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 food & beverages industry in Europe is one of the largest manufacturing sectors with respect to jobs and value addition. The region is also home to several local and international food brands, including Ferrero Group, FrieslandCampina, JBS, Planted, Brewdog, Huel, Kraft, Mars, Nestle, and Unilever. These brands have increased their production capabilities through the expansion of manufacturing plants and the adoption of automated manufacturing technologies over the years. Thus, the increase in the food & beverage manufacturing plants across the region is contributing to the growth of the Europe industrial fans market. The major companies operating in the Europe industrial fans market include Witt & Sohn AG, Johnson Controls International Plc, FlaktGroup Holding GmbH, Systemair AB, Savio SRL, and Wilkinson Dynamic Balancing Ltd. These companies are focused on new product development and geographic expansion, which is further expected to contribute to the Europe industrial fans market growth. For instance, in May 2019, POLLRICH GmbH acquired trademark rights and the industrial fan program of Rußwurm Ventilatoren GmbH.
According to the Experian study in April 2022, an average American had US$ 92,727 in consumer debt, which included auto loans, credit cards, mortgages, and personal and student loans. In 2021, ~28% of Americans had debt in collections on their credit report because they failed to pay their loans. Such factors have augmented the need to adopt industrial fans for various applications across the region, thereby becoming major factors driving industrial fans market growth.
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.
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 top five global industrial fans market players include ebm papst Inc, Johnson Controls International Plc, Greenheck Fan Corp, Systemair AB, and Witt & Sohn AG in 2021. The positioning of these “Five Key Players” is derived by giving weightage to the key performance parameters-overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable industrial fans market players profiled in the global report are Airmaster Fan Co, FlaktGroup Holding GmbH, Jan Fan Inc, Savio SRL, and Wilkinson Dynamic Balancing Ltd, among others.
Key Findings of Market Study:
The major stakeholders in the industrial fan market ecosystem include raw material/component providers, industrial fan manufacturers, and end-users. The raw material/component providers manufacture and supply components such as inlet cones, impellers, fan casing, inspection doors, motor pedestals, cooling wheels, and unitary base, which assists in the production of industrial fans. Any impact on the component manufacturers directly affects the global industrial fan production. The industrial fan market players are the companies that manufacture complete industrial fans and supply the same to the end-user. Witt & Sohn AG, Airmaster Fan Co, Johnson Controls Inc, Savio S.r.l., FläktGroup, and Greenheck Fan Corporation are a few players operating in the market. The end-users are the final stakeholders of the industrial fans market analysis. Industries such as chemical & petrochemicals, healthcare, automotive, food & beverage, and oil & gas are the major end users of industrial fans. The increasing production of automotive, healthcare devices, and oil & gas is increasing the demand for industrial fans, which is contributing to the growth of the industrial fans market.
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.
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