Centrifugal Fan Wheels Market: Introduction
Transparency Market Research delivers key insights on the global centrifugal fan wheels market. In terms of revenue, the global centrifugal fan wheels market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global centrifugal fan wheels market.
The capability of centrifugal fans of handling larger volumes of air and discharging that air at constant flow rate makes it popular in industrial applications. Centrifugal fans are widely used in industrial processes such as ventilation, combustion, transporting materials, cooling & heating systems, and dust control and air conveyor systems. The need to obtain higher operational efficiency in manufacturing processes is expected to create lucrative opportunities for the centrifugal fan wheels market during the forecast period.
Centrifugal Fan Wheels Market: Dynamics
The demand for production of food has been rising due to rapid increase in population in different parts of the world. The food industry is highly competitive; therefore, there is higher emphasis on maintaining the standards of hygiene and quality. The food processing industry needs to be efficient in terms of operational processes. The quality of ingredients determines the taste of the food produced, while proper machinery helps in processing and preserving it. Among manufacturing equipment, industrial centrifugal fan plays a major role in several operations. From general ventilation to material transportation, dust collection, drying, and cooling & storage, these fans are widely employed across several applications. Thus, rise in application of centrifugal fans in the food processing industry is anticipated to boost the centrifugal fan wheels market during the forecast period.
Centrifugal Fan Wheels Market: Prominent Regions
The centrifugal fan wheels market in Latin America has been expanding due to rapid industrialization and urbanization in the region. Mining companies in the region are financially supported via low tax and royalty rates, as well as favorable mining permit conditions. Brazil, Chile, Colombia, Mexico, and Peru are the key countries in the region that are witnessing a rise in exploration investments. For instance, exploration investments in Peru stood at US$ 223 Mn in 2020 and expected to reach US$ 300 Mn by the end of 2021. The implementation of favorable governmental policies for exploration is projected to drive the centrifugal fan wheels market in Latin America in the near future.
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Asia Pacific held low share of the global centrifugal fan wheels market in 2020; however, the region offers high potential for the centrifugal fan wheels market. China, Australia, and India are key countries of the centrifugal fan wheels market in Asia Pacific, owing to rapid industrial growth. According to the Australian Bureau of Statistics (ABS), Australia’s mineral exploration expenditure rose by 11.9% in 2020 primarily due to high investment in Victoria, as the region has high prospective reserves for gold, and base metals including copper and mineral sands. The Government of India has proposed reforms in the mining sector by amending the Mines and Mineral (Development and Regulation) Act, 1957. This is also expected to reform the structure of exploration activities. Favorable government policies and rise in investment in the mining sector are estimated to boost the centrifugal fan wheels market over the next few years.
Europe was the leading region of the global centrifugal fan wheels market in 2020. Russia & CIS countries accounted for major share of the centrifugal fan wheels market in Europe in 2020. Russia & CIS is the third largest oil producer and second largest gas producer in the world. Russia & CIS countries are receiving large investments from foreign firms in its upstream sector. These investing companies are striving to secure their supply of crude oil from the sub-region. According to the BP Statistical Review of World Energy 2020, Europe accounted for around 160,100 million barrels of proven oil reserves in 2019. Russia & CIS held major share of the proven oil reserves in the region, with 145,700 million barrels in 2019. Thus, need of maintaining the indoor air quality by transporting hot airstream through ducts in upstream operations is boosting the demand for centrifugal fan. This, in turn, is anticipated to propel the centrifugal fan wheels market during the forecast period.
Centrifugal Fan Wheels Market: Key Players
Key players operating in the global centrifugal fan wheels market are TLT-Turbo, Howden Group, TWIN CITY FAN, Loren Cook, Yilida, Systemair AB, S&P Sistemas de Ventilación SLU, ebm-papst, punker GmbH, ZIEHL-ABEGG, FERGAS GROUP AB, Beckett Air Corporation, and Kruger Ventilation.