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.
Fans are beneficial for circulating air in room environments. It is an electronic device that works by consuming power to generate circular air motion within the air. A fan is a device known for producing a current of air and other gases. A fan consists of various parts such as an electric motor, blade irons, flywheel, rotor blades, and mechanisms for mounting the fan, such as a ball-and-socket system.
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.
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.
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.
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.
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.
BlueWeave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
Full Report : Click Here
Request Free Sample : Click Here
More reports : https://www.blueweaveconsulting.com/featured-report
Website : www.blueweaveconsulting.com
US/Can/UK : +1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
Email : firstname.lastname@example.org