Report : Europe 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 7.8% CAGR, the Europe Industrial Fans Market is speculated to be worth US$ 2,899.39 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe industrial fans market was valued at US$ 1,848.03 million in 2022 and is expected to reach US$ 2,899.39 million by 2028, registering a CAGR of 7.8% from 2022 to 2028. Growing use of industrial fans in oil & gas, cement, chemical, mining, and manufacturing industries and increasing demand from food & beverage industry are the critical factors attributed to the Europe industrial fans market expansion.
The manufacturing industry plays an important role in the economy, and the activities of the industry are also vital for national socioeconomic development. Industrial fans are used for cooling, exhaust, material handling, air conditioning, chemical processing, combustion, agricultural, and ventilation purposes. Industrial fans are crucial and mandatory for any industrial process. It is widely used in chemical, manufacturing, engineering, cement production, heating & ventilation, mining, and many other industries. These fans provide a safe, secure, comfortable, and productive working environment for long hours and days. Further, cement production requires various industrial fans that resist abrasion and dust buildup and can operate in high-temperature applications. The chemical industry’s operations involve handling and using hazardous and flammable substances and materials that require proper and safe storage, which require sufficient and adequate ventilation. In such scenarios, industrial fans play a vital role in keeping the chemicals cool and avoiding the buildup of hazardous fumes. The oil & gas industry's industrial fans perform in the harshest and most severe conditions. Further, industrial fans in the mining industry are used to supply sufficient oxygen to the working laborers and exhaust harmful gases. Improper ventilation in the underground mine can result in serious health issues for the manual workforce. Hence, the use of industrial fans in the mining industry is considered essential cautionary machinery and are mandated to use by strict laws in several countries. Therefore, the growing use of industrial fans in several industries such as oil & gas, cement, chemical, mining, and manufacturing is driving the Europe industrial fans market growth.
On the contrary, fluctuating cost of raw materials hurdles the growth of Europe industrial fans market.
Based on technology, the Europe industrial fans market is bifurcated into centrifugal and axial. The axial segment held 58.9% share of Europe industrial fans market in 2022, amassing US$ 1,088.41 million. It is projected to garner US$ 1,633.00 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on industrial, the Europe industrial fans market is segmented into chemical & petrochemicals, healthcare, automotive manufacturing, food & beverage, oil & gas, mining, and others. The chemical & petrochemicals segment held 22.4% share of Europe industrial fans market in 2022, amassing US$ 413.24 million. It is projected to garner US$ 652.55 million by 2028 to expand at 7.9% CAGR during 2022–2028.
Based on country, the Europe industrial fans market has been categorized into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 24.4% share of Europe industrial fans market in 2022. It was assessed at US$ 451.80 million in 2022 and is likely to hit US$ 743.54 million by 2028, exhibiting a CAGR of 8.7% during the forecast period.
Key players profiles in the Europe industrial fans market report are Airmaster Fan Co; ebm‑papst Inc; FlaktGroup Holding GmbH; Greenheck Fan Corp; Johnson Controls International Plc; Savio SRL; Systemair AB; Wilkinson Dynamic Balancing Ltd; and Witt & Sohn AG, among others.
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