Fans and Blowers Market - Growth, Trends, and Forecasts (2023 - 2028)

The fans and blowers market is expected to record a CAGR of 2.5% during the forecast period. The COVID-19 pandemic affected the market studied, as lockdown measures temporarily shut down various manufacturing industries, and there were no new manufacturing or construction projects in 2020. However, new industries and commercial places were set up in many countries post-pandemic.

The growing multitude of commercial places, like data centers, corporate offices, etc., and the increasing industrialization in many developing countries are expected to drive the fans and blowers market's growth during the forecast period.

Renewable power plants require minimal infrastructure for fans and blowers. With many major countries shifting toward renewable energy sources, the share of renewable power plants in the power generation mix is expected to increase over the coming years, which, in turn, is expected to restrain the demand for fans and blowers.

The increasing urbanization and growing population place an opportunity for the market. The average height of buildings and congestion have been increasing. Since this trend is expected to continue during the forecast period, the demand for ventilating equipment to make up for the unavailability of proper ventilation is expected to increase, providing an opportunity for the market's growth.

Asia-Pacific is expected to dominate the market studied during the forecast period, owing to the increasing demand from developing countries like China, India, Japan, and major Southeast Asian countries.

Key Market Trends

Industrial Segment Expected to Dominate the Market

Fans and blowers are used in various industries, like chemicals, oil and gas, steel plants, food manufacturing, etc., to maintain indoor air quality and a dust-free environment for people to work. The growing trend of industrialization in many countries, with new factories, power plants, and other manufacturing sectors, is expected to drive the market's growth.

The industrial sector witnessed a sharp rise in its contribution to the GDP value at the global level. The industrial sector accounted for 26.2% of the global GDP in 2015, which increased to 28.3% in 2021. The new upcoming industrial projects are expected to boost the growth of the industrial sector.

The most air equipment-consuming industries are iron and steel plants, chemical plants, fuel-based power plants, etc., which have been on the stage of proliferation in recent years. For example, in August 2022, the government of India planned around six steel plants in Odisha. The investors for the project include Tata Steel, ArcelorMittal Nippon Steel, and Adani group. The chemical industry is advancing in the current scenario, particularly in European countries. For example, in April 2022, INEOS Nitriles planned to establish a chemical plant in Koln, Germany, to produce Acetonitrile. The French chemical companies tabled new plans for setting up new chemical parks and clusters in the country.

Due to such developments, the industrial sector is anticipated to overshadow other deployment segments during the forecast period.

Asia-Pacific to Dominate the Market

• Asia-Pacific is expected to have the largest market share in the near future due to the high demand for such products from developing countries like China, India, Japan, etc. The growing rate of urbanization with proliferation in industrial and commercial units is the key factor responsible for the high demand.
• In countries like China and India, oil and gas and petrochemical projects, iron and steel plant projects, and power generation projects witnessed growth in recent years. The trend is expected to continue in the unfolding scene due to the upcoming industrial projects. For example, countries like China are still developing the fuel-based power generation sector. In the first quarter of 2022, the provincial governments of many states in China approved new plans to add around 8.3 GW of coal-based power generation plants. The states include Hunan, Shaanxi, Gansu, Anhui, Zhejiang, and Fujian.
• Several refinery projects have been planned in India. For example, in July 2022, the Rajasthan government entered into an agreement with HPCL to set up a refinery-cum-petrochemical complex in the Barmer district of Rajasthan. The project includes 13 mechanical units with a combined capacity of 9 million tonnes per year. It is expected to be operational by 2024.
• Such projects are expected to bolster the demand for fans and blowers in Asia-Pacific during the forecast period.

Competitive Landscape

The fans and blowers market is fragmented. Some of the major players in the market (in no particular order) include Acme Engineering & Manufacturing Corp., Airmaster Fan Company Inc., and Continental Blower LLC.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support