which operate commercial air-conditioning businesses owned by Systemair AB. Systemair's air-conditioning division manufactures commercial hydronic systems. This type of air conditioner produces hot and chilled water by capturing heat from the ambient air and circulating it through spaces to control room temperature, thereby reducing the use of refrigerants.
The global thermo ventilators market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, the European region is anticipated to hold a prominent share of the market across the globe, owing to the high consumption of thermos ventilators due to low temperature.
Among all the regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. The regional growth is attributed to the presence of developing economies including India, China, and others coupled with several technological improvement and upgradation. Increase urbanization and being the fastest growing economy with continuous infrastructural development including India and China across the globe, that's why the need for thermo ventilators is very high in these countries. Global warming is also creating these countries one of the hottest countries and the maximum temperature in normal summer and throughout the year as well is very high in compare to other countries.
Hence, there is considerable shift of the country towards the adoption of the thermo ventilators market solutions. According to the climate pattern called El Nino has become a big concern for India's economy as it can cause droughts and heatwaves by interfering with the monsoons. Heat waves are likely to remain, with or without El Nio, and will only get stronger and more frequent. Every year, about 160-200 million people in India may encounter harmful heat waves by 2030. The demand for cooling items such as air conditioners, refrigerators, and cold chains is expected to increase every year.
The major companies serving the thermo ventilators market includes Mitsubishi Electric Corp, Panasonic Corp, Whirlpool Corp, Havells India Ltd., Honeywell International Inc. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2022, Elta group announced the UK partnership with Airthings. This collaboration has enabled more facility managers, building owners, tenants, and business operators to remotely monitor and report on the indoor air quality within the occupied building. If poor air quality is identified, this information can then be used to develop new strategies that can change the ventilation rate to create an environment that is healthier and safer.