The global cooling fans market size reached around USD 7.9 Billion in 2022 and it is predicted to surpass a valuation of USD 21.2 Billion by 2032. Furthermore, with the rapid growth of industries like automotive and consumer electronics, total cooling fan sales are slated to surge at a prolific CAGR of 10.4% from 2022 to 2032.
The share of the cooling fans market in its parent market (global fan market) is 20% to 25 % and this number is expected to further increase during the upcoming years amid rising production and sales of hybrid electric vehicles.
Various industries require proper dissipation of heat from devices to maintain the optimal temperature so that the devices can work effectively. As a result, they are using various cooling solutions and one such solution is the cooling fan.
Cooling fans are devices used to cool down machinery and electrical components while working. These fans blow cold air and drive hot air out of the environment, thereby minimizing the risk of damage to products due to high temperatures. They prevent overheating and allow devices to work more efficiently.
Cooling fans are cost-effective, compact, and easy to install, and do not release CFCs. As a result, these fans have become crucial equipment in applications where temperature must be maintained. They act as the most crucial components of heat management systems as they help to keep the temperature under control.
The rising application of cooling fans in the automotive, consumer electronics, telecom, and industrial sectors is expected to boost the global cooling fans industry during the forecast period. Similarly, the increasing number of data centers, growing popularity of electric hybrid vehicles, and rising focus on enhancing the life span of machines and electronic appliances are expected to propel cooling fans demand during the forecast period.
In addition to this, the availability of a wide range of cooling fans in the market and a reduction in product prices will bode well for the market over the next ten years.
| Attribute | Key Insights |
|---|---|
| Estimated Cooling Fans Market Size (2022) | USD 7.9 Billion |
| Projected Market Size (2032) | USD 21.2 Billion |
| Value-based CAGR (2022 to 2032) | 10.4% |
| Top Players Share in 2021 | 30% to 40% |
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The global demand for cooling increased at 7.5% CAGR during the historical period from 2017 to 2022. However, with the rapid growth of industries like automotive, consumer electronics, and IT & telecom coupled with growing demand for highly effective cooling solutions to increase the life of machinery and electrical equipment, the overall market for cooling fans is set to grow at 10.4% CAGR between 2022 and 2032.
Cooling fans have grown in popularity in recent years due to the increased usage of advanced control systems and technology in daily life. For these systems to work, the system needs to be able to withstand heat continuously. To satisfy this demand, the market is flooded with cooling fan solutions that are focused on thermal management.
Because a fooling fan is sometimes placed directly to the radiator in engine layouts, it is sometimes known as a radiator fan also. Expanding industrialization and robust growth of industries like IT, automobile, and electronics, especially in developing countries of the world are expected to boost the cooling fans industry during the assessment period.
Similarly, factors such as increasing urban population, rising demand from the mining and construction industries, thriving home appliance industry, growing telecom/datacom sector, and an increase in the use of advanced driver assistance systems (ADAS) are likely to generate high demand for cooling fans worldwide.
Furthermore, product diversification is a significant factor expected to aid in the expansion of the global cooling fans industry during the next ten years. Leading cooling fan manufacturers are continuously innovating to introduce new energy-efficient and eco-friendly cooling solutions in the market to cater to the changing end-user preference as well as to target new client groups.
Growing Awareness Regarding Heating Hazards Related to Machinery or Other Electrical Products Driving Sales in the USA
The USA cooling fans industry is anticipated to grow at 5.7% CAGR during the forecast period from 2022 to 2032 owing to the growing popularity of hybrid electric vehicles, increasing number of data centers, and rising awareness among people regarding heating hazards related to their products, machinery or other electrical products.
Heating hazard awareness among people is on the rise, wherein people are increasingly conscious of their product health which may be an engine or IT & telecom related product or industrial products.
The unnecessary heating of machinery negatively affects the life span of the machine and can damage the product permanently. As a result, cooling fans are being increasingly employed for cooling down machines, engines, or electrical components.
High Rate of Industrialization Propelling Cooling Fans Demand Across India
As per FMI, India is predicted to emerge as a lucrative market for cooling fans during the forecast period owing to the high rate of industrialization, increasing production and usage of consumer electronics, and a growing number of IT and telecom companies.
In recent years, there has been a sharp rise in the number of data centers across countries like India, and this trend is expected to continue during the forecast period. These data centers require cooling solutions like cooling fans to work efficiently.
Cooling fans pull heated data center air through a pad that is moistened with water or a cooling agent; when the liquid evaporates, the air is cooled and sent back into the data center. Thus, the expanding number of data centers and increased rate of industrialization across the country will continue to trigger growth in the cooling fans market over the projection period.
Existence of Established Companies in the United Kingdom to Boost Cooling Fans Market
According to Future Market Insights, the overall market for cooling fans in the United Kingdom is poised to exhibit a robust CAGR during the assessment period owing to the existence of well-known corporations in the United Kingdom Also, the strict regulations of the European Commission that aim to increase energy efficiency to reduce the amount of heat generated during energy production will continue to elevate the demand for cooling fans.
Many IT and telecom companies present in the United Kingdom use technological products which mostly require cooling fans in order to run the technology faster without heating. Similarly, automotive and transportation industries are increasingly using cooling fans in their products to reduce heat while working. Thus, the presence of various companies and increased usage of cooling fans impacts positively the cooling fans market in the United Kingdom
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Centrifugal Cooling Fans to be the Most Preferred
Based on type, the centrifugal cooling fans segment holds the highest share of 55.4% in 2021 and it is anticipated to expand at a CAGR of 5.4% from 2022 to 2032. This is attributed to the rising adoption of centrifugal cooling fans across numerous end-use industries.
Axial cooling fans and centrifugal cooling fans are the two categories under which cooling fans are categorized based on type. Centrifugal cooling fans are more environmentally friendly, more durable, energy-efficient, and have a longer lifespan.
Additionally, high-pressure airflow produces less air movement and uses more electricity to function. Thanks to all these advantages, it is expected that sales of centrifugal cooling fans will outpace those of axial ones during the assessment period.
Industrial Usage of Cooling Fans to Hold Lion’s Share
In terms of application, the industrial category holds a significant share of 37.2% in the market, and it is anticipated to grow at a CAGR of nearly 10.5% during the forecast tenure. This is attributed to the rising adoption of cooling fans across heavy industries like chemicals, pulp and paper, cement, and oil and gas for protecting machinery from damage due to excessive heating.
Similarly, demand for cooling fans is projected to increase along with the ongoing development of new power plants since cooling fans are crucial in removing excess heat from power plants.
Online Retailing to Generate Highest Revenues for Cooling Fans
Based on sales channels, the online retailing segment is poised to witness the highest growth rate of around 15.5% CAGR over the projection period. This is due to the growing penetration of online sales platforms worldwide and the growing end-user preference for purchasing cooling fans through online mode to save their time and money.
With contemporary commerce, multi-brand shops, and specialized stores collectively account for a sizable portion of the cooling fans industry. However, with increased internet usage, it is anticipated that sales through online shopping channels would expand significantly over the projection period.
Key players in the market are focusing on new product launches and mergers & acquisitions to increase their global presence and capture a high revenue share. To cater to the increasing demand for online rental of clothes worldwide, manufacturers are focusing on acquiring domestic players. The objective of these strategies is to expand product lines or to include newer products in their respective offerings.
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| Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 7.9 Billion |
| Projected Market Value (2032) | USD 21.2 Billion |
| Anticipated Growth Rate (2022 to 2032) | 10.4% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania & Middle East and Africa(MEA) |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Russia, South Africa, Northern Africa GCC Countries, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia & New Zealand |
| Key Segments Covered | Type, Application, Sales Channel, and Region |
| Key Companies Profiled | Delta Group; MinebeaMitsumi Inc. (NMB Technologies Corporation); SUNON Group; Nidec Corporation; EBM-Papst Group; Ziehl-Abegg SE; Aerovent; Horton, Inc.; SPAL Automotive; DENSO; S.P. Plastic Industries; ADDA; AVC; AMETEK. Inc; Rosenberg; Multi-Wing America; Flexxaire; Other Key Manufacturers (As per requirement) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market is expected to reach USD 21.2 billion by 2032.
From 2017 to 2021, the market expanded at a 7.5% CAGR.
Technology advancements and hybrid fans to grow the market.
The market is estimated to reach USD 5.7% CAGR by 2033.
Industrial application is expected to hold a 37.2% market share.
The market developed at a CAGR of 7.5% from 2017 to 2021.
High rate of industrialization is propelling cooling fan demand across India.
The emergence of eco-friendly advanced cooling solutions drives demand.
Russia dominates the industry with its lucrative opportunities.
The market is likely to surpass USD 21.2 billion by 2032.
1. Executive Summary | Cooling Fans Market 2. Market Overview 3. Key Market Trends 4. Global Market Demand (in Value or in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market - Pricing Analysis 6. Global Market Demand (in Value or Sales Channel in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 7. Market Background 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Type 8.1. Axial Fans 8.2. Centrifugal Fans 8.3. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Application 9.1. Consumer Electronics 9.2. Telecom/Datacom 9.3. Automotive and Transportation 9.4. Industrial 9.5. Others 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Sales Channel 10.1. Direct Sales 10.2. Specialty Stores 10.3. Multi-brand Store 10.4. Online Retailing 10.5. Others 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia 11.6. Oceania 11.7. Middle East and Africa (MEA) 12. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Market Structure Analysis 20. Competition Analysis 20.1. Delta Group 20.2. MinebeaMitsumi Inc. (NMB Technologies Corporation) 20.3. SUNON Group 20.4. Nidec Corporation 20.5. EBM-Papst Group 20.6. Ziehl-Abegg SE 20.7. Aerovent 20.8. Horton, Inc. 20.9. SPAL Automotive 20.10. DENSO 20.11. S.P. Plastic Industries 20.12. ADDA 20.13. AVC 20.14. AMETEK Inc. 20.15. Rosenberg 20.16. Multi-Wing America 20.17. Flexxaire 20.18. Other Key Manufacturers (As per requirement) 21. Assumptions and Acronyms Used 22. Research Methodology
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Cooling Fans Market
