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
Market Size Value in US$ 8,010.30 million in 2022 Market Size Value by US$ 12,643.10 million by 2028 Growth rate CAGR of 7.9% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Industrial Fans Market: Strategic Insights
| Market Size Value in | US$ 8,010.30 million in 2022 |
| Market Size Value by | US$ 12,643.10 million by 2028 |
| Growth rate | CAGR of 7.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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 Report Scope
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 $7.5 million into new automation equipment at Oklahoma's commercial HVAC manufacturing plant. The new equipment will increase capacity while improving product quality, safety, and assembly productivity at the 900,000-square-foot facility known as the Johnson Controls Rooftop Center of Excellence. (Source: • Johnson Controls Company Website, June 2022)
Industrial Fans Market Report Coverage and Deliverables
The “Industrial Fans Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Industrial fans market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Industrial fans market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industrial fans market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the industrial fans market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The expected CAGR of the industrial fans market is 8.3%.
The global industrial fans market is expected to reach US$ 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.
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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