The industrial fans market size is expected to reach USD 12,643.10 Million by 2028; registering at a CAGR of 7.9% from 2022 to 2028, according to a new research study conducted by The Insight Partners
Rise in Power Consumption to Provide Growth Opportunities for Industrial Fans Market During 2022–2028
The manufacturing industry plays an important role in the economy, and the activities of the industry are also vital for national socioeconomic development. Industrial fans are used for cooling, exhaust, material handling, air conditioning, chemical processing, combustion, agricultural, and ventilation purposes. Industrial fans are crucial and mandatory for any industrial process. It is widely used in chemical, manufacturing, engineering, cement production, heating & ventilation, mining, and many other industries. These fans provide a safe, secure, comfortable, and productive environment for long working hours and days. Further, cement production requires various industrial fans that resist abrasion and dust buildup and can operate in high-temperature applications.
Industrial Fans Market - by Region, 2022
Industrial Fans Market 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)
Industrial Fans Market Size and Growth Trends to 2028
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The demand for industrial fans in the chemicals & petrochemicals industry is increasing significantly. Operations in the chemical industry involve 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.
In the oil & gas industry, industrial fans perform in the harshest and most severe conditions. Further, industrial fans in the mining industry supply sufficient oxygen to the working laborers and exhaust harmful gases. Improper ventilation in the underground mine can result in serious health issues for the workforce. Hence, the use of industrial fans in the mining industry is considered essential cautionary machinery and is mandated to use by strict laws in several countries. Therefore, the growing use of industrial fans in several industries, such as oil & gas, cement, chemical, mining, and manufacturing, is driving the industrial fans market growth.
The industrial fans market analysis is bifurcated on the basis of technology and industry. Based on technology, the market is bifurcated into centrifugal and axial. Based on industry, the industrial fans market is segmented into chemical & petrochemicals, healthcare, automotive manufacturing, food & beverages oil & gas, mining, and other.
A few major industrial fans market players 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, and Wilkinson Dynamic Balancing Ltd.
The imposition of lockdowns and travel restrictions, temporary shutdown of production facilities, and shortage of employees are a few factors that have adversely affected the performances of major industrial fans market players. Notably, the automotive industry witnessed the most severe impact of the COVID-19 pandemic in 2020 due to labor shortages and project suspensions or cancellations. It disrupted supply and logistics, creating a negative short-term impact on the industrial fans market. However, due to increasing healthcare facilities and growing investments in renovation and replacement, there is a surging demand for industrial fans. The resumption of automotive operations and a surge in extensive plans for infrastructure development are other few factors fueling the industrial fans market growth.
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