According to the new research report on “Industrial Fans Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 12,643.10 million by 2028; it is expected to grow at a CAGR of 7.9% from 2022 to 2028.
The rise in government initiatives across countries in APAC, such as China and India, to promote the local manufacturing industry is expected to boost the demand for industrial fans from the manufacturing plants. For instance, the electronics manufacturing industries across India and China are localizing production and establishing strong distribution channels for both domestic and internal distribution of their products. In March 2021, Apple Inc announced its plans to localize the production of iPhones in India. These factors are directly driving the industrial fans market analysis across the region, thereby contributing to the APAC industrial fans market growth.
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The industrial fans market analysis is segmented on the basis of technology, industry, and geography. Based on technology, the industrial fans market is bifurcated into centrifugal and axial. Based on industry, the market is segmented into chemical & petrochemicals, healthcare, automotive manufacturing, food & beverages oil & gas, mining, and other. By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The onset of the COVID-19 pandemic has adversely impacted the growth of the industrial fans market. The sudden spread of SARS-CoV-2 resulted in the temporary shutdown of all economic activities, thereby leading to a decline in the demand for industrial fans across the end-use industries. This, in turn, impacted the business of other stakeholders, such as component providers and industrial fan manufacturers. The disruption of the supply chain across the globe also hampered the growth of the industrial fan market.
The increasing investment by international brands to establish their industrial plants across APAC countries such as India, Vietnam, Thailand, and China is further contributing to the industrial fans market analysis. For instance, in September 2021, BorgWarner announced the launch of its new variable cam timing (VCT) manufacturing plant in India. Similarly, in November 2022, Coretronic announced the launch of a new electronic plant in Vietnam. The plant is expected to be operational by the end of 2023. These factors are also expected to contribute to the APAC industrial fans market growth over the forecast period.
The List of Companies – Industrial Fans Market
- 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
- Wilkinson Dynamic Balancing Ltd
A few of the major industrial fans market players operating in the North America include Airmaster Fan Co; ebm papst Inc; Greenheck Fan Corp; Jan Fan Inc; and Patterson Fan Company, Inc. These companies are engaged in adopting several organic and inorganic industrial fans market growth strategies for expanding their product portfolio and geographic presence. For instance, in August 2022, ebm papst Inc announced the launch of its new AxiEco Track axial fan for the railway & commercial vehicle industries. These product development initiatives are driving the North America industrial fans market players.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global industrial fans market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global industrial fans market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
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