The global cooling fan market in 2021 was valued at $US7.14 billion, according to ResearchandMarkets.com.
The research firm said the market will be worth US$US13 billion by 2026. That’s a growth rates of 12.73 per cent per annum.
ResearchandMarkets.com said the industrial cooling fan market will be the fastest growing segment with a compound annual growth rate of 17 per cent.
Segments set to see the most growth will be the industrial sector due to an increase in the robots used in manufacturing and the server cooling fan market fuelled by an exponential increase in the number of data centres around the world.
Overheating can become a severe problem for robots. Many robotics manufacturers use cooling fans to manage the temperature of their robots by putting them within the robots' bodies.
The Asia Pacific dominated the market in 2021 with almost 38 per cent share of the global market.
The APAC region will lead the global cooling fan market during the forecast period due to an increase in the sales of smart appliances, mostly owing to the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances.