Global Fan Market worth USD19.1 Bn in 2019 is further projected to reach USD 23.8 billion by 2026, growing at a CAGR of 4.2%

Published | 03 October 2020

According to BlueWeave Consulting, the global fan market worth USD 19.1 billion in 2019, and is further projected to reach USD 23.8 billion by 2026, growing at a CAGR of 4.2% during the forecast period 2020-2026. The market is primarily supported by growth in the construction sector, predominantly, housing, along with a rising competition to proliferate the demand for fans in the coming years. The housing sector is experiencing potential demand for fans, especially across developing economies, including Brazil, Russia, China, and India. The growing preference of consumers toward modular homes is resulting in high demand for fans in the market. 

Multiple industrial application driving the growth of the global fan market

Expanding income levels and rising work migration have produced key demand for fans in industrial, residential as well as commercial sectors. The residential sector is likely to dominate the global fan market during the forecast period, on account of the expected rise in construction projects, particularly, residential projects. Also, recent advancements and innovations, such as various color combinations, new shapes, and designs, in products would support the growth of the fan market. 

Furthermore, the main use of fans in the industrial sector includes the accommodation of a large flow of air to various parts of a building. The cooling, ventilation, combustion, aeration, particulate transport, air-cleaning, and drying are some of the other major applications of fans for the industrial sector. 

Technological advancements in electrical devices augment the global fan market

The advancements in electrical engineering with the help of growing technology benefit the fan market as a whole. Thus, consumers are also getting various advantages with more diversification of services. The adoption of the different engineering approaches has been applied in the fan market, resulting in a rise in the collection and distribution efficiency of the fans. The aesthetic improvements in fans can also be made with sophisticated technology that can also lower power consumption. Additionally, the market is exhibiting development toward next-generation fan technologies such as remote control and sleep.

Floor fans occupy the largest share of the fans market

The popularity of floor fans is growing significantly due to the benefits associated with it. These benefits include an easy operation of the fans, affordable prices, portability, and user-friendly systems. Thus, the market is likely to witness an increase in demand for floor fans during the forecast period. Additionally, it can provide air circulation on the floor level. The floor fans are also able to create excellent ventilation within the room by pushing the stale air out and drawing in the fresh air. Moreover, the floor fans are largely preferable for large spaces for a stream of cool air in every corner. 

The floor fans often complement the contemporary designs of modern rooms which attract consumers. The improved aesthetics of living spaces drives the demand for several varieties of floor fans in the market. This has encouraged various key players in the fans market to offer a wide range of energy-efficient fans and consume less electricity while catering to the customization requirements of the consumers. Thus, this segment would lead to the growth in demand for fans during the forecast period.

Global Fan Market: Regional insights

The global fan market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia Pacific fan market is significantly growing Year-over-Year (YoY) as the fans have become easily affordable among the end consumers. China is known as one of the largest producers and exporters of fans worldwide. Furthermore, the Middle East and Africa region are expected to be the fastest-growing market for fans in the forecast period. The region is exhibiting increased demand for fans on account of rising awareness and declining prices of fans, especially in African countries.

Asia Pacific is expected to witness significant growth in the market during the forecast period

In recent years, the Asia Pacific fan market has gained momentum mainly due to the growing residential and commercial sectors. The growing industrialization in developing countries such as China and India is expected to generate lucrative opportunities for the market. The major factor driving growth in the Asia Pacific fan market is the surging income levels of middle-class families who are the key consumers of fans. However, the presence of other various alternative options such as evaporative coolers, geothermal systems in developing countries may hamper the growth of fans in the market.

The leading players” in the fan market include Emerson Electric Co., Hunter Fan Crompton Greaves, Shell Electric MFG Co. Ltd, NuTone, Bajaj Electricals Ltd, Delta TLLC, Havells India Ltd, Panasonic Corp, Philips Lighting and Home, Orient Electric Ltd, Hunter Fan Co, Ajanta Electricals, Hunter Fan Company, The Henley fan Company Ltd, Del Mar Fans & Lighting, Trane Technologies plc, Howden Group Ltd, Greenheck Group Ltd, King of Fans, Inc, Airmaster Fan, Aerovent and other prominent players are expanding their presence in the market by implementing various business strategies. 

Don’t miss the business opportunity of the fan market. Consult our analysts, gain crucial insights, and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global fan market size & forecast. The report promises to provide recent technology trends of the fan market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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