South Korea Ventilation Fan Market by Product Type (Centrifugal Fans, Axial Fans, Hatch Fans, and Duct Fans), by Flow Rate (Below 100 CFM, 100-250 CFM, 250-500 CFM, 500-750 CFM, and Above 750 CFM), by Material (Metal and Plastic), by Installation (Ceiling Mounted, Wall Mounted, and In line installation), by Application (Industrial, Commercial, and Residential), and by Distribution Channel (Online and Offline)– Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Construction & Manufacturing | Publish Date: 09-Apr-2024 | No of Pages: 118 | No. of Tables: 85 | No. of Figures: 50 | Format: PDF | Report Code : N/A
Market Definition
The South Korea Ventilation Fan Market size was valued at USD 38.8 million in 2023, and is predicted to reach USD 66.6 million by 2030, at a CAGR of 7.5 % from 2024 to 2030.
A ventilation fan serves to improve air circulation within enclosed spaces, thereby enhancing air quality and regulating temperature and humidity levels. Crucial for creating favourable working conditions, ventilation fans are widely utilized across a spectrum of environments such as factories, warehouses, offices, and commercial establishments.
Their core functions include eliminating stagnant air, ensuring ideal moisture levels, and reducing harmful pollutants, thus promoting a safe and comfortable atmosphere for occupants. Acknowledged for their significant contribution to enhancing workplace productivity and adherence to health and safety regulations, ventilation fans emerge as essential assets for enterprises operating in various sectors.
Growing Emphasis on Energy Efficiency Propels the Growth of the Market
South Korea's emphasis on energy efficiency serves as a significant driver for the ventilation fan market. With ambitious targets set to mitigate greenhouse gas emissions, the government actively promotes the adoption of energy-saving measures, including in building construction.
To incentivize this shift towards sustainability, subsidies and tax breaks are offered for high-efficiency ventilation systems, especially those equipped with heat recovery capabilities. Furthermore, the increasing preference for passive house construction amplifies the necessity for efficient ventilation solutions, thereby contributing to the overall expansion of the ventilation fan market in South Korea.
Increasing Government Regulations to Regulate Air Quality Propels the Market Growth
In South Korea, the ventilation fan market is propelled by stringent regulations and standards, such as the Building Energy Efficiency Act and the Indoor Air Quality Control Act. These legislative frameworks enforce minimum ventilation standards for both new constructions and renovations, mandating the integration of efficient ventilation systems.
Notably, regional regulations, particularly prevalent in major cities like Seoul, impose even stricter standards. This compels consumers to opt for advanced ventilation solutions to ensure compliance, thereby driving the demand for sophisticated ventilation fan systems.
The Market's Progress is Impeded by the Increasing Expenses Associated with Maintenance
The consistent efficiency and longevity of ventilation fans hinge upon regular maintenance. This essential upkeep regimen involves tasks like filter cleaning, lubrication of moving parts, and replacement of worn components.
While critical for peak performance, these maintenance activities can entail extra costs and demand dedicated time and resources. Hence, businesses must factor in these ongoing maintenance expenses and allocate appropriate personnel or resources accordingly.
Neglecting proper maintenance of ventilation fans may result in reduced efficiency, heightened energy consumption, and the potential need for expensive repairs or replacements down the line. Therefore, consistent investments in maintenance are crucial to preserve the reliability and effectiveness of ventilation systems in commercial and industrial environments.
The Growing Attention Towards Energy Efficiency Regulations Presents Opportunities for The Future
As governments and regulatory bodies tighten their grip on energy efficiency regulations, the need for ventilation fan solutions surpassing these standards is on the rise. This scenario opens up significant opportunities for manufacturers to spearhead the innovation of energy-efficient products.
Companies that can meet these stringent demands are strategically poised to bolster their market presence by providing solutions that not only adhere to evolving regulations but also align with the values of environmentally aware consumers and businesses. This strategic advantage positions them ahead of compliance requirements and empowers them to seize a greater portion of the market share.
Competitive Landscape
The South Korea ventilation fan market comprises various market players, such as Ebm-papst Group, Broan-NuTone, ZIEHL-Abegg, Delta Electronics, Inc., Panasonic Holding Corporation, Crompton Greaves Consumer Electricals Limited, Mitsubishi Electronics Ltd., Zehnder Group, Havells South Korea Ltd., and Glen Dimplex UK Limited, and others.
The South Korea Ventilation Fan Market Key Segments
By Product Type
-
Centrifugal fans
-
Axial fans
-
Hatch Fans
-
Duct Fans
By Flow Rate
-
Below 100 CFM
-
100-250 CFM
-
250-500 CFM
-
500-750 CFM
-
Above 750 CFM
By Material
-
Metal
-
Plastic
By Installation
-
Ceiling Mounted
-
Wall Mounted
-
In line installation
By Application
-
Industrial
-
Commercial
-
Residential
By Distribution Channel
-
Online
-
Offline
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 38.8 Million |
|
Revenue Forecast in 2030 |
USD 66.6 Million |
|
Growth Rate |
CAGR of 7.5 % from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Ebm-papst Group
-
Broan-NuTone
-
ZIEHL-Abegg
-
Delta Electronics, Inc.
-
Panasonic Holding Corporation
-
Crompton Greaves Consumer Electricals Limited
-
Mitsubishi Electronics Ltd.
-
Zehnder Group
-
Havells India Ltd.
-
Glen Dimplex UK Limited
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