Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- The global cooling tower market size was USD 3.82 billion in 2021, and market is expected to grow from USD 3.94 billion in 2022 to USD 5.29 billion by 2029 at a CAGR of 5.8% in the 2022-2029 period. This information is provided by Fortune Business Insights, in its report titled, “Cooling Tower 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.
Market 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.
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Cooling Towers Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022-2029 CAGR | 4.3% |
| 2029 Value Projection | USD 5.29 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 3.82 billion |
| Historical Data | 2018-2020 |
| No. of Pages | 120 |
| Segments covered | Type, Application, Region |
| Growth Drivers | New Technology HVAC Systems and Rise in Construction Activities to Propel the Market Growth |
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/cooling-towers-market-102747
Segmentation of Report:
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.
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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List of Key Players Profiled in the 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.)
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
- 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
- Global Cooling Towers Key Players Market Share Insights and Analysis, 2021
- Global Cooling Towers Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Type (USD Bn)
- Wet Cooling Towers
- Dry Cooling Towers
- Hybrid Cooling Towers
- By Application (USD Bn)
- Chemicals & Petrochemicals
- Pharmaceutical
- Power Generation
- HVAC
- Food & Beverages
- Others (Pulp & Paper, Plastic, etc.)
- By Region (USD Bn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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- North America Cooling Towers Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
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Continued...
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