Various technological advancements are being done in the products with the changing market conditions. People can use IoT enabled fans through internet. The number of internet users are increasing and there is a rise in the number of people adopting smart devices which is expected to boost the growth of the IoT enabled fans market.
Improving lifestyle of people
With an increase in the disposable income of individuals, their lifestyle has also improved, and they are switching towards smart living i.e. adopting smart home practices which will increase the demand for IoT enabled fans which is further expected to boost the growth of the market.
Rising cost of energy
World population is increasing which is leading to increased consumption of energy sources leading to increased cost of energy. According to the U.S. Energy Information Administration, the global energy demand is expected to increase by nearly 37% by 2035. In such a scenario, the adoption of IoT enabled fans is expected to increase as they facilitate the real-time communication to operate at low frequencies or shift the operations time to off-peak periods.
Today people are more inclined to buy the technology that contributes to making their hectic life easier and relaxing which is expected to increase the demand for IoT enabled fans. Consumer preferences for increased convenience is expected to boost the growth of the IoT enabled fans.
High cost of maintenance
The cost of maintenance of IoT enabled fans is high as every IoT enabled device has its own life as well as their parts which is expected to hamper the growth of the IoT enabled fans market.
People are not aware about the IoT technology and its uses and benefits which is expected to impede the growth of the IoT enabled fans market.
With use of efficient fans 70TWh/year energy can be saved and 25 million metric tons of carbon dioxide equivalent (CO2-e) emissions per year can be avoided globally.
There are mainly two types of fans:
Propeller fans are the fans most commonly used for ventilation or cooling. They can fit in a wall or ceiling. Tubeaxial and vaneaxial fans are made to fit in a duct. Their application is limited to cleaning air.
Centrifugal fans are in local exhaust ventilation systems for instance home furnace, vacuum cleaner etc.
The IoT enabled fans market is anticipated to record a CAGR of around 17% during the forecast period i.e. 2019-2027. The market is segmented by price range & distribution channel. Zero-level distribution channel segment is anticipated to have significant growth on account of technological advancements and increasing use of energy efficient appliances.
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Our in-depth analysis of the IoT enabled fans market includes the following segments:
On the basis of regional analysis, the IoT enabled fans market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to grow at a high rate on the back of the quick technological advancements. Asia- Pacific is expected to grow significantly on the back of rising energy and labor costs, high purchasing power of consumers and greater awareness about smart cities and integrated appliances.
The IoT enabled fans market is further classified on the basis of region as follows:
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh