NEWARK, Del, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global cooling fans market is set to expand at a CAGR of over ~10.4% during the assessment period of 2022-2032 totaling a valuation of US$ ~21.2 Billion by the end of 2032. Rapid growth of industries such as consumer electronics, automotive, and telecom is a key factor driving demand for cooling fans globally.
Similarly, the market is anticipated to expand quickly during the forecast period as a result of a many recent trends, including an increase in demand for cutting-edge technology, growing demand for hybrid electric vehicles, rapid penetration of industrialization, ongoing investment in R&D, an increase in demand for high-efficiency products in the manufacturing market.
Cooling fans have become essential equipment for numerous industries as they help to cool down machinery during functioning. These fans remove heat from systems and thus minimize the risk of damage to components due to excessive heating.
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Rising production and sales of vehicles across the globe will play a key role in boosting the global cooling fans market during the forecast period. Automotive manufacturers are installing efficient cooling fans in their vehicles as they take away all heat absorbed from the engine using coolant.
Most of the cooling sales remain concentrated in the industrial segment. However, other sectors like consumer electronics, telecom, and automotive will also help the cooling fans market to thrive at a stupendous growth rate during the projection period.
According to the report, key market participants are anticipated to concentrate on product penetration in regions like South Asia and Latin America. By integrating environmentally friendly raw materials in their production, cooling fan manufacturers are diverting their attention to sustainability concerns.
Key Takeaways from the Cooling Fans Market Study
- By type, centrifugal cooling fans segment is anticipated to grow at 5.4% CAGR through 2032.
- In terms of application, industrial segment holds the largest share of 37.2% in the global cooling fans market.
- Based on sales channel, the online retailing segment is forecast to grow at a CAGR of 15.5% over the projection period
- North America and Europe together hold the major share of around 52.2% in the global cooling fans market.
- The U.S. cooling fans market is projected to expand at 5.7% CAGR between 2022 and 2032.
- The overall cooling fans market in Japan is likely to grow at 9.2% CAGR during the forecast period.
“Cooling fan’s providers are concentrating on expanding their product portfolios by introducing innovative products at affordable prices. This will help them to increase their revenue share over the projection period”, says an FMI analyst.
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Who is Winning?
Leading manufacturers of cooling fans are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of cooling fans market globally.
Leading players operating in the global cooling fans market are Delta Group, DENSO, MinebeaMitsumi Inc. (NMB Technologies Corporation), Nidec Corporation, EBM-Papst Group, Ziehl-Abegg SE, Aerovent, Horton, Inc., SPAL Automotive, S.P. Plastic Industries, SUNON Group, ADDA, AVC, AMETEK.Inc, Rosenberg, Multi-Wing America, and Flexxaire among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global cooling fans market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the cooling fans market based on type (axial fans, centrifugal fans, and others), application (consumer electronics, telecom/Datacom, automotive and transportation, industrial, and others), and sales channel (direct sales, specialty stores, multi-brand store, online retailing, and others) across seven major regions.
Global Cooling Fans Industry by Category
By Type:
- Axial Fans
- Centrifugal Fans
- Others
By Application:
- Consumer Electronics
- Telecom/Datacom
- Automotive and Transportation
- Industrial
- Others
By Sales Channel:
- Direct Sales
- Specialty Stores
- Multi-brand Stores
- Online Retailing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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About Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the consumer product industry, the team is happy to help with every business intelligence research and consulting requirement.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Findings
1.3. Summary of Key statistics
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
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