Global Cooling Fan Market 2022-2026: Denso Corporation, Nidec Corporation, Delta Electronics, Inc, MinebeaMitsumi Inc. (NMB Technologies Corporation), Sunonwealth Electric Machine Industry CO., LTD, Ziehl–Abegg SE, EBM-Papst Group, Aerovent

The global cooling fan market in 2021 was valued at US$7.14 billion. The market is expected to grow up to US$13 billion by 2026. A cooling fan is widely used to extend life of system by cooling off heat of the system that many electrical components are mounted in a very high density and dissipating heat.

All sorts of electronic equipment, IT, and automobile industry require proper dissipation of heat from the devices to maintain the optimal temperature so that the devices can work effectively. The cooling fan is one such device that is primarily used in the dispersion of heat from almost all electronic devices which require some types of heat management modules. The market is expected to grow at a CAGR of 12.73% during the forecast period of 2022-2026.

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Market Segmentation Analysis:

By Segment: The report provides the bifurcation of the cooling fan market into four segments: Information Technology (IT) Products and Server, Automotive, Industrial, Appliances & Others. In 2021, the IT products & server segment accounted for the maximum share of approximately 33% in the global cooling fan market owing to the rising IoT device demand and growing demand for ADAS (Advance-Driver-Assistance Systems). The global industrial cooling fan market is expected to experience a significant CAGR of 17% in the forecasted period owing to an increase in the robots in the manufacturing and industrial sector. IT products and server cooling fan market is further segmented into three categories (Desktop, Northbridge (NB), and Server). In terms of value, NB is expected to grow at the highest CAGR of 12.2% owing to the growing IT industry and global technological advancements. In terms of volume, the server cooling fan market is expected to grow at the highest CAGR of 15.9% owing to an exponential increase in the number of data centers around the world.

By Region: In the report, the global cooling fan market is divided into five regions: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia Pacific dominated the market in 2021 with almost 38% share of the global market. The Asia Pacific is anticipated to lead the global cooling fan market during the forecast period due to an increase in the sales of smart appliances, mostly owing to the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China is projected to grow at the highest CAGR of 15.1% among other regions owing to the increase in the adoption of electric cars and the booming automotive industry. Within Europe, the UK acquired around 30% of the market share as several major industrial projects are currently under development in the UK, which is projected to enhance demand for cooling fans in the future years.

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Global Cooling fan Market Dynamics:

Growth Drivers: One of the most important factors impacting the cooling fan market is the increasing demand for data centers. The cooling system essentially draws heat from data center equipment and its surrounding environment. Cool air or fluids replace the heat to reduce the temperature of the hardware. Since advancements in multi-cloud computing, the migration from traditional on-premises physical servers to virtual network-based data centres is driving worldwide data center expansion. Therefore, as the demand for data center is growing, the demand for cooling fans is growing. Furthermore, the market has been growing over the past few years, due to factors such as surging urban population, rising demand from construction and mining sectors, rising home appliance industry, increasing adoption of advanced driver assistance systems (ADAS), etc.

Challenges: However, the market has been confronted with some challenges specifically, as high operational and maintenance costs, high power consumption, critical designing of cooling fans, etc.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as a rise in demand for advanced robotics, demand for hybrid electric vehicles, a rise in demand for four-wheel drive fans in the automotive sector, continuous investment in R&D, rising demand for high-efficiency products in manufacturing market, etc. During the forecast period, demand for industrial robotics is expected to develop rapidly due to benefits such as cost reduction, greater quality, increased output, and enhanced worker health and safety. Overheating can become a severe problem for robots. Many robotics manufacturers use cooling fans to manage the temperature of their robots by putting them within the robots' bodies. Thus, the increased demand for robotics in the industry would drive future demand for cooling fans.

Impact Analysis of COVID-19 and Way Forward:

The global cooling fan market growth was negatively affected by the COVID-19 pandemic in early 2020, as many industrial operations were forced to halt and/or had limited employees and patrons, forcing businesses to close. The complete lockdown and partial lockdowns had both demand-side and supply-side impacts on the manufacturing sector. Moreover, the COVID-19 outbreak caused major disruption in the automobile sector because of interruption in the supply chain and a fall in demand level. The global cooling fans market is predicted to return to pre-COVID levels and develop at a faster pace than before the pandemic, owing to changing consumer preferences and lifestyles during the COVID period, which would spread and influence the market.

Competitive Landscape:

The global cooling fan market is concentrated with only 5-6 key players capturing more than 75% share of the market share globally.

The key players of the global cooling fan market are:

Denso Corporation
Nidec Corporation
Delta Electronics, Inc.
MinebeaMitsumi Inc. (NMB Technologies Corporation)
Sunonwealth Electric Machine Industry CO., LTD.
Ziehl–Abegg SE
EBM-Papst Group
Aerovent
SPAL Automotive
Horton, Inc.

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Some of the strategies among key players in the market for cooling fans are product launches, mergers, acquisitions, and collaborations. For instance, in 2021, Delta acquired Infinova (Canada) Ltd., owner of Canadian-based video surveillance and business intelligence leader March Networks. The company also announced the agreement to acquire Universal Instruments Corporation. On the other hand, in 2022, Sunon launched new generation EC 120x38 mm, a series of eco-friendly and energy-efficient axial fans. Similarly, EBM-Papst, in 2022, introduced electric compressors for compliance with the euro 7 emission standard.

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