Axial Fans Market is expected to reach US$ 3,219.8 million by 2028

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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. Factors such as diversified range of application areas demanding axial fans is creating a positive impact on the market growth. Cooling power source of machinery, snow-making machines & hovercrafts, and ventilation industry are few applications of axial fans along with food & beverages, mining, aerospace, electronics, chemicals, and cooling, freezing, air-conditioning, heating applications. Also, countries such as China, Japan, South Korea, Taiwan, and India are known for having strong industrial base, thus industrialization rate in above-mentioned countries is growing. With growing industrial sector, the axial fans penetration will also rise significantly and thus is contributing toward the market growth. Moreover, in the era of continues technological developments coupled with rising demand for energy consumption, the axial fans manufacturers are developing and commercializing low power consumption axial fans for target end user. This aspect will further contribute toward the market growth. Additionally, growing demand for axial fans among vending machines is another factor that is anticipated to create lucrative business opportunities for the players operating in axial fans market.

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Factors such as diversified range of application areas demanding axial fans is creating a positive impact on the market growth. Cooling power source of machinery, snow-making machines & hovercrafts, and ventilation industry are few applications of axial fans along with food & beverages, mining, aerospace, electronics, chemicals, and cooling, freezing, air-conditioning, heating applications. Also, countries such as China, Japan, South Korea, Taiwan, and India are known for having strong industrial base, thus industrialization rate in above-mentioned countries is growing. With growing industrial sector, the axial fans penetration will also rise significantly and thus is contributing toward the market growth. Moreover, in the era of continues technological developments coupled with rising demand for energy consumption, the axial fans manufacturers are developing and commercializing low power consumption axial fans for target end user. This aspect will further contribute toward the market growth. Additionally, growing demand for axial fans among vending machines is another factor that is anticipated to create lucrative business opportunities for the players operating in axial fans market.

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Key Findings of Study:

Based on geography, during the forecast period Europe is estimated to dominate the axial fans market. European comprises several developing economies such as Germany, France, UK, and Italy, among others. Europe is a well-established and mature market for axial fans. The use of these fans is closely related to various industries, such as automotive, construction, manufacturing and ventilation and other sectors. Therefore, the growth of the axial fans market is strongly linked to growth of these industries in European economy.

Europe is considered to be one of the largest markets for fans across the world. The production and use of axial fans have substantially increased over the years with the growth of the automotive, construction, manufacturing, and food & beverages industries. To meet the rising demand, the countries in this region have also escalated the import of these fans from other regions. The rise in industrial spending has been instrumental in the increase in demand for these fans.

According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is adversely affecting the industries worldwide and the global economy took a worst hit in 2020 and it is likely to continue in 2021. The outbreak has created significant disruptions in primary industries such as food & beverage, medical, electronics & semiconductor, chemicals, and automotive. A significant decline in the growth of mentioned industries is negatively impacting the growth of the global axial fans market.

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Overall size of the axial fans market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the axial fans market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the axial fans market.

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