The market for fans and blowers is expected to grow at a CAGR of approximately 3.63% during the forecast period of 2019
NEW YORK, Oct. 8, 2019 /PRNewswire/ --
Market Overview
The market for fans and blowers is expected to grow at a CAGR of approximately 3.63% during the forecast period of 2019 – 2024. Major factors driving the market include growth in the end-user industry, like cement and steel, owing to the rise in the construction sector, increasing demand for power generation, and growth in the commercial HVAC sector. On the other hand, the increasing share of renewables in the power sector is likely to hinder the market growth.
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- Axial Type fans and blowers are set to be the fastest growing segment as axial fans are highly energy efficient with the ability to generate greater air movement using considerably less energy, and therefore, high-cost savings to users.
- Growing economies of Asia-Pacific presents a market opportunity to the global fans and blowers market. The market in Asia-pacific is spurred and sustained by emerging new applications, such as wastewater treatment plants and indispensable use in commercial HVAC and industrial process cooling and ventilation.
- Asia-Pacific is projected to grow at the highest rate, followed by North America, Europe, and the Middle East & Africa, during the forecast period. China continues to be a dominant market for industrial and commercial fans and blowers. Moreover, the expected revival of nuclear energy and high investment in the power sector in Asia-Pacific are anticipated to create a big opportunity for the global fan & blower market.
Key Market Trends
Axial Type Fans and Blowers set to be the Fastest Growing Segment
- The axial fans are usually deployed when the application requires a high flow rate and low pressure. The high speed of rotation of the axial fans results in noisy operation, unlike their centrifugal counterparts. In the commercial buildings, the axial fans are used for air delivery, circulation, and exhausting applications. These fans can be designed even to generate flow in a reverse direction that, in turn, helps in typical ventilation applications.
- Small axial fans are suitable for spaces like workshops, and garage, whereas, the larger ones are used in bigger facilities like factories, warehouses, and other commercial spaces. Tube type axial fans or blowers are generally used for removal of contaminated air or hot air found in industrial spaces.
- Apart from the commercial, residential, and industrial spaces, axial fans and blowers also find their applications in the defense sector (United States Coast Guard and United States Navy).
- Axial fans and blowers also have a great demand for wastewater treatment facilities for ventilation and cooling purposes. In the residential sector, axial fans and blowers are common in most homes for use in HVAC, window fans, ceiling fans, exhaust fans, as well as being integrated into the home appliances, such as refrigerator, and clothes dryers.
- Axial fans are highly energy efficient with the ability to generate greater air movement using considerably less energy, and therefore, high-cost savings to users. Supported by increasing urbanization in Asia-Pacific and Middle East & Africa, increasing consumer spending the residential sector is expected to create huge demand for axial fans and blowers during the forecast period.
Asia-Pacific Driving the Market Demand
- The fans & blowers market in Asia-Pacific will witness expansion in the near future on account of growth in the industrial infrastructure in the region. The various governments in Asia-Pacific countries have focused on the development of industries to support the economic growth in their respective territories.
- The surge in industrial infrastructure will lead to an increase in the demand for electricity and construction activities. The increasing development of power plants and growth in cement production capacity would promulgate the market for fans and blowers in Asia-Pacific during forecast period.
- The Asia-Pacific countries, such as India, China, Indonesia, etc., are in the developing phase, which will drive the industrial growth in the region.
- Asia-Pacific is likely to be the dominant player in the Fans and Blowers market, supported by increasing urbanization and consumer spending across several countries, such as India and China, which is expected to ramp up the demand.
Competitive Landscape
- The market for fans and blowers remains highly fragmented, with the presence of numerous players. Some of the key players include Howden Group Ltd, Greenheck Fan Corp, Gardner Denver, Inc., Fläkt Woods Group SA, Crompton Greaves Limited, Continental Blower, LLC, Airmaster Fan Company, Inc., and Acme Engineering & Manufacturing Corp.
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