Press release
Industrial Fans Market Size, Key Insights, Profiling Companies And Growth Strategies
The Industrial Fans market is expected to grow from US$ 8,010.30 million in 2022 to US$ 12,643.10 million by 2028; it is anticipated to register at a CAGR of 7.9% from 2022 to 2028.The increasing investment by international brands to establish their industrial plants across APAC countries such as India, Vietnam, Thailand, and China is further contributing to the industrial fans market analysis. For instance, in September 2021, BorgWarner announced the launch of its new variable cam timing (VCT) manufacturing plant in India. Similarly, in November 2022, Coretronic announced the launch of a new electronic plant in Vietnam. The plant is expected to be operational by the end of 2023. These factors are also expected to contribute to the APAC industrial fans market growth over the forecast period.
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The List of Companies - Industrial Fans Market
- Witt & Sohn AG
- Airmaster Fan Co
- Johnson Controls International Plc
- FlaktGroup Holding GmbH
- Systemair AB
- ebm papst Inc
- Greenheck Fan Corp
- Jan Fan Inc
- Savio SRL
- Wilkinson Dynamic Balancing Ltd
The global industrial fans market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. APAC accounted for the largest market share, and it is also expected to grow at the highest CAGR over the forecast period.
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Industries such as automotive, food & beverages, oil & gas, and mining are constantly growing across APAC owing to a rise in investment by both regional and international industrial fans market players operating in the respective industries. Countries such as Vietnam, Thailand, Singapore, and Malaysia are experiencing a rise in investment by global players to set up their industrial plants. A few of them are mentioned below:
- In August 2022, Baker Hughes announced the opening of its new chemical plant in Singapore to expand its local presence across the country and support regional growth.
- In November 2022, GSK announced the launch of a drug manufacturing facility in Singapore for US$ 33 million. The facility is specialized in the production of cancer treatment drugs.
- In April 2022, TTM Technologies Inc. announced the launch of its new PCB manufacturing plant in Malaysia with an investment of US$ 130 million. The facility is expected to start its operation in 2025
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