The Department of Primary Industries and Regional Development of the Government of Western Australia states that genetically modified crops were produced on 189.8 million hectares of land in 2017 worldwide. The U.S. Food and Drug Administration (USFDA) estimates that 94% of all soybeans planted, 94% of all cotton planted, and 92% of all corn planted in the U.S. was genetically modified organism (GMO) variant in 2018. The increasing production of GM crops, owing to the high-profit margins associated with them, will result in the large-scale deployment of agricultural ventilation fans in the foreseeable future.
In addition, the surging public focus on urban agriculture practices, owing to the decreasing availability of large areas of arable land, will drive the agricultural ventilation fans market growth during the forecast years. According to P&S Intelligence, the market generated $600 million revenue in 2020. The scarcity of large areas of arable land can be primarily owed to the booming population and accelerating urbanization rate. As per the World Bank, the global urban population stood at 4.28 billion in 2019, and it reached 4.358 billion in 2020.
During the last few years, the agrarian community preferred circulation fans over portable fans, duct fans, and exhaust fans. The large-scale deployment of circulation fans can be credited to the cooling and ventilation offered by them in livestock barns. These fans are also used to maintain the temperature in greenhouses. In the coming years, exhaust fans will also be used in large quantities as they serve the quintessential purpose of eliminating odor from livestock barns.
The application segment of the agricultural ventilation fans market is classified into dairy/livestock, greenhouse, equine, and others. Under this segment, the dairy/livestock category is projected to showcase the fastest growth during the forecast period, because exhaust and ventilation fans help remove exhalations and the odor of the livestock. Proper ventilation helps improve the overall health of animals. Owing to this reason, the category is also expected to generate the highest revenue in the forecast years.
Globally, the APAC region is expected to register the fastest growth in the agricultural ventilation fans market throughout the forecast period. This will be on account of the soaring per capita income, rising need for transgenic crops, and burgeoning food demand, owing to the booming population, in the region. The United Nations Economic and Social Commission for Asia and the Pacific forecasts that the population of the APAC region will surge from 4,614,465,000 in mid-2019 to 5,215,489,000 by mid-2050.
Therefore, the rising yield of GM crops and the increasing shift toward urban farming practices will create a massive requirement for agricultural ventilation fans in the upcoming years.
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