Cooling Towers Market to Reach USD 4.63 Billion by 2027; Increasing Demand for Eco-friendly Products to Accelerate Growth: Fortune Business Insights™
17 Feb 2021
Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The cooling towers market is set to gain impetus from the rising inclination of people towards eco-friendly products. This information is given by Fortune Business Insights™ in a new report, titled, “Cooling Towers Market, 2020-2027.” The report further states that the cooling towers market size was USD 3.50 billion in 2019. It is set to reach USD 4.63 billion in 2027 at a CAGR of 3.7% during the forecast period. Governments of various countries are transforming their initiatives to encourage the development of sustainable products. NSW Public Health Regulation 2012, for instance, published new rules to prevent the growth and transmission of the Legionella bacteria.
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COVID-19 Pandemic: Restrictions of In-person Contact to Delay Installation Processes
The COVID-19 pandemic has created multiple challenges for countries, such as India and China owing to lockdown measures. The International Labour Organization (ILO) mentioned that around 25 million jobs are at stake amid the pandemic. Additionally, to complete installation and sales processes smoothly, the requirement of in-person contact is a must. But, because of the rising transmission of the coronavirus, most of the companies have halted their operations. These factors may obstruct growth. To help you cope up with the current situation, we are providing the best strategies that can pave the way towards success.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Report Coverage-
Our analysts have conducted both qualitative and quantitative techniques, as well as a mix of primary and secondary sources to gather data. They have also taken information from paid databases, press releases, company journals, and similar other sources to offer an accurate picture of the market. To collect information about the competitive landscape, they have conducted thorough interviews with business executives.
Drivers & Restraints-
Increasing Infrastructural Development to Propel Growth
In developed and developing countries, the rising construction activities would propel the demand for heating, ventilation, and air conditioning (HVAC) equipment. At the same time, the surging development of transport infrastructures, such as ports, bridges, and airports, would accelerate the cooling towers market growth in the near future. However, the availability of numerous substitutes of cooling towers, such as geothermal cooling technology, may obstruct growth.
Segment-
Dry Towers Segment Earned a Share of 13.0% in 2019
Based on the type, the market is divided into hybrid towers, dry towers, and wet towers. Amongst them, the dry towers segment held 13.0% in terms of the cooling towers market share in 2019. The segment is expected to showcase moderate growth throughout the forthcoming years backed by their flexibility to operate in harsh climatic conditions. On the basis of application, the market is fragmented into food & beverages, HVAC, power generation, pharmaceutical, chemicals & petrochemicals, and others.
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Regional Insights-
Need to Lower Emission of Harmful Chemicals will Favor Growth in North America
Geographically, North America generated USD 1.51 billion in terms of revenue in 2019. It is anticipated to retain its dominant position in the upcoming years on account of the strict government norms concerning emissions of toxic chemicals from cooling towers and high water consumption.
On the other hand, Asia Pacific is likely to exhibit significant growth stoked by the presence of multiple unauthorized and authorized local companies in the region. Besides, rapid infrastructure development and industrialization in India, Japan, and China would boost the demand for cooling towers. In the Middle East and Africa, rising investments by government agencies in the construction of smart manufacturing facilities, would accelerate growth.
Competitive Landscape-
Key Players Focus on Launching Innovative Technologies to Gain Competitive Edge
The global market houses a large number of prominent manufacturers that are focusing on the introduction of new technologies and novel designs to enhance customer efficiency. Some of the others are trying to win new project works from reputed firms. Below are the two latest industry developments:
October 2020 : EWK, a designer and manufacturer of cooling towers based in South Korea, installed 8 towers at Alicante Airport located in Spain. These contain a unique technology called Smart Cooling Tower.’ It would provide real-time data about the entire operation.
: EWK, a designer and manufacturer of cooling towers based in South Korea, installed 8 towers at Alicante Airport located in Spain. These contain a unique technology called Smart Cooling Tower.’ It would provide real-time data about the entire operation. October 2019: SPIG S.p.A. announced the competition of a cooling tower upgrade project in Tasmania. It was held in a production facility owned by Tasmanian Electro Metallurgical Company (TEMCO).
A list of all the renowned cooling tower manufacturers operating 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)
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Table of Content -
Introduction Definition, By Segment Research Approach 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 Porter’s Five Force Analysis Global Cooling Towers Market Share Analysis and Matrix, 2019
Key Market Insights and Strategic Recommendations
Profiles of Key Players (Covered for 10 players only) 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 Key Financials Past and Current Revenue Geographical Share Business Segment Share Recent Developments
TOC Continued ...
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