DUBLIN--(BUSINESS WIRE)--The "Global Water Cooling Tower Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cross flow, Counterflow, Forced Draft, Induced Draft, and Others) and Application (Industrial, Power Plant, and HVAC)" report has been added to ResearchAndMarkets.com's offering.
The global water cooling tower market is expected to grow from US$ 1,635.2 million in 2021 to US$ 2,105.0 million by 2028; it is estimated to register a CAGR of 3.7% from 2021 to 2028.
The rising demand for heating, ventilation, and air conditioning (HVAC) in food & beverages, chemical, and petrochemicals industries is increasing the scope of water cooling tower applications in the given industries. Furthermore, the water cooling tower has been growing with rising demand of HVAC system in data centers. HVAC systems are widely used in data centers to maintain the cooling temperature of data center premises. Water cooling tower is one of the important components of HVAC systems. Thus, the rising demand for HVAC systems from the above-mentioned industries is expected to positively influence the water cooling tower market globally.
Rise in industrialization, increase in demand for power supply, and rapid growth in the number of internet users in developing economies are a few major driving factors for the water cooling tower market. The rising construction of various industrial plants and factories in developing countries such as China, India, Brazil, and Vietnam is creating a lucrative opportunity to increase water cooling tower application in developing countries across the globe. In addition, a growing number of industries globally will further boost the power consumption, which is expected to increase the operating hours of power plants. The growth of water cooling towers is directly proportional to power plants; hence, the rising power production in power plants is expected to fuel the demand for water cooling towers globally.
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Market Dynamics
Drivers
- Rise in Construction Activities in Developing Economies
- Stringent Government Policies
Restraints
- High Maintenance Cost
Opportunities
- Rising Number of Power Plants Globally
Future Trends
- Increasing Popularity of Hybrid Cooling Towers
Companies Mentioned
- Babcock And Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- Bell Cooling Towers
- Delta Cooling Towers, Inc.
- Evapco, Inc.
- Hamon
- Mesan Group
- Samco Technologies, Inc
- SPX Cooling Technologies, Inc.
- Vistech Cooling Systems
For more information about this report visit https://www.researchandmarkets.com/r/c3ex9u
