Industrial Fans Market to Witness a CAGR of Around 7%
According to latest research by Fact.MR, industrial fans market is set to witness steady growth during 2021-2031. Demand for industrial fans will witness growth in coming years, owing to increase in number of new small and large industries in developing countries.
What is Driving Demand for Industrial Fans?
Evolving end-user demand for heavy ventilated fans, heavy machine cooling fans to avoid damage to industrial machines and other applications are driving the industrial fans demand. The growing work related health issues like pneumoconiosis and other lung diseases which are caused due to the presence of an excessive amount of dust and other pollutants in industries are affecting the worker’s health. This has raised concerns for factory owners to protect their workers and make their factories safer.These factors support the growth of industrial fans market due to their ability to exhaust dust particles and clean the environment.
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Additionally, continuously growing consumption of food and beverage products has led an increase in number of small and big food and beverage companies, as people started consuming more packed food and ready to cook food to avoid wastage of time.This has surged the demand for industrial fans in food and beverage industry.
Covid-19 Affected the Global Industrial Fans Sales
Manufacturing industries have been badly affected globally as most of the industries were put on hold to break the chain of covid 19 virus. This has impacted the market growth of industrial fans, as market of industrial fans is completely dependent on industries. Apart from this, few ongoing small and big industries projects were shut down, due to lack of investor and financial crisis.
Additionally, industrial fan manufacturing companies also faced issues in obtaining raw materials like motors, blades, capacitors and other parts, as most of these parts are manufactured in Asia Pacific countries. Industrial fans manufacturers also started looking to acquire local raw material companies to maintain the demand and supply.
Asia Pacific Industrial Fans Market Outlook
Asia Pacific is the leading market for industrial fans globally. Asia Pacific accounts for more than 20% share of the global industrial fans market. The demand in Asia Pacific is expected to grow at a rapid pace in the forecasted period (2021 – 2031), as the number of activities is increasing in end use industry.
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China dominates the market of industrial fans in Asia Pacific. The continuously growing Chinese industry due to cheap labor cost, availability of advanced technology and easy availability of labor comparing to other countries has supported the growth of Chinese market. For instance, as per the report of United Nation statistics division,China accounted for 28.7% percent of global industrial output in 2019 followed by United States and Japan.
Apart, from China, developing countries like India, Vietnam, and Thailand have seen rise in investment in industrial projects from foreign company.This has upscaled the demand for industrial fan in Asia Pacific Region. For instance, Xiaomi a Chinese mobile manufacturing company has planned to expand its manufacturing capabilities in India with two new smartphone manufacturing plants, and one dedicated entirely for its smart TV division.
The company has partnered with DBG to start a smartphone manufacturing plant in Haryana, while BYD is setting up another in Tamil Nadu and this projects will support the increasing growth ofindustrial fans in Asia Pacific region.
Europe Demand Outlook for Industrial Fans
Europe holds the second largest share of the industrial fans market followed by North America. With the growing bio medical industries in Europe due to covid 19 pandemic, small and medium industries have grown up to maintained the demand of medical equipment like masks, sanitizer and nebulizers, this supports the market growth of industrial fans in Europe as industrial fans plays a huge role in health product manufacturing companies.
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Who are the Key Manufacturers and Suppliers of Industrial Fans?
Some of the leading manufacturers and suppliers of industrial fans includes
- EPOCH FANS
- WujiangDeshengxin Purification Equipment Co. Ltd
- Airmaster Fans
- Pheonix Manufacturing
- Berner International
- Triangle Engineering
- National Fan Co.
- Howden American Fan Company
- Hunter Industrial
- J&D Manufacturing
- TWIN CITY FAN
- EXTIVENT ACERO INOXIDABLE Y VENTILACION
- MEIERLING VENTILATOREN GMBH
- SPARTAK JSC
- SIROCCO LUFT- UND UMWELTTECHNIK GMBH
- UVENTS VENTILATION SYSTEMS
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