Cooling fan is one of the components that is present in the car cooling system or other electronic devices. It is basically a device that is used for cooling the environment of working machine. It helps to keep the temperature under control for their better performance of machine and electronic devices such as in laptop cooling fan is used to keep temperature in control. Cooling fans act as a most crucial part of heat management system, as they are effective and reliable. Moreover, cooling fans find its application in mining, consumer electronics, agriculture, construction, and others.
The global large cooling fan market is expected to witness significant growth during the forecast period (2022-2030). The growth of the large cooling fan market is majorly attributed to increasing urbanization and infrastructural development in the emerging economies such as India and China that have led to an increase in total spending on various sectors such as power, water, and transport. This is expected to drive demand for large cooling fan across cement and steel plants. The large cooling fans are widely used across the cement plants for removing gases and recirculating air. In addition, increasing demand for cement in Asia Pacific from building & construction industry has driven demand for large cooling fans. Moreover, the government in the Asia Pacific region has invested in the construction industry, in order to boost the economy. This increased demand for cement in the market, which is expected to drive growth of the large cooling fan market over the forecast period.
The Global Large Cooling Fan Market is estimated to account for US$ 14,120 Mn in terms of value by the end of 2030.
Increasing Demand for Data Centers
The cooling system essentially draws heat from data center equipment and its surrounding environment. Cool air or fluids replace the heat to reduce the temperature of the hardware. Since advancements in multi-cloud computing, the migration from traditional on-premises physical servers to virtual network-based data centres is driving worldwide data center expansion. Therefore, as the demand for data center is growing, the demand for cooling fans is growing.
Increasing demand for large cooling fan in mining application is expected to drive the market growth during the forecast period
Among applications, the mining segment is expected to hold dominant position in the global large cooling fan market during the forecast period. This is owing to increasing demand for large cooling fan from mining industries in developed and emerging economies. The centrifugal fan find its application in mining industry for wide range of applications such as cooling, ventilation or exhaust gas system. The growing demand for cooling fans across the U.S. mining industry is expected to offer lucrative growth opportunities for the players in the market.
High Initial and Maintenance Cost of the Large Cooling Fans
Initial and maintenance cost associated with equipment regarding large cooling fans are likely to hamper the market expansion during the forecast period.
Large Cooling Fan Market Report Coverage
|Base Year:||2021||Market Size in 2021:||US$ 6,140 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.4%||2030 Value Projection:||US$ 14,120 Mn|
ebm-papst., ZIEHL-ABEGG, Inc., Horton Holding, Inc., Multi-Wing America, Inc., AEROVENT, Rosenberg Ventilatoren GmbH, and Delta Electronics, Inc.
|Restraints & Challenges:||
Global Large Cooling Fan Market - Impact of Coronavirus (Covid-19) Pandemic:
Covid-19 pandemic has resulted many industries to witness significant shift in their business, owing to disruption in the supply chain. Metal manufacturers experience difficulties such as sourcing the raw material and building of trucks and ships that transport goods to consumers. However, domestic and global supply chain have direct impact on demand for metal. The metal industries have cut discretionary and capital spending, in order to support manufacturing operations. For instance, according to the World Steel Association data, the U.S. produced 7.2 Mt of crude steel in March 2020, a decrease by 6.0% compared to March 2019. Furthermore, according to Coherent Market Insight analysis, Russia produced 5.9 Mt of crude steel in March 2020, down by 4.4% compared to March 2019. Thus, supply chain disruptions hinders demand for large cooling fans in the metal industry.
The demand for advanced robotics, hybrid electric vehicles, and four-wheel drive fans in the automotive industry, ongoing R&D investments, rising demand for high-efficiency products in the manufacturing market, etc., are some recent trends that are expected to drive the market's growth during the forecast period. Industrial robots demand is anticipated to grow quickly over the projected period as a result of advantages such as cost savings, improved quality, better output, and improved worker health and safety. For robots, overheating can become a serious issue. Many robotics manufacturers use cooling fans inside the bodies of their robots to regulate the temperature of their machines. Thus, the rising demand of robotics in the industry would drive future demand for cooling fans.
High Rate of Industrialization driving Rapid Adoption
The large cooling fans market is anticipated to grow quickly as a result of the high rate of industrialization throughout the globe, leading to an ever increasing demand for large cooling fans for a number of applications such as mining, automotive, and many others in countries like China, India, Korea, and U.S. Additionally, Due to China's rising production facilities and infrastructure investments, the large cooling fans market is anticipated to rise quickly.
Asia Pacific held dominant position in the global large cooling fan market in 2021, accounting for 30.6% share, in terms of value, followed by North America, Europe.
Figure 1. Global Large Cooling Fan Market, Revenue Share (%), By Region, 2021
Asia Pacific held dominant position in the global large cooling fan market in 2021 and is estimated to retain its dominance throughout the forecast period. This is attributed to the presence of large number of mines and construction industries in the region. Moreover, underground mining is more hazardous as compared to surface mining due to outcome of many potential hazards such as adverse health effects and release of harmful gases that can lead to suffocation and many other serious problems. Therefore, cooling fans are needed to remove harmful and toxic gases from the mining sector. Moreover, Asia Pacific region is rich in bauxite, copper, iron, aluminum, and coal reserves, which boosts mining activities and this is expected to drive demand for large cooling fans.
North America is expected to exhibit highest growth during the forecast period, owing to the adoption of advanced technologies such as IoT and cloud. The market players are increasingly focusing on innovating their products, in order to improve efficiency and production. Most of the manufacturers are deploying IoT in the cooling fans, which can be automatically controlled through cloud technology. Large cooling fans are connected through internet and adjust their speed according to the temperature of the room. For instance, in May 2020, Delta Electronics, Inc., a Taiwan-based electronics manufacturing company, launched two smart building solutions such as air-conditioning anomaly detection and Bluetooth smart lighting by using Microsoft Azure hybrid cloud computing technology services. The smart building solutions can automatically collect data and the data is sensed by IoT devices for analysis and aids maintenance staff for real time monitoring operations of air conditioning system.
Figure 2: Global Large Cooling Fan Market (US$ Mn) Analysis and Forecast, 2022 - 2030
Global Large Cooling Fan Market was valued at US$ 6,140 Mn in 2021 and is expected to reach US$ 14,120 Mn by 2030, growing at a CAGR of 7.4 % between 2022 and 2030.
Major players operating in the Global Large Cooling Fan Market are ebm-papst., ZIEHL-ABEGG, Inc., Horton Holding, Inc., Multi-Wing America, Inc., AEROVENT, Rosenberg Ventilatoren GmbH, and Delta Electronics, Inc.
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