The global agricultural ventilation fans market revenue stood at nearly ~$600 million in 2020, and it is predicted to rise considerably between 2021 and 2030 (forecast period). The ballooning requirement for exotic vegetables, flowers, and fruits, increasing adoption of indoor farming techniques, and soaring use of urban agriculture methods, owing to changing climatic conditions and mushrooming population, are the major factors driving the demand for agricultural ventilation fans across the globe.
With surging population and rapid urbanization, the availability of fertile land is falling, which is propelling the requirement for agricultural methods, such as indoor farming, that don’t require large land areas. Moreover, urban agriculture massively increases food security, as it enables the production of large volumes of organic food items. As ventilation fans are used for providing a controlled environment, which is needed in indoor farming, the rising adoption of urban farming methods is positively impacting their sales across the world.
The large-scale production of genetically modified (GM) crops in emerging economies is another important factor fueling the expansion of the agricultural ventilation fans market. Depending on product, the market is classified into duct fans, portable fans, exhaust fans, and circulation fans. Out of these, the exhaust fans category is predicted to demonstrate the highest growth rate in the market throughout the forecast period. This will be because these fans serve the critical purpose of eliminating exhalations from livestock and odor inside a building or an enclosure.
The agricultural ventilation fans market is also categorized, based on application, into equine, dairy/livestock, and greenhouse. Amongst these, the dairy/livestock category is predicted to dominate the market during the forecast period. As per the United Nations’ Food and Agriculture Organization (FAO), the total milk output all over the world in 2018 was around 843 million tons. The surge in production in Turkey, the U.S., Argentina, the European Union (EU), and India, owing to advancements in the milk collection process and improving hygiene and health of livestock, due to the incorporation of effective ventilation and temperature control, was responsible for the high milk production.
In the coming years, the agricultural ventilation fans market will exhibit the fastest growth in the Asia-Pacific (APAC) region, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the surging need for dairy and food products in the regional countries, such as India and China, and the strong dependence of these countries on agriculture. Furthermore, the increasing adoption of urban farming practices, owing to the changing climatic conditions and mushrooming population, will also boost the demand for agricultural ventilation fans in the region in the coming years.
Hence, the market will register rapid expansion in the coming years, primarily because of the soaring requirement for higher crop productivity, on account of the increasing population, declining availability of arable land, and surging adoption of urban agriculture methods all over the world.