NEWARK, Del, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global duct fans market is anticipated to reach a valuation of US$ 7,683.3 Mn by 2032, with sales growing at a reasonable CAGR of 5.3% from the forecast period of 2022 to 2032. Valued at an estimated US$ 4,585.4 Mn in 2022, the duct fans market is propelled by the increasing usage of the fans in the expanding industrial construction sector.
With constant technological improvements and innovation, the duct fans market is expected to prosper over the projected period. The increasing smart home projects coupled with the advancing cement and pharmaceutical industry are a few of the primary growth drivers for the duct fans market.
In the recent past, the emerging or BRICS economies have witnessed marked growth in construction and building industries. In addition to this, there’s been a steady increase in the amount of smart home projects. Both of these factor drive the demand for duct fans over the period of observation.
Moreover, industries in the developed countries are keen on improving and renovating buildings and other infrastructure. Thus, the construction sectors that require the expulsion of harmful gases, bad odors, and other impurities push the demand for the duct fans.
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Due to its dealings with chemicals, the pharmaceutical industry is considered as one of the most hazardous industries. Again, owing to product sensitivity and the need to prevent them from spoiling, the relative humidity and temperature need to be maintained. These factors contribute to the increasing demand of duct fans.
Furthermore, rising air pollution has resulted in the implementation of stringent regulations by government authorities. Consequently, companies are forced to take sustainable measures for addressing these issues. One way these companies comply with the regulations is by installing duct fans to maintain the supply of fresh air their operation space to create a healthy work environment.
The cement industry, too, requires adequate ventilation system as it experiences pollution from a variety of chemicals like calcium oxide, gypsum, and aluminum silicate that are used in the industry.
Additionally, owing to a kiln usage, temperature is always high in this industry. These factors boost the adoption of duct fans in the cement industry. All of the aforementioned factors foster an environment of growth for the duct fans market during 2022-2032.
“Rising smart home projects along with the demand from the growing construction, cement, and pharmaceutical industries propel the market growth of the duct fans over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising oil prices and ambiguous exploration investments may stunt the market growth.
- Revival of alternative energy sectors may stimulate new market prospects.
- North America accounts for the largest market revenue share, holding about 22% of the global share.
- Germany is predicted to dominate the duct fans market in Europe.
- Europe holds about 19% of the global market revenue share.
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Competitive Landscape
CECO Environmental, Crompton Greaves Limited, DongKun Industrial Co. Ltd., Flakt Woods Group SA, Robinson Fans, Twin City Fan Companies, Greenheck Fan Corporation, Nortek Air Solutions, Johnson Controls, Loren Cook, Twin City Fan, FläktGroup, Soler & Palau, Polypipe Ventilation, Nanfang Ventilator, Continental Fan Manufacturing Inc., Ebara Corporation, Elta Fans, Ferrari Ventilatori Industriali S.p.A, and Formula Air among others are some of the major players in the duct fans market profiled in the full version of the report.
Leading market players are focusing on entering markets in emerging economies to expand their manufacturing facilities. These businesses are keen on introducing and developing new products.
More Insights into Duct Fans Market Report
In its latest report, FMI offers an unbiased analysis of the global duct fans market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (centrifugal fans, axial fans, cross-flow fans), shape (circular, rectangular, square), end user (residential, commercial, industrial), and region.
According to the latest FMI reports, based on region, the duct fans market in North America is counted as the largest market with ownership of around 22% share of the market revenue. This growth is primarily driven by the market presence in the United States.
Manufacturers in the market are keen on channelizing their resources and export volumes to capture the U.S. market. Favourable government policies also support the market growth in the U.S. With Europe accounting for the second largest duct fans market and holding about 19% of the revenue share, the market in this region is set to prosper over the forecast period.
In Europe, Germany seems to dominate the duct fans market. Increasing industrial spending and Germany’s move to increase its domestic capacity to meet the growing demand are fueling the regional market growth.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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