This paper advances a methodology for axial fan efficiency mapping followed by a design optimization exercise of a low-pressure axial fan for small capacity refrigeration applications. For these purposes, a tailor-made first-principles simulation model based on the so-called blade element theory (BET) was put forward. First, the fan efficiency was deployed into two terms – namely, electric motor and blade efficiency, which in turn was split into two other terms that account not only for the irreversible losses but also for flow maldistribution – in order to identify opportunities for blade optimization. Later, a sensitivity analysis was performed to find out the optimum values of key operating and design parameters of the fan, namely motor speed, blade size and number, chord length, pitch angle, and airfoil characteristics, such as thickness and maximum camber values. Among those, the pitch angle stood out as the most influencing parameter affecting the fan characteristics, including the airflow rate, the power consumption, and the blade efficiency. Comparisons with results obtained by means of the so-called fan laws are also reported for the blade size and speed.