Yes, should be a problem in the fan of power supply number 2.
fan 103 (chassis-1 Power Supply 2 Fan) is notFunctioning
Anyhow the log
switch 1 power-supply 2 power-output-fail: failed
suggests you to replace the entire power supply.
My personal suggestion is:
1) If it's easy and if it's possibile start to clean the fan. Sometimes the dust blocks the fan.
2) If nothing happen, you can try to replace the fan only.
3) If you cannot find a spare part, you can replace the full power supply.
Regards.