Industrial Fans and Blowers Global Market Opportunities and Strategies to 2033

This report describes and explains the industrial fans and blowers market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global industrial fans and blowers market reached a value of nearly $8.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.82% since 2018. The market is expected to grow from $8.8 billion in 2023 to $10.9 billion in 2028 at a rate of 4.32%. The market is then expected to grow at a CAGR of 4.38% from 2028 and reach $13.5 billion in 2033.

Growth in the historic period resulted from strong economic growth in emerging markets, initiative for the supply of industrial fans and blowers, rapid urbanization and implementation of stringent environmental and workplace safety regulations. Factors that negatively affected growth in the historic period were noise and environmental concerns.

Going forward, increasing industrialization across various sectors, expansion of the manufacturing sector, rapid growth of automotive and its parts manufacturing and growth of population globally and urbanization In Emerging Economies will drive the market growth. Factor that could hinder the growth of the industrial fans and blowers market in the future include restrictions on free trade, high cost associated with industrial fans and blowers.

The industrial fans and blowers market is segmented by type into industrial fans and industrial blowers. The industrial fans market was the largest segment of the industrial fans and blowers market segmented by type, accounting for 64.6% or $5.7 billion of the total in 2023. Going forward, the industrial blowers segment is expected to be the fastest growing segment in the industrial fans and blowers market segmented by type, at a CAGR of 4.78% during 2023-2028.

The industrial fans and blowers market is segmented by application into chemical, food and beverage, petrochemicals, wood, automotive and other applications. The chemicals market was the largest segment of the industrial fans and blowers market segmented by application, accounting for 23.9% or $2.1 billion of the total in 2023. Going forward, the food and beverage segment is expected to be the fastest growing segment in the industrial fans and blowers market segmented by application, at a CAGR of 5.27% during 2023-2028.

Asia Pacific was the largest region in the industrial fans and blowers market, accounting for 37.9% or $3.3 billion of the total in 2023. It was followed by Western Europe and North America and then the other regions. Going forward, the fastest-growing regions in the industrial fans and blowers market will be Asia Pacific and South America where growth will be at CAGRs of 5.4% and 4.5% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 4.3% and 4% respectively.

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. The market fragmentation can be attributed to the presence of large number of small players in different geographies. Ingersoll Rand Inc was the largest competitor with a 5.5% share of the market, followed by The Atlas Copco Group with 3.5%, Howden Group Limited with 1.9%, IDEX Corporation with 1.1%, KAESER KOMPRESSOREN with 0.9%, Greenheck Fan Corporation with 0.8%, FläktGroup with 0.5%, Loren Cook Company with 0.3%, Alfa Fans with 0.1% and Airmaster Fan with 0.1%.

Market-trend-based strategies for the industrial fans and blowers market include focusing on partnerships and acquisitions to improve their financial strength and geographical presence, focusing on new product launches to expand their product portfolio and drive revenues, focusing on developing stand-on blower that facilitate higher productivity, lower fatigue, better maneuverability and lower noise levels, focusing on advancements in technologies to strengthen their position in the market.

The top opportunities in the industrial fans and blowers market segmented by type will arise in the industrial fans segment, which will gain $1.2 billion of global annual sales by 2028. The top opportunities in the industrial fans and blowers market segmented by application will arise in the chemical segment, which will gain $557.7 million of global annual sales by 2028. The industrial fans and blowers market size will gain the most in China at $602.8 million.

Player-adopted strategies in the industrial fans and blowers market include focus on providing innovative and mission-critical solutions through strategic acquisitions, focus on strengthening its business operations through new product launches.

To take advantage of the opportunities, the analyst recommends the industrial fans and blowers companies to focus on product innovation, focus on stand-on blower development, focus on technological advancements, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on food and beverage and chemical segments.