A new report has been published by QY Research, a prestigious market research body on the market of global industrial fans for the next 7-year period, i.e. during 2018 to 2025. Industrial fans market around the world is now having a CAGR of 3.5% and will attain a value of US$ 8.8 Billion at the end of 2025, says this report.
The growth of this market of industrial fans is attributed to the remarkable development of the industrial sector around the world, which has a very positive impact on the global market of industrial fans. The industrial sector has registered a fast growth over the past several years and countries like Oman, China, Saudi Arabia, Japan, Qatar, and India, the report says, especially lead the trend. Among these nations, China and India are trying hard to develop their industrial sectors to grow their economies and generate more jobs.
In the report, major trends are illustrated for the market of industrial fans in the world.
As the world is increasingly concerned about the worsening environment caused by the accumulated CO2, there is a shift of economic development patterns from fossil fuels to renewable energy sources, such as solar, wind and tidal. So the most important trend of all is the huge increase of renewable energy capacities around the world.
Fossil fuel accounts for the CO2 emissions, which drives more focus on greener fuel sources. And renewable energy sources are the first choice. With more dependence on the solar and wind energy come the plants that are built with industrial fans. The inverters and generators shall be equipped with such fans for better cooling effect and ensure a durable and long-term safe operation. This demand on the industrial fans is expected to increase in the next few years.
The market for industrial fans around the world is generally divided into centrifugal fans and axial fans. Centrifugal fans can then be divided into forward, backward and radial types. By applications, there are industrial, commercial and other types of centrifugal fans. It is expected that the centrifugal fans segment is to reach US$ 5.5 Billion, increasing at a CAGR of 3% in terms of overall value during the projected period. The backward type centrifugal segment is to be the largest contributor to the growth. On the other hand, the segment of axial fans is estimated to grow at a CAGR of 4% from 2017 to 2025. Of the growth, ducted axial fans will take up the greatest share as in 2017 about 60 % of the market share went to ducted axial fans.
This global market of industrial fans has many regional, global as well as local key players. There are some most influential players in the centrifugal and axial fan segment of the global industrial fan market that shall worth a note, quoting the report: "Zhejiang Shangfeng, Greenheck Fan, Yilida, Ventmeca, Acme Fans, Twin City Fan, Air Systems Components, Systemair, Cincinnati Fan, Soler & Palau, Cofimco, Polypipe Ventilation, Ebm-Papst, Patterson, FlktGroup, Nortek Air Solutions, Greenheck, New York Blower, Hitachi, New York Blower, Howden, Nanfang Ventilator, Johnson Controls, Mitsui Miike Machinery, Loren Cook, and Marathon".