Report : Asia Pacific Industrial Fans Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Centrifugal and Axial), Industrial (Chemical & Petrochemicals, Healthcare, Automotive Manufacturing, Food & beverage, Oil & Gas, Mining, and Others)
At 8.7% CAGR, the Asia Pacific Industrial Fans Market is speculated to be worth US$ 6,144.19 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific Industrial Fans Market was valued at US$ 3,733.21 million in 2022 and is expected to reach US$ 6,144.19 million by 2028, registering a CAGR of 8.7% from 2022 to 2028. Rise in power consumption due to urbanization and technological advancement in industrial fans are the critical factors attributed to the Asia Pacific industrial fans market expansion.
The global power demand is rising due to a surge in economic development, rise in population, high standards of living, and rise in technological developments. Several countries consume huge amounts of energy, and the demand for energy is increasing in developing countries. Rapid urbanization led to the development of the processing & manufacturing industry, which requires a huge amount of power for all their operations. As more people are shifting to urban areas, the demand for energy for lighting, cooking, domestic appliances, and heating is also expected to increase. Further, the growing use of air conditioners in homes and offices worldwide is the key factor driving the global demand for electricity. The rising power consumption will further increase the incorporation of power generation units such as nuclear power plants, hydropower plants, coal, and thermal power plants. Such power plants will require industrial fans for combustion and provide cooling to the inverters and generators., which will further increase the demand for industrial fans in coming years. Thus, the increasing demand for power and electricity is likely to provide ample opportunities for the Asia Pacific industrial fans market growth during the forecast period.
On the contrary, fluctuating cost of raw materials hurdles the growth of Asia Pacific industrial fans market.
Based on technology, the Asia Pacific industrial fans market is bifurcated into centrifugal and axial. The axial segment held 61.1% share of Asia Pacific industrial fans market in 2022, amassing US$ 2,282.65 million. It is projected to garner US$ 3,662.24 million by 2028 to expand at 8.2% CAGR during 2022–2028.
Based on industrial, the Asia Pacific industrial fans market is segmented into chemical & petrochemicals, healthcare, automotive manufacturing, food & beverage, oil & gas, mining, and others. The chemical & petrochemicals segment held 23.7% share of Asia Pacific industrial fans market in 2022, amassing US$ 885.47 million. It is projected to garner US$ 1,476.89 million by 2028 to expand at 8.9% CAGR during 2022–2028.
Based on country, the Asia Pacific industrial fans market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 35.9% share of Asia Pacific industrial fans market in 2022. It was assessed at US$ 1,341.74 million in 2022 and is likely to hit US$ 2,268.26 million by 2028, exhibiting a CAGR of 9.1% during the forecast period.
Key players profiles in the Asia Pacific industrial fans market report are Airmaster Fan Co; ebm‑papst Inc; FlaktGroup Holding GmbH; Greenheck Fan Corp; Johnson Controls International Plc; Systemair AB; and Witt & Sohn AG, among others.
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