The axial fans market is projected to grow from US$ 2.61 billion in 2023 to US$ 3.93 billion by 2031; it is expected to expand at a CAGR of 5.2% from 2023 to 2031. Technological advancement is anticipated to be a key trend in the market.
Axial Fans Market Analysis
Axial fans are ideal for heating, ventilation, and air conditioning systems. Several properties define axial fans. Examples of these qualities are a large diameter, a narrow radial breadth, and a low-profile design. These specific traits contribute to the high performance of axial flow fans. Axial flow fans are also widely utilized in the industry. Axial fans can extract air from rotary filters and return air trenches. They can also be used as exhaust. Due to all these advantages, the demand for axial fans is expected to grow during the forecast period.
Axial Fans Market Industry Overview
An axial fan is a fan that allows gas to flow through it in an axial direction, parallel to the shaft around which the blades move. The flow is axial at the entrance and exit. The fan is meant to produce a pressure difference, and hence force, which causes a flow through the fan. Axial fans are ideal for generating high-volume airflow in low-pressure systems. Axial fans are available in several sizes and can be put in either a big mounting plate or a small radius. Short radii are the most predominant and result in laminar flow, whereas standing, wall mounting, roof mounting and other methods provide smooth laminar flow.
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Axial Fans Market: Strategic Insights
Market Size Value in US$ 2,301.4 Million in 2020 Market Size Value by US$ 3,219.8 Million by 2028 Growth rate CAGR of 4.3% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Axial Fans Market: Strategic Insights
| Market Size Value in | US$ 2,301.4 Million in 2020 |
| Market Size Value by | US$ 3,219.8 Million by 2028 |
| Growth rate | CAGR of 4.3% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Axial Fans Market Driver and Opportunities
Increasing Demand for Industrial Applications to Favor Market Growth.
Industrial axial fans are mechanical devices that transport air or other gases in several industrial applications. They operate by spinning a central rotor or impeller at high speeds, resulting in a flow of air or gas directed through a series of vanes or blades. This flow can be used to ventilate, cool, or circulate air in a variety of industrial environments, depending on the application's specific needs. Axial fans are popular in a variety of applications. They are extremely efficient and save power. They also make less noise than centrifugal fans. Axial fan blades can be swept or inclined. Axial fans can be tailored to meet a range of needs. Thus, the demand for axial fans for industrial applications is expected to grow during the forecast period.
Growing Focus on New Product Development
Key market participants are focusing on new product development and technological advancement. This is expected to create lucrative growth prospects for the axial fan market growth during the forecast period. For instance, in September 2023, Mainstream, a well-known manufacturer of Air Handling Unit fans and coils, announced the release of its new IntelliCUBE Axial Fans. Mainstream is strengthening its position as an HVAC industry leader, carrying on the tradition of a three-generation family business. Further, in September 2022, ebm-papst launched a novel axial fan for railway applications with high back pressure.
Axial Fans Market Report Segmentation Analysis
The key segments that contributed to the derivation of the axial fans market analysis are speed, size, application, type, and end user.
- By speed, the market is segmented into low speed, medium speed, and high speed.
- Based on size, the market is divided into Diameter (130-250) MM, Diameter (250-910) MM, Diameter (910-1500) MM, and Diameter Above 1500 MM.
- based on application, the market is segmented into radiator, cooling & refrigeration, ventilation, and others.
- Based on type, the market is segmented into AC, DC, and EC.
- based on end users, the market is divided into commercial, industrial, and residential.
Axial Fans Market Share Analysis By Geography
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Asia Pacific is expected to hold a prominent share of the axial fan market throughout the forecast period. This growth may be attributed to the increasing demand from industrial and commercial applications. North America is also expected to hold a significant share of the market in 2023. The rapid pace of technological developments and supporting government regulations are expected to boost the demand for axial fans from the North American region during the forecast period.
Axial Fans Market Report Scope
Axial Fans Market News and Recent Developments
The axial 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 Axial Fans are listed below:
- Aerosystems, a leading brand in designing and manufacturing ventilation systems, expanded the size choices of its popular Axial Fan series. The new AXIAL FAN Part Number 7010000 is a cooling and ventilation fan device originally developed for the application of Aircraft ECS. (Source: Aerosystems, Press Release, December 2021)
Axial Fans Market Report Coverage & Deliverables
The axial fans market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Axial Fans Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Axial fans market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Axial fans market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Axial 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 in the axial fans Market
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Coverage by Speed , Application , Type , End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The Axial Fans market size is projected to reach US$ 3.93 billion by 2031.
Asia Pacific is expected to dominate the axial fans market with the highest market share in 2023.
Technological advancement to play a significant role in the global axial fans market in the coming years.
The leading players operating in the axial fans market are Rosenberg Ventilatoren GmbH, Sofasco Fans, Sunonwealth Electric Machine Industry Co., Ltd., Ziehl-Abegg, Omron Corporation, Hidria, Fulltech Electric Co., Ltd., Howden Group, and Cooltron Industrial Supply, Inc.
Increasing demand for industrial applications and increasing investment in cooling towers are the major factors driving the axial fans market.
The global axial fans market is expected to grow at a CAGR of 5.2% during the forecast period 2024 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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