Axial Fans Market to Grow at a CAGR of 4.3% to reach US$ 3,219.8 million from 2020 to 2028

Axial Fans Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Coverage by Speed (Low Speed, Medium Speed, and High Speed), Size (Diameter (130-250) MM, Diameter (250-910) MM, Diameter (910-1500) MM, and Diameter Above 1500 MM), Application (Radiator, Cooling & Refrigeration, Ventilation, and Other), Type (AC, DC, and EC), End User (Commercial, Industrial, and Residential)

Publication Month : Apr 2021

  • Report Code : TIPRE00007895
  • Category : Electronics and Semiconductor
  • Status : Published
  • No. of Pages : 132
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The Axial Fans market was valued at US$ 2,301.4 million in 2020 and is projected to reach US$ 3,219.8 million by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.

The global axial fans market is segmented into five major regions—North America, Europe, APAC, MEA, and SAM. One of the key factors driving the growth of the axial fans market is its wide range of applications in industries such as food & beverages, mining, aerospace, electronics, and chemicals. Industrial axial fans are designed to create a large volume of airflow at low pressure. Cooling or air-conditioning is one of the major applications where these types of fans are used. Axial fans move hot air from one location to another to cool a room or an entire building. These types of fans are also used in refrigeration systems, particularly for condenser cooling. According to industrial experts, axial fans are reliable for general purpose applications, such as moving air from one place to another. This is mainly due to the high volume of airflow created at low pressure. Therefore, these fans are suitable for cooling confined spaces, such as a computer, a room, or an entire office. These fans make air-conditioners energy efficient and enhance their durability. Vending and refreshment industries also make use of these fans in most of their machines to keep their products cool and fresh. Axial fans are used in internal cooling systems of computers and other devices.    

Impact of COVID-19 Pandemic on Axial Fans Market

The outbreak of COVID-19 has created significant disruptions in primary industries such as food & beverage, energy & power, electronics & semiconductor, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global axial fans market as they are the major supply and demand sources for axial fans products and solutions. Also, applications such as vending machines, snow making machines, and HVAC systems, where axial fans play a crucial role have witnessed strategic decline in the adoption of the products, thus has created a negative impact in the market growth. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted manufacturing, supply, and sales of various electronic components that are required for the manufacturing of axial fans. The estimated impact of COVID-19 outbreak on the growth of global axial fans market in various countries/regions is described below.

Lucrative Regions for Axial Fans Market

Lucrative Regions for Axial Fans Market
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Market Insight – Axial Fans Market

The developed and developing Asian countries such as China, India, South Korea, and Australia provide a huge market growth perspective for many small and large players operating in the axial fans market. The rapid industrial development in these countries is projected to boost market growth during the forecast period. Axial fans have applications in a wide range of industries, such as cement, paper & wood, pharmaceuticals, steel, and food. Axial fans are used in these industries for handling critical processes that require drying, ventilation, and fume & hot air exhaust, among others. These types of fans are mainly applied in equipment dedicated to exchanging heat through environmental air. Cooling towers, air-cooled condensers, and air-cooled heat exchangers are other applications. The low cost of manufacturing in India, China, and South Korea, coupled with the availability of cheap labor, is attracting various industry players to set their manufacturing bases in these countries. Further, limited government regulations for manufacturers in APAC countries is positively influence the growth of the axial fans market in this region.

Speed Segment Insights

Based on speed, the market has been segmented into low speed, medium speed, and high speed. The medium speed segment accounted for the largest share of the axial fans market in 2020. Moreover, the high-speed segment is projected to grow at the fastest pace during the forecast period. The rotational speed of an axial fan is measured in terms of revolutions per minute (rpm). The speed of rotation is the number of revolutions the fan impeller has to run in order to meet the performance requirements and is one of the significant factors determining the demand for axial fans.  

Size Segment Insights

Based on size, the axial fans market has been segmented into diameter below 250 mm, diameter (250–910) mm, diameter (910–1500) mm, diameter above 1500 mm. The diameter (250–910) mm segment accounted for the largest share of the axial fans market in 2018. Moreover, the diameter (910–1500) mm segment is projected to grow at the fastest pace during the forecast period. The demand for axial fans with diameter (250–910) mm are used in many large- and small-scale industries, such as food & beverage, chemical, and electronics, among others. Moreover, these types of fans are extensively used in residential and commercial applications for ventilation and cooling & refrigeration.

Application Segment Insights

Based on application, the axial fans market has been segmented into radiator, cooling & refrigeration, ventilation, and others. The cooling & refrigeration segment accounted for the largest share of the axial fans market in 2020. Moreover, the ventilation segment is projected to grow at the fastest pace during the forecast period.

Type Segment Insights

Based on type, the axial fans market has been segmented into AC, DC, and EC. The AC axial fans segment accounted for the largest share of the axial fans market in 2020. Moreover, the EC axial fans segment is projected to grow at the fastest pace during the forecast period.

End-User Segment Insights

Based on end user, the axial fans market has been segmented into commercial, industrial, and residential. The industrial segment accounted for the largest share of the axial fans market in 2018. Moreover, the residential segment is projected to grow at the fastest pace during the forecast period. Axial fans are well suited for high flow usage and for low air resistance conditions.

Axial Fans Market, by Speed (% share)

Axial Fans Market, by Speed (% share)
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Axial Fans Market: Strategic Insights

Market Size Value inUS$ 2,301.4 Million in 2020
Market Size Value byUS$ 3,219.8 Million by 2028
Growth rateCAGR of 4.3% from 2021-2028
Forecast Period2021-2028
Base Year2021
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

The global Axial Fans market has been segmented as follows:

Axial Fans Market – by Speed

  • Low Speed
  •  Medium Speed
  •   High Speed

Axial Fans Market – by Size

  • Diameter (130-250) MM
  •  Diameter (250-910) MM
  •  Diameter (910-1500) MM
  •  Diameter Above 1500 MM

Axial Fans Market – by Application

  • Radiator
  • Cooling & Refrigeration
  •  Ventilation
  •  Other

Axial Fans Market – by Type

  • AC
  •  DC
  •  EC

Axial Fans Market– by End-User

  • Commercial
  • Industrial
  • Residential

Axial Fans Market – by Region

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Axial Fans Market – Companies Profiles

  • Rosenberg Ventilatoren GmbH.
  • Sofasco Fans.
  • Sunonwealth Electric Machine Industry Co., Ltd
  • OMRON Corporation
  • Hidria
  •  Fulltech Electric Co., Ltd.
  •  Howden Group
  •  COOLTRON Industrial Supply, Inc.
  •  Oriental Motor USA Corp
  • ebm-papst
  • Pelonis Technologies, inc.
  • WingFan Ltd. & Co. KG
  • Nuaire
  • Multi-Wing International a/s
  • FläktGroup Holding GmbH
  • Horton Holding, Inc.
  • Phillips & Temro Industries
  • Elta Fans
  • BorgWarner Inc.
  • Cofimco Srl
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Coverage by Speed , Application , Type , End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions

Which was the region to account the largest share for the axial fans market?

Europe dominated the axial fans market in 2018 with a share of 36.9% and is expected to continue its dominance by 2027 with a CAGR of 3.8% from 2019 to 2027. Growth of the automotive, construction, manufacturing, and food & beverages industries in European countries such as Germany, France, UK, and Italy, including others has increased the production and use of axial fans substantially over the years. These countries have also escalated the import of these fans from other regions in order to meet the rising demand for axial fans. Moreover, growth in focus towards economic growth, coupled with surge in demand for industrial goods, is further fueling the demand for axial AC fans in Europe.

What are the major applications of axial fans and which application holds the largest market share in 2018?

Radiator, cooling & refrigeration and ventilation these are among the applications of axial fans. In 2018, the cooling & refrigeration segment accounted for the largest share of 42.6% in the global axial fans market. Axial fans help to maintain the temperature of the refrigerators used to store perishable food products in the food industry. The major applications of axial fans include refrigeration of unpackaged goods, deep freezing, cold stores with heavy foot traffic, and complex cooling tasks. They are used in the production facilities in the food processing industry also installed in transshipment warehouses, high-bay warehouses, and tunnel freezers for the optimal storage and logistics of fruits and vegetables.

What is the major driving factor to favor the axial fans market all over the globe?

Wide range of applications of axial fans in various industries such as food & beverages, mining, aerospace, electronics, and chemicals provides a huge consumer base and further boost the sale of axial fans globally. Axial fans perform the task of transporting air, either in the case of simple pipe or roof fans or in complex compressor systems with an evaporating and condensing heat exchanger. These are used in various applications for cooling, freezing, air-conditioning, heating, and ventilation in industrial plants, compressed air dryers, and cooling towers for process water, units for fast-food preparation and conservation, etc. Therefore, vast application across various industries, such as manufacturing plants, processing plants, cooling towers, duct systems, wind tunnel, extracting waste gas, and food factories has driven the growth of market.

The List of Companies - Axial Fans Market

  1. Rosenberg Ventilatoren GmbH
  2. Sofasco Fans
  3. Sunonwealth Electric Machine Industry Co., Ltd
  5. OMRON Corporation
  6. Hidria
  7. Fulltech Electric Co., Ltd
  8. Howden Group
  9. COOLTRON Industrial Supply, Inc.
  10. Oriental Motor USA Corp
  11. ebm-papst
  12. Pelonis Technologies, inc.
  13. WingFan Ltd. & Co. KG
  14. Nuaire
  15. Multi-Wing International a/s
  16. FläktGroup Holding GmbH
  17. Horton Holding, Inc.
  18. Horton Holding, Inc.
  19. Elta Fans
  20. BorgWarner Inc.
  21. Cofimco Srl

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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