New York, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners; “Industrial Fans Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Technology (Centrifugal and Axial) and Industry (Chemical & Petrochemicals, Healthcare, Automotive Manufacturing, Food & Beverage, Oil & Gas, Mining, and Others)”; the global industrial fans market growth is impelled by increasing demand from food & beverage industry, growing use of industrial fans in oil & gas, cement, chemical, mining, and manufacturing industries and technological advancement in industrial fans.
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Global Industrial Fans Market – Report Scope:
| Market Size Value in | USD 8.01 Billion in 2022 |
| Market Size Value by | USD 12.64 Billion by 2028 |
| Growth rate | CAGR of 7.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 150 |
| No. of Tables | 61 |
| No. of Charts & Figures | 75 |
| Historical data available | Yes |
| Segments covered | Technology, and Industry |
Global Industrial Fans Market: Competitive Landscape and Key Developments
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, and Wilkinson Dynamic Balancing Ltd are a few of the key players operating in the industrial fans market.
- In November 2022, Ebm-Papst Group, the leading producer of motors and fans globally, plans to establish new production unit with an investment of US$ 30 million for producing highly efficient fans and motors in the US. This second plant expansion will strengthen the presence of Ebm-Papst in North America for future industrial fans market growth of sustainable refrigeration, air conditioning, and ventilation applications.
- In May 2022, Johnson Controls invested US$ 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 sq. ft facility, known as the Johnson Controls Rooftop Center of Excellence.
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Industrial Fans Market: Industry Overview
Based on industry, the industrial fans market is segmented into chemical & petrochemicals, healthcare, automotive manufacturing, food & beverage, oil & gas, mining, and others. The chemical & petrochemicals segment dominated the industrial fans market in 2021, as the chemical industry largely involves the handling and use of hazardous and flammable substances and materials that require proper and safe storage. The correct placement of industrial fans keeps chemicals cooled and avoids the buildup of hazardous fumes. Also, industrial fans are largely used in the manufacturing of distillates, fertilizers, alloys, plastic materials, paints, additives, and other chemical compounds at a primary or derived level. Moreover, other common uses of industrial fans include the treatment of exhaust gases and emissions from filtration, separation devices, and de-dusting plants. The production of petrochemical is of explosive and corrosive nature that requires industrial fans in the ventilation and exhaust systems for the safe operations of petrochemical processes. Furthermore, the centrifugal fan can increase air circulation through a given area and has various benefits, such as increased air velocity, reduced energy consumption, low noise while operating, and more efficient process flow rates.
Impact of COVID-19 Pandemic on Industrial Fans Market Growth:
In 2020, the onset of the COVID-19 pandemic led to a halt in infrastructure and construction activities across the world. In the industrial fans market analysis, all the regions suffered a significant workload downturn during the first half of 2020. The pandemic has led to a shift in industry preferences owing to the imposition of the global lockdown, which resulted in the temporary shutdown of manufacturing facilities of industrial fans across the world. Big Ass Fans, an American company that manufactures fans, stated that there was a high demand for industrial fans in 2019. The company sold its products to 85% of the Fortune 500 companies across more than 175 countries. However, it also reported a rapid drop in demand for industrial fans as manufacturing plants were shut down and several layoffs commenced in 2020.
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Industrial Fans Market – Regional Overview:
The industrial fans market is broadly segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific held the largest market share in 2021, followed by Europe. Also, Asia Pacific is anticipated to be a fast-growing region during the forecast period. Industries such as automotive, food & beverages, oil & gas, and mining are constantly growing across APAC owing to a rise in investment by both regional and international industrial fans market players operating in the respective industries. Countries such as Vietnam, Thailand, Singapore, and Malaysia are experiencing a rise in investment by global players to set up their industrial plants. The region is also home to several industrial fans market players that are operating in the market. The key companies include Hangzhou Airflow Electric Appliances Co., Ltd; Xinxiang SIMO Blower Co., Ltd; Guangdong Shunde NAKKA Environmental Appliance Technology Co., Ltd; ALFA ENGINEERING CO.; and Sonika Engineers. These companies are focused on expanding their product portfolio through a rise in investment in product R&D and innovations. For instance, in February 2020, Elta Fans Asia launched its new long-cased axial fan, the Revolution SLC EC. The product is designed to lower operational costs by reducing installation time. Thus, the constant product development initiatives undertaken by industrial fans market players in APAC are contributing to the growth of the industrial fans market analysis.
In Europe, Germany has a robust automotive industry. A few of the major automotive brands present in the country include Volkswagen, Mercedes-Benz, Audi, BMW, and Porsche. The country, over the years, has also experienced a rise in the production of automated and electric vehicles and the opening of new production plants for the same. This factor has directly impacted the growing demand for industrial fans across the country. Additionally, the country has a significantly growing chemical manufacturing industry. It has also experienced the opening of a new chemical production plant. For instance, in November 2022, LyondellBasell announced the opening of a new chemical recycling plant in Germany. Germany also homes industrial fans market players such as Witt & Sohn AG and FlaktGroup Holding GmbH. The rising initiative by these companies to expand their product portfolio and geographical presence are further expected to drive the industrial fans market growth in Germany.
Similarly, the automotive, food & beverage, pharmaceutical, and chemicals industries are a few of the major industries in North America. The region, over the years, has experienced a rise in automated and electric vehicle production, leading to a greater number of automotive manufacturing plant developments. For instance, in October 2022, BMW announced an investment of US$ 1.7 billion to develop an electric vehicle manufacturing plant in the US. Additionally, the food & beverage industry across the region is also experiencing a rise in investment by global food brands to open their manufacturing facility owing to the availability of advanced technology for efficient production. For instance, in May 2022, T. Hasegawa announced the opening of its new 60,000 sq. ft production facility in California. These factors are further contributing to the industrial fans market analysis.
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