The industrial fans market size is projected to reach US$ 15.96 billion by 2031 from US$ 8.46 billion in 2023. The market is expected to register a CAGR of 8.3% during 2023–2031. The increasing demand from the food & beverage industry and the growing use of industrial fans in oil & gas, cement, chemical, mining, and manufacturing industries are likely to be the key drivers and trends of the industrial fans market.
Industrial Fans Market Analysis
The industrial fans market is experiencing significant growth globally. This growth is attributed to the increasing demand from the food & beverage industry and the growing use of industrial fans in oil & gas, cement, chemical, mining, and manufacturing industries. Moreover, the rise in power consumption due to urbanization and technological advancement in industrial fans is anticipated to drive the industrial fans market growth.
Industrial Fans Market Overview
An industrial fan is a device that moves air and is made with heavy-duty materials and components. Other common terminology used to describe an industrial fan include centrifugal blower, exhaust blower, centrifugal fan, industrial cooling fan, axial flow fan, exhaust fan, ventilation fan, or impeller fan. Industrial fans are designed to operate longer, supply greater airflow and pressure and meet more stringent environmental and ambient requirements compared to a general-purpose or commercial HVAC fan.
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Industrial Fans Market: Strategic Insights
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Industrial Fans Market: Strategic Insights
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Industrial Fans Market Drivers and Opportunities
Increasing Demand of Food and Beverage Industry to Favor Market
The demand of the food and beverage industry is driving the market. The demand is increasing due to the increase in growing globalization, increasing urbanization, and advancement in technology. The industrial fans in food processing units and the beverage industry include a wide range of operations that are connected to the whole supply chain, from raw materials to finished goods. High levels of cleanliness are necessary to prevent product contamination. The use of Industrial fans in the food processing units performs various tasks from general ventilation, supply, and exhaust to combustion, drying, heating, cooling, dust collecting, and air filtering.
Technological advancements.
Industrial fans are used for neat reduction applications, where cold air is blown to cool the industrial environment. As the power need of applications and systems rises, the need for higher-power cooling also increases. Industrial fan design is developing to meet these needs as an ideal method for enhancing performance at a relatively low cost various technological advancements were made to grow modern centrifugal and axial industrial tans to reduce the energy consumption of ventilation systems in modern buildings and structures.
Industrial Fans Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial fans market analysis are technology and industry.
- Based on technology, the industrial fans market is divided into centrifugal and axial. The centrifugal segment is anticipated to hold a significant market share in the forecast period.
- Based on industry, the industrial fans market is divided into chemical & petrochemicals, healthcare, automotive manufacturing, food & beverage, oil & gas, mining, and others. The chemical & petrochemicals segment is anticipated to hold a significant market share in the forecast period.
Industrial Fans Market Share Analysis by Geography
The geographic scope of the industrial fans market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the industrial fans market. The North America market is segmented into US, Canada, and Mexico. High technology adoption trends in various industries in the North American region have fuelled the growth of the industrial fans market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American industrial fans market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of industrial fans market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the industrial fans market.
Industrial Fans Market Regional Insights
The regional trends and factors influencing the Industrial Fans Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Fans Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Industrial Fans Market
Industrial Fans Market Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.46 Billion |
| Market Size by 2031 | US$ 15.96 Billion |
| Global CAGR (2023 - 2031) | 8.3% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Market Players Density: Understanding Its Impact on Business Dynamics
The Industrial Fans Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Fans Market are:
- Witt & Sohn AG
- Airmaster Fan Co
- Johnson Controls International Plc
- FlaktGroup Holding GmbH
- Systemair AB
- ebm papst Inc
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Industrial Fans Market top key players overview
Industrial Fans Market News and Recent Developments
The industrial fans market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial fans market are listed below:
- Ebm-Papst Group is the leading producer of motors and fans globally, opening a new production plant with an investment of 30 US million for producing highly efficient fans and motors in the USA. This second plant expansion will strengthen the presence of Ebm-Papst in North America for future market growth of sustainable refrigeration, air conditioning, and ventilation applications. (Source: Ebm-Papst Group Company Website, May 2022)
- Johnson Controls invested $7.5 million into new automation equipment at Oklahoma's commercial HVAC manufacturing plant. The new equipment will increase capacity while improving product quality, safety, and assembly productivity at the 900,000-square-foot facility known as the Johnson Controls Rooftop Center of Excellence. (Source: • Johnson Controls Company Website, June 2022)
Industrial Fans Market Report Coverage and Deliverables
The “Industrial Fans Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Industrial fans market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Industrial fans market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industrial fans market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the industrial fans market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The expected CAGR of the industrial fans market is 8.3%.
The global industrial fans market is expected to reach US$ 15.96 billion by 2031.
The key players holding majority shares in the global industrial fans market are Witt & Sohn AG, Airmaster Fan Co, Johnson Controls International Plc, FlaktGroup Holding GmbH, Systemair AB, ebm papst Inc, Greenheck Fan Corp, Jan Fan Inc, Savio SRL, Wilkinson Dynamic Balancing Ltd.
The increasing technological advancement in industrial fans is anticipated to drive the market in the forecast period.
The increasing demand from the food & beverage industry and the growing use of industrial fans in oil & gas, cement, chemical, mining, and manufacturing industries are some of the factors driving the industrial fans market.
North America is anticipated to dominate the industrial fans market in 2023.
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