Market Introduction
APAC comprises developing economies such as China and India, which are the major contributors to the growth of the regional economy. These countries are witnessing an upsurge in the middle-class population, along with rising urbanization, which offers ample opportunities to the key players in the axial fans market. These countries have developed a robust industrial base and experienced a considerable shift in automotive, manufacturing, food & beverages, construction, and other industrial bases. Axial fans are considered to be highly energy-efficient systems, which ensures reduction in cost and energy usage. The market for axial fans is strongly governed by the growth of defense, automotive, manufacturing, entertainment, construction, and other end-user industries. These industries deploy axial fans in several applications, such as condensers, industrial and commercial air conditioners, ventilation systems, motor/engine cooling systems, and refrigeration systems, to move the air axially. These industries in APAC are rapidly adopting the innovation accelerators, which include advanced technologies and processes. Over the past few years, the spending over research and development in these industries of the region has grown significantly.
Globalization is one the factors accountable to drive growth in emerging markets. Asian countries such as Malaysia, Indonesia, and Thailand have introduced distinct 4.0 roadmaps to organize and lead respective economic agendas set by the countries. Moreover, industrial transformation in APAC strengthens the position of such countries and establishes them as a major manufacturing hub pertaining to the fact of growing interest toward the acceptance of advanced technologies to improve competitiveness. Additionally, amid the evolution in China to become a high-skilled manufacturing hub, other developing countries such as India, South Korea, Taiwan, and Vietnam are attracting several businesses that are in quest to relocate their low- to medium-skilled manufacturing facilities to neighboring countries, presenting low labor cost. Likewise, government initiatives and policies such as Make-in-India encourage the setup of different manufacturing plants in India. This development in the manufacturing sector generates a need for advanced solutions that increases the demand for axial fans market. Rising foreign direct investments also lead to economic growth in the region. Untapped countries in APAC such as China and India are the most emerging economies; they hold ample opportunities for the growth of the industrial sector. The region is a lucrative market for many businesses owing to low-cost manufacturing, cheap labor, and improved infrastructure. With the increase in urbanization and industrialization in emerging economies of Japan, China, and India, the demand for the product is expected to increase. Moreover, the presence of manufacturing abilities such as COOLTRON Industrial Supply, Inc., ebm-papst, Fulltech Electric Co., Ltd further bolsters the growth of the axial fans market in the region.
Asia Pacific is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and huge population. All these factors make APAC a major region for the growth of various markets including axial fans. The lockdown of various plants and factories in all economies of the region is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various products and services. In addition to this, the region is a global manufacturing hub with countries, such as China, Japan, South Korea, and India, leading the global manufacturing industry growth. Disruptions in manufacturing units has stopped the production of new axial fans, and thus negatively impacted the market growth. Due to temporary shutdown of manufacturing units, both production & procurement of axial fans got hampered which has negatively impacted the market growth. On the contrary, the government is lifting lockdowns in all the countries of Asia, which is projected to positively impact the production and development of new axial fans and components
Market Overview and Dynamics
The axial fans market in APAC is expected to grow from US$ 1228.17 million in 2021 to US$ 1752.25 million by 2028; it is estimated to grow at a CAGR of 4.9% from 2021 to 2028. Varied range of applications. Axial fans are used for a wide range of applications in industries such as food & beverages, mining, aerospace, electronics, and chemicals. Industrial axial fans are designed to create a large volume of airflow at low pressure. One of the major applications where these types of fans are widely used include cooling or air-conditioning. Axial fans move hot air from one location to another in order to cool a room or an entire building. These types of fans are also used in refrigeration systems, particularly for condenser cooling. According to industrial experts, axial fans are reliable for general purpose applications, such as moving air from one place to another. This is mainly due to the high volume of airflow created at low pressure. This makes these fans a suitable option for cooling confined spaces, such as a computer, a room, or an entire office. These fans make air-conditioners energy efficient and enhance their durability. Vending and refreshment industries also make use of these fans in most of their machines to keep their products cool and fresh. Axial fans are used in internal cooling systems of computers and other devices. This is bolstering the growth of the axial fans market
Key Market Segments
In terms of application type, the Cooling & Refrigeration segment accounted for the largest share of the APAC Axial Fans Market in 2020. In terms of type, the AC segment held a larger market share of the axial fans market in 2020
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC Axial Fans Market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report Sofasco Fans; Sunonwealth Electric Machine Industry Co., Ltd; ZIEHL-ABEGG; OMRON Corporation; Hidria; Fulltech Electric Co., Ltd; Howden Group; COOLTRON Industrial Supply, Inc; Oriental Motor USA Corp ;Ebm-papst; WingFan Ltd. & Co. KG; Multi-Wing International a/s; FläktGroup Holding GmbH; Horton Holding, Inc; Phillips & Temro Industries; Elta Fans; BorgWarner Inc; Cofimco Srl
Reasons to buy report
APAC Axial Fans Market Segmentation
APAC Axial Fans Market – By Speed
• Low Speed
• Medium Speed
• High Speed
APAC Axial Fans Market – By Size
• Diameter Below 250 MM
• Diameter (250-910) MM
• Diameter (910-1500) MM
• Diameter Above 1500 MM
APAC Axial Fans Market – By Application
• Radiator
• Cooling & Refrigeration
• Ventilation
• Other
APAC Axial Fans Market – By Type
• AC
• DC
• EC
APAC Axial Fans Market – By End User
• Commercial
• Industrial
• Residential
APAC Axial Fans Market – By Country
• Australia
• China
• India
• Japan
• South Korea
• Rest of APAC
APAC Axial Fans Market-Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1228.17 Million |
| Market Size by 2028 | US$ 1752.25 Million |
| CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Speed
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia-Pacific Axial Fans Market is valued at US$ 1228.17 Million in 2021, it is projected to reach US$ 1752.25 Million by 2028.
As per our report Asia-Pacific Axial Fans Market, the market size is valued at US$ 1228.17 Million in 2021, projecting it to reach US$ 1752.25 Million by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The Asia-Pacific Axial Fans Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Axial Fans Market report:
The Asia-Pacific Axial Fans Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Axial Fans Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Axial Fans Market value chain can benefit from the information contained in a comprehensive market report.
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