September 13, 2023 15:57 ET | Source: Zion Market Research Zion Market Research
New York, NY, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Axial Fans Market By Type (AC, DC, And EC), By End-User (Commercial, Residential, And Industrial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. Ventilating Fan
“According to the latest research study, the demand of global Axial Fans Market size & share in terms of revenue was valued at USD 2490 million in 2022 and it is expected to surpass around USD 3460 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.18% during the forecast period 2023 to 2030.”
What are Axial Fans? How big is the Axial Fans Industry?
The global axial fans market size was evaluated at $2490 million in 2022 and is slated to hit $3460 million by the end of 2030 with a CAGR of nearly 4.18% between 2023 and 2030.
Axial fans are capable of moving large quantities of air in an efficient manner. Additionally, these items are typically utilised for the purpose of chilling both small and huge areas. In addition, they can cool down computer rooms in addition to individual electronic equipment. In addition to this, axial fans can be used in heat exchange units, condensers, and spot cooling in industrial systems. These applications fall under the category of HVAC operations. To set the record straight, there are three distinct types of axial fans: tube-axial, tube-axial with propellers, and vane-axial with propellers. The performance of an axial fan is determined by the size of the fan as well as the number of blades. According to the reports, the device has the ability to generate a pressure differential and can be put to profitable use in cooling towers and wind tunnels.
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Global Axial Fans Market: Growth Factors
The growth of the global market will be driven by an increase in the demand for products in a variety of end-use industries.
The growth of the global market for axial fans will be driven in large part by an increase in the use of the fans in the food and beverage, electronics, mining, chemical, and aerospace industries. In addition, axial fans are used to generate airflows that have a low pressure but a high volume. In addition to this, it is utilised in constrained cooling areas such as workplaces and server rooms. In addition, these items are capable of having direct connections made to alternating current (DC) power sources such as batteries and solar panels.
In addition to this, it has a wide range of applications in vending machines since axial fans generate a flow of cool air in these devices. Furthermore, advancements in vending machine systems have prompted industry players to concentrate their efforts on the production of high-quality axial fans, which has guided the growth of the size of the global market. Axial fans are one of the examples of new product improvements that have significantly contributed to the expansion of each sector. For example, in March of 2020, ebm-papst Group, a leading global manufacturer of energy-efficient fans and motors, produced a brand new axial fan that they referred to as AxiEco Protect. This fan was designed to conserve power. These sorts of moves will increase the growth trends of the global industry.
Axial Fans Market: Challenges and Opportunities
Price swings in raw materials have the potential to impede the growth of global industry by the year 2030.
The expansion of the worldwide axial fan business may be adversely affected by price fluctuations in the industry's primary raw materials. A additional impediment to the growth of global industry is posed by the possibility of disruptions in the supply of raw materials. As a result of the widespread availability of low-cost centrifugal fans, which have shown to be the most effective replacement for axial fans, the expansion of the global industry has been further hampered. The slowing of the industry's expansion across the world is going to be a direct result of the high prices of raw materials like steel and aluminium.
Opportunities in the Market for Axial Fans
The global market trends will be helped along by an increase in the use of products in commercial and industrial applications.
The use of axial fans helps products deal with the issue of overheating, which can generate new growth prospects for the global market for axial fans. In addition to this, the rising need for cooling systems that are both reliable and efficient in their use of power will further expand the potential for expansion of the global market. The growth of the global market will be pushed even further forward by the increasing number of applications of products in the industrial and commercial sectors.
The Challenges Facing the Axial Fans Market
The worldwide industry may face a significant obstacle in the form of a significant difficulty within the predicted timeline if enormous implementation expenses are incurred.
It is anticipated that the global axial fan sector would face a significant obstacle brought on by the high costs of installation and maintenance. The demand for the product may be further hampered by a lack of awareness regarding the benefits that are provided by the product. A limited lifespan as a result of the components of the product being subjected to wear and tear might represent a significant challenge to the globalisation of the business.
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Axial Fans Market: Segmentation Analysis
The global axial fans market may be broken down into three different segments: type, end-user, and region.
In terms of type, the global axial fans market can be broken down into three different segments: AC, DC, and EC. In addition, it is anticipated that the AC sector would record the highest CAGR throughout the subsequent years. In 2022, the AC segment accounted for about 33.3% of the total revenue share of the global market. The widespread utilization of AC axial fans in applications in which the airflow must be directed in a specific direction may be a contributing factor to the anticipated expansion of this market segment in the years to come. Additionally, in addition to offering an effective method of cooling, the direct airflow that is provided by these items, they also provide. In addition, they have a wide variety of applications in the fields of electrical, residential, and commercial construction.
The global axial fans market can be broken down into three distinct submarkets: commercial, residential, and industrial, depending on the end-user. In addition, the industrial sector, which held a sizeable portion of the global market in 2022, is anticipated to play a leading role in the development of the global market throughout the course of the anticipated timeline. It is possible that the segmental expansion over the course of the predicted timeline will be subject to the enormous penetration of goods in process cooling, HVAC, fume extraction, and a variety of other industrial applications. In addition to this, the product's non-corrosive properties will further fuel demand for it in the industrial sector. Additionally, these axial fans are utilised within the industrial sector for the elimination of heat as well as the movement of air.
The global Axial Fans market is segmented as follows:
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Some of the main competitors dominating the global Axial Fans market include -
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Asia-Pacific is projected to retain its global market leadership over the projected timeline
Asia-Pacific, which accounted for 60% of the global axial fans market earnings in 2022, will be the dominating region over the assessment timespan. Moreover, the regional market growth can be credited to the rise in the demand for HVAC systems in densely populated countries such as China and India. In addition to this, a surge in the number of product applications in commercial and industrial applications will embellish the regional market trends.
Low production costs due to reduced prices of raw materials procurement and assembled parts have increased the purchase of axial fans due to their inexpensiveness in the sub-continent. Moreover, huge discounts offered on the products by manufacturers due to stiff competition along with a rise in the promotion & advertisement of products on media has opened new growth opportunities for the regional market.
North American axial fans industry is set to register the fastest CAGR in the next couple of years subject to surging demand for power-efficient cooling solutions along with escalating demand for industrial automation in countries such as Canada and the U.S. Rise in the use of air-conditioning systems will prop up the scope of growth of the industry in the region. The presence of giant manufacturers in the region will scale up the regional industry trends.
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