The global duct fan market is projected to be worth US$ 7,683.3 million by 2032, increasing sales at a reasonable CAGR of 5.3% between 2022 and 2032. Increased use of fans in the expanding industrial construction sector.
Owing to continuous technological advances and innovations, the duct fan market is expected to thrive during the forecast period. Growing smart home projects and advancements in the cement and pharmaceutical industries are the major growth drivers for the duct fan market.
Recently, emerging economies or BRICS economies have witnessed remarkable growth in the construction and building industry. In addition to this, the amount of smart home projects has steadily increased. Both of these factors drive the demand for duct fans during the observed period.
Additionally, industries in developed countries are keen on improving and retrofitting buildings and other infrastructure. Therefore, the demand for duct fans is increasing rapidly in the construction sector where harmful gases, odors and other impurities are required to be discharged.
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Because of the handling of chemicals, the pharmaceutical industry is considered one of the most dangerous industries. Again, relative humidity and temperature must be maintained due to product sensitivity and the need to prevent spoilage. These factors contribute to the growing demand for duct fans.
In addition, strict regulations by government authorities have been implemented as air pollution has increased. As a result, businesses need to take sustainable steps to address these challenges. One way these companies are compliant is by installing ducted fans to provide fresh air to the workspace to create a healthy work environment.
Adequate ventilation systems are required as the cement industry also experiences contamination from various chemicals such as calcium oxide, gypsum and aluminum silicate used in the industry.
Also, because kilns are used, temperatures are always high in this industry. These factors promote the adoption of duct fans in the cement industry. All the aforementioned factors create the growth environment for the duct fan market during 2022-2032.
“Rise in smart home projects coupled with rising demand from construction, cement, and pharmaceutical industries fuels the market growth of duct fans during the forecast period,” FMI analysts say.
Main Content:
- Rising oil prices and dubious exploration investments may hinder market growth.
- A resurgence in the alternative energy sector could stimulate new market prospects.
- North America holds the largest market revenue share accounting for around 22% of the global share.
- Germany is expected to dominate the European duct fan market.
- Europe accounts for approximately 19% of the global market revenue share.
competitive landscape
CECO Environmental, Crompton Greaves Limited, DongKun Industrial Co. Ltd., Flakt Woods Group SA, Robinson Fans, Twin City Fan Companies, Greenheck Fan Corporation, Nortek Air Solutions, Johnson Controls, Loren Cook, Twin City Fan, FläktGroup, Soler & Palau , Polypipe Ventilation, Nanfang Ventilator, Continental Fan Manufacturing Inc ., Ebara Corporation, Elta Fans, Ferrari Ventilatori Industriali SpA and Formula Air are some of the major players in the duct fan market featured in the full version of the report.
Leading market players are focusing on entering emerging economies to expand their manufacturing facilities. These companies are eager to launch and develop new products.
Additional Insights on the Duct Fan Market Report
In its latest report, FMI provides historical data from 2015 to 2020 and forecast statistics from 2022 to 2032 to provide an unbiased analysis of the global duct fan market. To understand the potential, growth and scope of the global market, the market is analyzed based on product type (centrifugal fan, axial fan, cross flow fan), shape (round, rectangular, square), end user (residential, commercial, industrial), and geography. to.
According to the latest FMI report, on a geographic basis, North America’s duct fan market is considered the largest market accounting for approximately 22% of the market’s revenue. This growth is primarily driven by its market presence in the US.
Manufacturers in the market are eager to channelize their resources and export volume to capture the US market. Favorable government policies also support US market growth. With Europe accounting for the second largest duct fan market and accounting for around 19% of revenue share, the market in the region will thrive during the forecast period.
In Europe, Germany seems to dominate the duct fan market. Germany’s move to increase domestic production capacity to meet rising industrial spending and growing demand is fueling regional market growth.
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Key Segments Profiled in the Duct Fan Market Study
By product type:
- centrifugal fan
- axial fan
- cross flow fan
By shape:
- circular
- Rectangle
- square
End User:
- dwelling
- advertisement
- industry
By region:
- North America
- Latin America
- Asia Pacific
- THING
- europe
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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