Pune, India, July 07, 2021 (GLOBE NEWSWIRE) -- The global cooling towers market is set to gain traction from the surging shift of consumers towards eco-friendly products. Regulatory authorities in various nations are taking unique initiatives to accelerate the development of sustainable products. For instance, the New South Wales (NSW) Public Health Regulation 2012 put forward its latest norms revolving around the transmission and prevention of the Legionella bacteria. This information is given by Fortune Business Insights™ in a report, titled, “Cooling Towers Market, 2021-2028.” As per the report, the market size was USD 3.72 billion in 2020. It is projected to grow from USD 3.82 billion in 2021 to USD 5.03 billion in 2028 at a CAGR of 4.0% in the forecast period.
COVID-19 Pandemic: Supply Chain Disruptions & Halt of Production to Hamper Growth
The nationwide lockdown, especially in China and India to prevent the transmission of coronavirus has impacted this industry. According to the International Labour Organization (ILO), the COVID-19 pandemic is a threat to approximately 25 million jobs worldwide. Besides, several companies have stopped their manufacturing processes temporarily. At the same time, conducting training programs and delivering modern locatable tower systems were difficult in some regions because of the disturbances in the supply chain ecosystem.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments-
Dry Towers Segment Generated 12.8% Share in 2020: Fortune Business Insights™
By applications, the market is divided into chemicals & petrochemicals, pharmaceuticals, power generation, HVAC, food & beverage, and others. Lastly, based on the type, it is trifurcated into wet towers, dry towers, and hybrid towers. Amongst these, the dry towers segment earned 12.8% in terms of the cooling towers market share in 2020. The wet towers segment is anticipated to showcase a high growth rate in the near future on account of their high cooling capacity in manufacturing industries.
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Report Coverage-
The research report contains an in-depth study of various regions. It was curated by our team of highly skilled analysts after studying and observing multiple factors that determine regional growth, such as political, technological, social, economic, and environmental status of that particular region. The competitive landscape section was developed to help our clients better understand the collaborations and strategies that key manufacturers of these towers are focusing on to compete with their rivals.
Drivers & Restraints-
Rising Launch of Crossflow Designs by Manufacturers to Augment Growth
Developed and developing nations are nowadays experiencing a rising number of construction activities. Hence, the demand for heating, ventilation, and air conditioning (HVAC) equipment is set to surge rapidly. In addition to this, manufacturers are coming up with innovative technologies, such as crossflow designs. These can automatically adjust the flow of operations, thereby lowering the consumption of energy and the water flow rate during winter seasons. It is expected to drive the cooling towers market growth in the upcoming years. However, these towers can often go through corrosions, which, in turn, may obstruct their demand.
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Regional Insights-
North America to Dominate Backed by Surging Utilization of Advanced Technologies
In 2020, North America procured USD 1.60 billion in terms of revenue and is likely to lead the market throughout the forthcoming years. This growth is attributable to the presence of multiple cooling tower manufacturers in the region. Coupled with this, the rising adoption of advanced technologies would also aid regional growth.
Furthermore, in Asia Pacific, the market would grow considerably on account of the strict norms regarding water consumption and emissions by government agencies. Additionally, the
construction of various power generation and nuclear plants in the region is set to boost growth. Latin America is estimated to grow steadily fueled by the increasing initiatives by companies to set up their manufacturing facilities in Argentina and Brazil.
Competitive Landscape-
Key Players Aim to Introduce Cutting-edge Products to Compete with Their Rivals
The global market contains numerous big, small, and medium enterprises that are focusing on launching novel designs and advancing technologies in order to save space on industrial sites and reduce energy costs of customers. Below are the two significant industry developments:
- October 2020: EWK completed the installation of 8 new cooling towers at Alicante Airport, Spain. These are equipped with a monitoring software solution called Smart Cooling Tower that delivers real-time data about their operations.
- October 2019: SPIG S.p.A., a renowned supplier of a wide range of cooling systems upgraded cooling towers in a production facility of Tasmanian Electro Metallurgical Company (TEMCO) located at Bell Bay. The firm developed a customized solution for the latter by using its service engineering expertise.
A list of prominent cooling tower manufacturers present in the global market:
- Krones AG (Germany)
- SPX CORPORATION (United States)
- Babcock & Wilcox Enterprises, Inc. (United States)
- EWK (Spain)
- Kelvion Holding GmbH (Germany)
- HAMON & CIE (INTERNATIONAL) S.A. (Belgium)
- MITA Cooling Technologies Srl (Italy)
- Johnson Controls (Ireland)
- Paharpur Cooling Towers Ltd (India)
- Baltimore Aircoil Company (United States)
- EVAPCO, Inc. (United States)
- ENEXIO MANAGEMENT GMBH (Germany)
- Thermax Limited (India)
- Cenk Endüstri Tesisleri İmalat ve Taahhüt A.Ş. (Turkey)
- Cooling Tower Systems, Inc. (United States)
- Delta Cooling Towers, Inc. (United States)
- BELL COOLING TOWERS (India)
- Brentwood Industries (United States)
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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
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 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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