According to Future Market Insights, the global cooling fans market is projected to grow at a CAGR of approximately 10.4% from 2022 to 2032, reaching an estimated valuation of around USD 21.2 billion by the end of the period. The rapid expansion of industries such as consumer electronics, automotive, and telecom is a significant driver of global demand for cooling fans.
Similarly, the market is anticipated to expand quickly during the forecast period as a result of a many recent trends, including an increase in demand for cutting-edge technology, growing demand for hybrid electric vehicles, rapid penetration of industrialization, ongoing investment in R&D, an increase in demand for high-efficiency products in the manufacturing market.
Cooling fans have become essential equipment for numerous industries as they help to cool down machinery during functioning. These fans remove heat from systems and thus minimize the risk of damage to components due to excessive heating.
Rising production and sales of vehicles across the globe will play a key role in boosting the global cooling fans market during the forecast period. Automotive manufacturers are installing efficient cooling fans in their vehicles as they take away all heat absorbed from the engine using coolant.
Most of the cooling sales remain concentrated in the industrial segment. However, other sectors like consumer electronics, telecom, and automotive will also help the cooling fans market to thrive at a stupendous growth rate during the projection period.
According to the report, key market participants are anticipated to concentrate on product penetration in regions like South Asia and Latin America. By integrating environmentally friendly raw materials in their production, cooling fan manufacturers are diverting their attention to sustainability concerns.
Key Takeaways from the Cooling Fans Market Study
- By type, centrifugal cooling fans segment is anticipated to grow at 5.4% CAGR through 2032.
- In terms of application, industrial segment holds the largest share of 37.2% in the global cooling fans market.
- Based on sales channel, the online retailing segment is forecast to grow at a CAGR of 15.5% over the projection period
- North America and Europe together hold the major share of around 52.2% in the global cooling fans market.
- The U.S. cooling fans market is projected to expand at 5.7% CAGR between 2022 and 2032.
- The overall cooling fans market in Japan is likely to grow at 9.2% CAGR during the forecast period.
Competitive Landscape
Key players in the market are concentrating on new product launches and mergers and acquisitions to enhance their global presence and secure a larger revenue share. To meet the growing demand for online clothing rentals, manufacturers are focusing on acquiring local companies. These strategies aim to expand product lines and introduce innovative offerings within their portfolios.
For instance:
- In 2022, AMETEK, Inc., a leading global manufacturer of electronic instruments and electromechanical devices completed the acquisition of Navitar, Inc. and RTDS Technologies Inc.
- In 2021, Series PFB-E & GFB-E cooling fans were launched by Delta for the server architectures and power modules.
- In March 2022, DENSO Products and Services Americas, Inc., showcased its new EdgeCool system for cooling rack-mounted computer servers.
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Global Cooling Fans Industry by Category
By Type:
- Axial Fans
- Centrifugal Fans
- Others
By Application:
- Consumer Electronics
- Telecom/Datacom
- Automotive and Transportation
- Industrial
- Others
By Sales Channel:
- Direct Sales
- Specialty Stores
- Multi-brand Stores
- Online Retailing
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa(MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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