PUBLISHER: The Business Research Company | PRODUCT CODE: 1477080
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477080
Industrial fans and blowers are critical components in various industrial processes, serving the primary function of providing enhanced airflow or gas movement in specific environments. These devices are used across a wide range of industries to support ventilation, cooling, drying, particulate transport and exhaust systems. Industrial fans and blowers are designed to move large volumes of air or gas, with industrial fans typically generating a flow using blades that rotate about an axis, while blowers use impellers to produce a high-pressure airflow.
The industrial fans and blowers market consists of sales of industrial fans and blowers by entities that manufacture these devices. These devices play a pivotal role in ensuring operational efficiency, safety and compliance with environmental standards within various industries by controlling and improving air quality, regulating temperature and removing unwanted particles and gases from the air. Industrial fans and blowers are utilized in processes where the need for air or gas movement is paramount.
The global industrial fans and blowers market was valued at $7,679.80 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Strong Economic Growth In Emerging Markets
During the historic period, the industrial fans and blowers market was mainly driven by strong economic growth in emerging markets. The rise of manufacturing sectors across a range of industries, such as automotive, electronics, textiles and food processing, was driven by the growth of new markets. The need for industrial fans and blowers to maintain ideal working conditions, control temperature and guarantee air quality within manufacturing facilities developed in tandem with a growth in production capacities to fulfil domestic and international demand. For instance, China's GDP grew from $12.84 trillion in 2017 to $17.94 trillion in 2022. Additionally, according to the International Monetary Fund (IMF), in 2022, emerging markets and developing economies together registered a growth of 4.5% in 2018, which increased to 6.1% in 2021. Therefore, strong economic growth in emerging markets contributed to the growth of the industrial fans and blowers market.
Focus On Strategic Partnerships And Acquisitions
Companies in the industrial fans and blowers market are increasingly focusing on partnerships and acquisitions to improve their financial strength and geographical presence. For example, in February 2021, Ingersoll Rand, a US-based blower, compressor and vacuum manufacturer, acquired Tuthill Vacuum and Blower Systems, a US-based division of Tuthill Corporation for $184 million. With this acquisition, Ingersoll Rand extended its portfolio of vacuum and blower products and services. In addition, the acquisition will increase the company's global blower channel presence, giving clients more options to suit their demands worldwide.
The global industrial fans and blowers market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 14.5% of the total market in 2022.
Industrial Fans And Blowers Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global industrial fans and blowers market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for industrial fans and blowers? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The industrial fans and blowers market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider industrial fans and blowers market; and compares it with other markets.