Australia Ventilation Products Market is Driven by Increasing Number of Commercial and Residential Projects
The Australia ventilation products market revenue is expected to increase from $569.4 million in 2021 to $1,003.9 million in 2030. Moreover, it will propel at a 6.5% CAGR during the forecast period owing to the increasing commercial and residential projects, rising consciousness of the health and ecological effects of contaminated air, and cumulative preference for decentralized ventilation. Further, since the pandemic, people have become more conscious than ever of the harms of breathing contaminated air, especially since COVID-19 is an airborne disease.
The skyrocketing demand for smart buildings will drive the Australia ventilation products market in the coming years. This can be attributed to the rising pollution levels due to the increasing carbon emissions, and surging cognizance of environmental sustainability. A smart building encompasses practices such as greenhouse gas emission reduction, water conservation, energy efficiency, and waste management. Therefore, with the increasing need to comply with government regulations, ventilation systems with smart controls and IoT-based mobile app monitoring are being increasingly installed.
The commercial sector led the Australia Ventilation products market, generating around 70% of the revenue in 2021. The number of hospitals, malls, offices, and other commercial spaces is increasing due to the surging urbanization rate. This impelling the government to develop the infrastructure of the country and drive economic growth. In addition, the evolution of planned retail outlets and economic zones are also advancing the development of the market in the country.
The Australia ventilation products market is also advancing because of the increasing fondness for decentralized systems, majorly because of its advantages over centralized ventilation. A decentralized ventilation system attempts to cope with the requirements of every zone in terms of IAQ. Furthermore, it can attain increased ventilation effectiveness by removing pollutants near the source, in turn, reducing the supply volume of the air essential and the energy necessary to condition and distribute it. Moreover, in such a system, even if one unit malfunctions, the others keep operating.
With an increase in the number of commercial and residential products, the Australia ventilation products market is booming. This can be ascribed to the increasing population, disposable income and increasing purchasing power. For instance, the total construction done in the country rose by around 0.5% in the quarter of June 2021. The value of the work in the residential industry was around $14 billion, while in the non-residential sector, it was about $8 billion. Ventilation has always been important in commercial buildings, as they witness a high footfall.
The requirement for ventilation systems in the residential sector will surge at a CAGR greater than 7% in 2021–2030. Inhabitants can reside in a secured and comfortable vicinity with home ventilation systems. These systems not only prevent pollutants such as carbon dioxide, smoke, and volatile chemical compounds from accumulating, but also regulate the wind flow. Moreover, to regulate indoor temperature and evacuate harmful gases, people are favouring homes with numerous ventilation fans. Additionally, they are required in areas with high humidity, such as bathrooms and kitchens.
Thus, an increasing number of commercial and residential projects, coupled with a rising preference for decentralized ventilation, will help in the development of the industry.