Axial Fans Market Revenue to Surpass USD 3,219.8 million by 2028 at 4.3% CAGR: Impact of COVID-19 and Global Outlook by The Insight Partners

Axial fans are used for a wide range of applications in various industries such as mining, aerospace, food & beverage, electronics, chemicals, automobile, and many others. The design of industrial axial fans facilitates a large volume of airflow at low-pressure conditions. In cooling and air-conditioning applications, axial fans pass hot air from one location to another to cool down the room or entire facility. Vending and refreshment industries use these fans to keep products fresh and cool. Besides, the fans serve the internal cooling system of computers and other electronic devices. Thus, cooling, freezing, heating, ventilation, and air-conditioning are the key application territories of axial fans.

According to The Insight Partners' research, the global axial fans market accounted for US$ 4,973.5 million in 2018 and is expected to reach US$ 7,069.9 million by 2027 to rise at an annual growth rate of 4.0% from 2019 to 2027. The diversified range of applications and rapidly growing industrialization are the potential factors aiding the market expansion.

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The prominent players profiled in the global axial fans market report are Cooltron Industrial Supply, Inc; Ebm-Papst; Fulltech Electric Co., Ltd.; Hidria; Howden Group; Oriental Motor USA Corp; Pelonis Technologies, Inc.; Rosenberg Ventilatoren GmbH; Sofasco Fans; Sunonwealth Electric Machine Industry Co., Ltd.; Ziehl-Abegg; and Omron Corporation.
• In November 2017, Cooltron launched an AC series of fans: FA8038. The fan measures 80x80x38mm and can run on 115 and 230 VAC with an airflow ranging between 26 and 32.5 CFM. It is extensive to various applications such as gaming machines, telecom, and microwave.
• In September 2019, EBM- Papst strengthened its business in North America with second production site at Johnson, Tennessee. The company manufactures fans for refrigeration, air conditioning, and ventilation applications.
• In September 2017, Oriental Motor announced the reclassification of MDP series axial fans from IP55 to IP68 degree of protection.

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On the contrary, the high noise level impedes the growth of global axial fans market.

Based on speed, the market is categorized into low, medium, and high. The medium speed segment held 41.2% market share in 2018 with a revenue total of US$ 2,050.2 million. It is anticipated to amass US$ 2,886.5 million by 2027 to grow at 3.9% CAGR during 2019-2027.

As per size, the axial fans market sphere is split into diameter (below 250mm), diameter (250-910mm), diameter (910-1500mm), and diameter (above 1500mm). The diameter (250-910mm) segment led the market with 35.9% share of the business in 2018. It garnered US$ 1,785.8 million in 2018 and is estimated to generate US$ 2,495.6 million by 2027 to expand at a CAGR of 3.8% during the forecast period.

According to application, the axial fans market domain is categorized into radiator, cooling & refrigeration, ventilation, and others. The cooling & refrigeration segment occupied 42.6% market share in 2018. It was evaluated at US$ 2,118.7 million in 2018 and is slated to accrue US$ 3,038.6 million by 2027 to exhibit a CAGR of 4.1% along the forecast period.

In terms of type, the axial fans market is segmented into AC (alternating current), DC (direct current), and EC (electronically commutated). The AC segment dominated the business with 51.5% market share in 2018. It accumulated US$ 2,562.7 million in 2018 and is speculated to be worth US$ 3,661.3 million by 2027 to propel at 4.1% CAGR throughout the forecast period.

Based on end user, the global axial fans market is divided into commercial, industrial, and residential. The industrial segment dominated the sector with 46.9% market share in 2018, amounting to US$ 2,335.0 million. It is foreseen to be worth US$ 3,338.7 million by 2027 to surge at 4.1% CAGR between 2019 and 2027.

Our regional analysis states that Europe captured 36.9% market share in 2018, being valued at US$ 1,836.5 million. It is predicted to hit US$ 2,548.7 million by 2027 to feature a CAGR of 3.8% over the forecast period. The Asia Pacific market was assessed at US$ 1,201.8 million in 2018 and is supposed to be worth US$ 1,817.0 million by 2027.

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