Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global cooling towers market size was USD 3.82 billion in 2021. The market is projected to grow from USD 3.94 billion in 2022 to USD 5.29 billion by 2029 at a CAGR of 4.3% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Cooling Towers Market, 2022-2029". As per the report, the market is projected to grow due to increasing construction activities in developed as well as developing countries.
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List of Key Players Mentioned in the Cooling Towers Market Report:
- Krones AG (Germany)
- SPX CORPORATION (U.S.)
- Babcock & Wilcox Enterprises, Inc. (U.S.)
- EWK (Spain)
- Kelvion Holding GmbH (Germany)
- HAMON & CIE (INTERNATIONAL) S.A. (Belgium)
- MITA Cooling Technologies Srl (Italy)
- JACIR – GOHL (Romania)
- ILMED IMPIANTI SRL (Italy)
- JAEGGI Hybridtechnologie AG (U.S.)
- EVAPCO, Inc. (U.S.)
COVID-19 Impact:
Unoccupied Commercial Spaces Amid Pandemic to Hamper Market Growth Due to Rising Legionella Bacteria
During the COVID-19 pandemic, many commercial and industrial buildings were unoccupied and utilized due to restrictions imposed by the governments. Also, the workplaces were shut during the initial lockdown phase. These factors bolstered the risk of increasing legionella bacteria which affected the demand for cooling towers during the pandemic period. Furthermore, the growth of the oil & gas industry was hampered during the pandemic, which hampered the global cooling towers market growth.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.3% |
| 2029 Value Projection | USD 5.29 billion |
| Base Year | 2021 |
| Cooling Towers Market Size in 2021 | USD 3.82 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 120 |
| Segments Covered | By Type, By Application, By Region |
| Cooling Towers Market Growth Drivers | Increasing Industrialization to Bolster Wet Towers Segmental Growth |
| Rising Construction Activities to Foster Market Growth | |
| Asia Pacific Dominates Global Market Due to Robust Economic Development | |
| Acquiring Raw Material from Supporting Companies Allow Key Players to Augment Growth |
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Segments:
Increasing Industrialization to Bolster Wet Towers Segmental Growth
By type, the market is trifurcated into wet, dry, and hybrid. The wet segment is expected to grow at the highest CAGR during the projected period due to rising industrial activities.
HVAC Segment to Lead the Market During Forecast Period
Based on application, the market is divided into chemicals & petrochemicals, pharmaceuticals, power generation, HVAC, food & beverages, and others (paper and pulp, plastic, and others). The HVAC segment is anticipated to dominate the global market due to rising government initiatives and investments in development.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report highlights factual data regarding the current market condition and potentially lucrative opportunities in the coming years. Drivers and restraints affecting market growth during the forecast period are highlighted further in this report. Also, the impact of COVID-19 pandemic on the market development and expansion is mentioned further. The regional insights on segmented market areas are given along with a list of key market players.
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Drivers & Restraints:
Rising Construction Activities to Foster Market Growth
The market is expected to grow significantly during the forecast period due to the evolving environment-friendly products globally. Also, new technology HVAC systems and increasing construction activities in developed and developing countries are expected to drive the market in the coming years. Furthermore, the increasing demand for heating, ventilation, cooling, and refrigeration equipment is anticipated to bolster market growth.
However, high maintenance costs and frequent corrosion may hinder the market growth.
Regional Insights:
Asia Pacific Dominates Global Market Due to Robust Economic Development
Asia Pacific holds a dominant global cooling towers market share due to the robust economic progress of the developing countries. The regional market stood at USD 1.53 billion in 2021. Also, increasing expenditures on industrial expansion are anticipated to fuel the regional market growth.
North America is expected to grow significantly in the coming years due to strict government policies. Also, government initiatives to limit water depletion for power generating plants and cooling machinery are expected to bolster the surging demand for cooling towers.
Competitive Landscape:
Acquiring Raw Material from Supporting Companies Allow Key Players to Augment Growth
The leading market players focus on importing required raw materials from supporting organizations to enhance their product range. Also, the companies form strategic alliances, partnerships, mergers, acquisitions, and collaborations to expand their business globally.
Key Industry Developments:
- March 2021: Aarekies Brienz AG, based in Brienz, Switzerland, obtained a material handler from the Liebherr Group called the 'LH 60 M Port Litronic.' The organization can efficiently manage common freight and big items by employing the product.
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Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19 on Cooling Towers Market
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTEL Analysis
- Porter’s Five Forces Analysis
- Supply chain Analysis
- Global Cooling Towers Market Share Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- 6.1. Overview
-
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview Responses
- Annexure / Appendix
- Global Cooling Towers Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- By Type (Value)
- Wet
- Dry
- Hybrid
- By Application (Value)
- Chemicals & Petrochemicals
- Pharmaceutical
- Power Generation
- HVAC
- Food & Beverages
- Others (Paper & Pulp, Plastic, etc.)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Type (Value)
- North America Cooling Towers Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
- By Type (Value)
- Wet
- Dry
- Hybrid
- By Application (Value)
- Chemicals & Petrochemicals
- Pharmaceutical
- Power Generation
- HVAC
- Food & Beverages
- Others (Paper & Pulp, Plastic, etc.)
- By Type (Value)
- Global Cooling Towers Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028
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