Global Industrial Fans Market to Reach at US$ 8.8 Bn by 2025 end - QY Research, Inc.

LOS ANGELES, BEIJING, LONDON and PUNE, India, September 19, 2018 /PRNewswire/ --

QY Research has recently published a new report on global industrial fans market for the projected period of 7-years, i.e. during 2018 to 2025. According to this report, the global market for industrial fans is expanding at a sluggish CAGR of 3.5% and is expected to reach US$ 8.8 Bn at the end of 2025.

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The worldwide market for industrial fans has recognized, that the remarkable growth in the industrial sector is one of the most important factors that is expected to create a positive impact on the market. Since the past few years, the industrial sector has seen rapid growth and various countries such as Oman, China, Saudi Arabia, Japan, Qatar, and India are the major contributors to this growth. Furthermore, India and China are investing in industrial development on a large basis in an attempt to attract direct foreign investments.  

Following are the key trends witnessed in the global industrial fan market 

One of the most significant trends that is expected to increase the growth of the global industrial fan market in the near future is a rise of the renewable energy capacities. There are increasing environmental concerns over the emission of CO2 due to the burning of fossil fuels to produce electricity, have impelled various countries to shift to renewable energy sources such as tidal, solar and wind.

One of the significant contributors of CO2 emissions across the globe is fossil fuel and this has shifted the focus to cleaner fuel sources like renewables. Thus, increasing dependence of solar and wind power plants on industrial fans to cool down the inverters and generators is expected to increase the demand for industrial fans in the years to come.  

"Axial fan segment to expand at Compound Annual Growth Rate of 4% during the projected period" 

The global market for the industrial fan is segmented into centrifugal fans and axial fans. Based on type, centrifugal fans segment is sub-segmented into forward, backward and radial. Based on application centrifugal fans segment is further segmented into industrial, commercial and Others.

Centrifugal Fans segment is expected to reach US$ 5.5 Bn, expanding at a CAGR of 3% in terms of volume in the forecast period between 2017 and 2025. Backward which is by type segment is the largest segment in the centrifugal segment. On the other hand, axial fans segment is anticipated to grow at a CAGR of 4% from 2017 to 2025. Largest by type of axial fans is duct axial fan, which grabbed about 60 % market share in 2017.