Australia Ventilation Products Market To Generate Revenue Worth $1,003.9 Million by 2030
- Published: May 2022
The Australian ventilation products market is projected to generate $1,003.9 million revenue by 2030, advancing at a CAGR of 6.5% during 2021–2030. Key factors driving the market include the surging awareness of the environmental and health effects of polluted air, the increasing number of commercial and residential projects, and the rising preference for decentralized ventilation.
The COVID-19 pandemic impacted the demand for ventilation products and services in Australia. Due to lockdowns, the supply chain for refrigerants and electronic components, including compressors, embedded systems, and fan units, was disturbed, which hampered the manufacturing of ventilation equipment, which, in turn, restrained the market growth.
Residential Category To Witness Faster Growth
The demand for ventilation products in the residential sector is expected to witness faster growth, propelling at a CAGR of over 7%, during 2021–2030. This can be attributed to the surging preference for open-plan homes, the rising construction activities, and the increasing awareness about energy-efficient ventilation systems, in the country. Furthermore, the growing health concerns about indoor air quality (IAQ) are leading to the increase in demand for these systems in residential buildings.
Moreover, the heat recovery ventilation (HRV) system category in the Australian residential ventilation products market held the largest revenue share, of around 50%, in 2021. This is because the system is widely used in the residential and commercial sectors. Moreover, it can exchange heat between the supply and exhaust air streams, which minimizes the cost of cooling or heating fresh air circulating across a building. Also, the device continuously replaces the stale indoor air with fresh outdoor air.
The energy recovery ventilation (ERV) system category is expected to witness the fastest growth, advancing at a CAGR of around 8%, in the forecast period, in the Australian commercial ventilation products market. This can be ascribed to the feasibility of installing these systems in buildings without mechanical ventilation systems.
The Australian ventilation products market is fragmented in nature, with the presence of several major players, such as Mitsubishi Electric Corporations, Daikin Industries Ltd., Samsung Electronics Co. Ltd., LG Electronics Inc., Ventair Pty Ltd., Panasonic Corporation, Carrier Global Corporation, Johnson Controls International Plc, Fantech Pty Ltd., and Vent-Axia Group Limited.
The market players are extensively involved in product launches to gain a significant position. For instance, in July 2021, Vent-Axia Group Limited announced the launch of Lo-Carbon Heat Save, which is a decentralized heat recovery ventilation device to provide heat recovery solutions for a single room or a whole house. This system is ideal for retrofitting, supplying fresh air to rooms, and offering extract and supply ventilation to improve IAQ.