LONDON--(BUSINESS WIRE)--The new hybrid cooling towers market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the hybrid cooling towers market.
"One of the primary growth drivers for this market is the rise in the construction of data centers,” says a senior analyst for the Industrials industry at Technavio.
The rise in the construction of data centers across the globe is a significant factor driving the hybrid cooling towers market growth. The highly sensitive electronic components in the data center need consistent limits of temperature, air movement, humidity, and air cleanliness. Hybrid cooling towers have modular control systems enabling facility managers to prioritize water and energy savings dynamically to get the right balance based on the facility’s daily operating environment. Such benefits will lead to an increase in demand for hybrid cooling towers in data center HVAC systems for year-round cooling. Thus, the growth in data center construction will propel the demand for HVAC, which in turn will drive the hybrid cooling towers market growth during the forecast period.
As the markets recover Technavio expects the hybrid cooling towers market size to grow by USD 136.22 million during the period 2020-2024.
Hybrid Cooling Towers Market Segment Highlights for 2020
- The hybrid cooling towers market is expected to post a year-over-year growth rate of 3.59%.
- The increasing power and electricity generation across the globe will augment demand for more power plants, and in turn, drive the demand for hybrid cooling towers in the power generation segment.
- Market growth in this segment will be slower than the growth of the market in the other end-user segments.
- 39% of the growth will originate from the APAC region.
- APAC was the largest hybrid cooling towers market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
- Growth of the power generation and food and beverage industries will significantly influence hybrid cooling towers market growth in this region.
- China and India are the key markets for hybrid cooling towers in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The hybrid cooling towers market size is expected to accelerate at a CAGR of about 4% during the forecast period.
- The hybrid cooling towers market is segmented by End-user (Power generation, HVAC, Oil and gas, Chemical and petrochemical, Food and beverage, Other end-users) and Geographic Landscape (North America, APAC, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Co., ENEXIO Management GmbH, EVAPCO Inc., FANS AS, Harrison Cooling Towers Pvt. Ltd., Jacir, Johnson Controls International Plc, North Street Cooling Towers Pvt. Ltd., and SPX Corp.
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