The global axial fans market accounted for US$ 4,973.5 Mn in 2018 and is expected to grow at a CAGR of 4.0% during the forecast period 2019 - 2027, to account for US$ 7,069.9 Mn by 2027

NEW YORK, Feb. 17, 2020 /PRNewswire/ --

The global axial fans market accounted for US$ 4,973.5 Mn in 2018 and is expected to grow at a CAGR of 4.0% during the forecast period 2019 - 2027, to account for US$ 7,069.9 Mn by 2027. Axial fans are the fans which move the airstream along with the axis of the fan. In axial fans, the air is pressurized with the help of the aerodynamic lift produced by the fan blades. These fans have less rotating mass and are more compact compared to centrifugal fans. Axial fans tend to possess higher rotational speeds and are quite noisy compared to in-line centrifugal fans. However, axial fans offer advantages such as low cost, energy-saving, compactness, and lightweight. These fans find their applications in exhaust system where airborne particulate has a small size. Apart from this, axial fans are also used in ventilation applications, which fulfils the requirement of reversing the air flow. The ability of this fan to operate the air flow in reverse direction, is useful in discharge of contaminated air.

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Based on the speed of axial fans, the market is segmented into low speed, medium speed, and high speed. In 2018, medium speed axial fans held a largest share of 41.2% of the global axial fans market. Medium speed axial fans find their application in general purpose ventilation required in commercial or industrial facilities. These fans are largely used in several applications including food processing, crop drying, coolers, chillers, condensers, engine and turbine ventilation, and machine cooling, among others.

Europe holds the largest share of the global axial fans market and is forecast to maintain its dominance over the forecast period.The growth of the axial fans market in this region is primarily attributed to the presence of a large consumer base and large number of automotive, construction, manufacturing and ventilation sectors.

In the European region, the UK is the fastest growing axial fans market.The UK government, through its Automotive Investment Organization (AIO), focuses on attracting foreign investors to build and expand their factories in the country, thereby encouraging R&D and helping suppliers expand their business by exporting.

Such strategies are expected to lead to the growth of relative industry, thereby, boosting the demand for axial fans, in turn.Major market players present in European axial fans market, includes ebm-papst, Hidria, and Howden Group, among others.

These players are constantly working towards the innovations in new product developments of axial fans with improved characteristics and high qualities.

Some of the players present in the global axial fans market 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, OMRON Corporation among others.

The overall global axial fans market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the axial fans market.

Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the axial fans market.

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