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Fans and Blowers Market Growth and Forecast 2024
Fans and Blowers Market Growth
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According to The Business Research Company's, The fans and blowers market size has grown strongly in recent years. It will grow from $6.33 billion in 2023 to $6.78 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to industrialization and manufacturing growth, construction and infrastructure development, energy efficiency requirements, regulatory standards for air quality, HVAC system upgrades.
The fans and blowers market size is expected to see strong growth in the next few years. It will grow to $8.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to green building initiatives, rise in data center construction, focus on indoor air quality, advanced materials and manufacturing processes, global expansion in manufacturing. Major trends in the forecast period include digitalization and smart technologies, technological advancements in design, rise in energy-efficient designs, expansion in industrial Internet of Things (IIOT) applications, increased focus on noise reduction.
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Market Drivers and Trends:
The growing construction sector is expected to propel the growth of the fans and blowers market going forward. The construction sector refers to the sector of industry and trade that deals with creating, maintaining, and repairing infrastructures. Fans and blowers are used in the construction sector to provide air for ventilation and industrial process requirements. For instance, in January 2022, according to Global Construction Perspectives and Oxford Economics, a UK-based leader in global economic forecasting and econometric analysis, by 2030, the global construction production is expected to increase by 85% to $15.5 trillion, with China, the United States, and India taking the lead and contributing 57% of the increase. Over the next 15 years, the US construction market is going to expand more quickly than China's. Therefore, the growing construction sector is driving the growth of the fans and blowers market.
Major companies operating in the fans and blowers market are developing new products such as high-performance centrifugal fan to gain a competitive edge in the market. A high-performance centrifugal fan is a type of mechanical device designed to move air or other gases in an efficient and effective manner. For instance, in April 2021, Rosenberg Ventilatoren GmbH, a Germany-based company that specializes in the manufacturing of fans and blowers for various applications launched a super-quiet backward-curved fan. The new fan is a very quiet solution for a variety of applications because it is made to produce 1000 CFM of air movement and 1.9 of pressure with only 76 dB(A) of noise. The fan comes in a 280-mm high-performance backward-curved design with a new 120-V single-phase EC motor. The fan's backward-curved shape makes it quiet and efficient, which makes it ideal for air filtering, HVAC, ventilation, and other applications where low noise levels and good performance are required.
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Major Key Players of the Market:
ABB ltd., Johnson Controls International plc, Nidec Corporation, Systemair AB, Patterson Companies Inc., Enovis, Munters Corp., Airmaster Fan Company Inc., Loren Cook Company, Genuit Group, CG Power and Industrial Solutions Limited, Kaeser Compressors Inc., Air System Components Inc., Industrial Solutions Limited, Twin City Fan Companies Ltd., Garden Denver Inc., Acme Engineering and Manufacturing Corporation, Zhejiang Shangfeng Fan/motor Co. Ltd., Flakt Woods Group SA, Aerzener Maschinenfabrik GmbH, Cincinnati Fan and Ventilator Company Inc., Soler & Palau Sistemas de Ventilación S.L.U., Robinson Fans Inc., Pollrich GmbH, Vortice Elettrosociali S.p.A., Ventmeca Fans Inc., Continental Blower LLC, Greenheck Fan Corporation, Nanfang Ventilator Co. Ltd., DongKun Industrial Co. Ltd.
Fans and Blowers Market 2024 Key Insights:
• The fans and blowers market size is expected to see strong growth in the next few years. It will grow to $8.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Construction Sector Spurs Growth In The Fans And Blowers Market
•
• Asia-Pacific was the largest region in the fans and blowers market in 2023
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