The market study covers the present scenario and growth prospects of the global industrial fans and blowers market for 2017-2021. The report also lists industrial fans and industrial blowers as the two major product segments. The industrial fans segment dominated the market with more than 69% of the market share in 2016.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “Growth in the industrial sector will be the main driver of market growth. Rapidly growing economies like China and India are allocating huge funds for industrial development, which will help to boost the growth of industries like glass, cement, steel, and metal processing, which use industrial fans and blowers extensively.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global industrial fans and blowers market:
- Growth in food industry
- Increasing demand for power worldwide
- Growth in industrial sector
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Growth in food industry
Rising demand and consumption of food and beverages have led to the growth of the food and beverage industry. Government support and initiatives have aided in the growth of this sector. For example, the Indian government has initiated the ‘Make in India’ program, which mainly focuses on manufacturing all products locally. Though the food processing sector in India is not very big, it offers a huge growth potential as it directly links India's economy and agriculture. The Government of India is focusing on boosting the food processing sector in India by setting up mega food parks, which have common processing facilities like pulping, packaging, storage, and logistics, and common utilities like electricity, road, sewage facilities, and water facilities. Two mega food parks have been set-up in the country already, and nearly 42 mega food parks have been sanctioned for construction and are expected to be completed during the forecast period. The government had also announced in 2016 that it plans to set up 500 cold chain projects across the country.
Increasing demand for power worldwide
Various power plants like nuclear energy, coal power plants, and hydroelectric power plants use industrial fans and blowers for supplying air for combustion, removing products for combustion, delivering fuel to burners, and circulating the gases for better heat transfer. Owing to the growing demand for electricity, governments are investing huge amounts in setting up higher capacity power plants to meet the demand.
According to the US Energy Information Administration (EIA), there was a huge increase in the energy consumption in the US after 2013, which has compelled the government to invest more in nuclear power generation projects. Such developments augur well for the growth of the global industrial fans and blowers market.
Growth in industrial sector
There has been rapid growth in the industrial sector over the last few years. The major contributors to growth in this sector are China, Japan, India, Qatar, Saudi Arabia, and Oman. In these countries, the industrial sector contributes a substantial share to the GDP. Developing countries like China and India are investing a huge amount in industrial development to attract more foreign investments to their countries.
“The government of India has started the “Make in India” initiative, which offers tax exemptions to foreign companies that set up their manufacturing units in India. Other developing countries like China and Indonesia also have similar projects to boost their economies. These initiatives help to promote industrial growth and will boost the need for fans and blowers,” says Gaurav.
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