Asia-Pacific Water Cooling Tower Market Growth and Forecast by 2028
Asia-Pacific Water Cooling Tower Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Crossflow, Counterflow, Forced Draft, Induced Draft, and Others) and Application (Industrial, Power Plant, and HVAC)
- Status : Published
- Report Code : TIPRE00025165
- Category : Manufacturing and Construction
- No. of Pages : 103
- Available Report Formats :
- Last update date : October 06, 2021
2021 Market Size
US$ 361.57 Mn
Base year value
2028 Forecast
US$ 493.86 Mn
Projected by 2028
CAGR 2022-2028
4.6 %
Growth rate
Addressable Market
US$ 3,042.09 Mn
(2022-2028)
The APAC water cooling tower market is expected to grow from US$ 361.57 million in 2021 to US$ 493.86 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028.
China, India, Japan, South Korea, and Australia are major economies in APAC. Burgeoning popularity of hybrid cooling towers is expected to fuel the APAC water cooling tower market. In recent times, plume abatement cooling tower, also called the hybrid cooling tower, is gaining major traction. The growing popularity of the tower can be attributed to its enhanced cooling efficiency and reduced unwanted water vapor plumes, which prevent the environment from bad air quality and visual pollutions. Also, the hybrid cooling tower is finding an increased application in various industries due to its extremely low visibility of plumes. For instance, in July 2020, HAMON-B. GRIMM completed the installation of a plume abatement cooling tower consisting of 6 cells at airports across the region. The cooling tower is located very close to the airport runways, and due to its extremely low visible plumes in environment, the airport operations are functioning smoothly. Similarly, in July 2020, Hamon successfully installed another plume abated cooling tower in the APAC region. Thus, the hybrid cooling tower is trending and becoming popular due to its improved operational efficiency and low plume abatement capability, thereby driving the APAC water cooling tower market.
In case of COVID-19, APAC is highly affected specially India. Due to the massive number of cases in India, the APAC region is greatly affected by COVID-19. In APAC region, China homes the largest population across the world, which is imposing greater risk to a large number of individuals. China is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies of the region, including China, India, Australia, and Vietnam, and the market has experienced a downward industrial growth during the first two quarters of 2020. The sudden shutdown of all economic activities and industrial factories across all countries in the region has significantly reduced the application of air cooling towers and has negatively impacted the growth of the market. However, the HVAC-based companies have witnessed significant growth during the pandemic. The growth of the HVAC systems can be attributed to increased applications of data centers, owing to the rising need for extended server space among IT companies and educational institutions. Thus, the rising demand of data centers globally has increased the demand for water cooling towers to cool the data center premises. Hence, the COVID-19 pandemic has had an overall negative impact on water cooling tower manufactures in the region. However, the growth in the HVAC sector has stabilized the market growth to some extent, and with the resuming economy in various countries of the region, the market is expected to grow in the upcoming years.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC water cooling tower market. The APAC water cooling tower market is expected to grow at a good CAGR during the forecast period.
- This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.
APAC Water Cooling Tower Market Segmentation
APAC Water Cooling Tower Market – By Type
- Crossflow
- Counterflow
- Forced Draft
- Induced Draft
- Others
APAC Water Cooling Tower Market – By Application
- Industrial
- Power Plant
- HVAC
APAC Water Cooling Tower Market, by Country
- China
- Japan
- India
- South Korea
- Australia
- Rest of APAC
APAC Water Cooling Tower Market -Companies Mentioned
- Babcock & Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- BELL COOLING TOWERS
- EVAPCO, Inc.
- Hamon
- MESAN Group
- SPX Cooling Technologies, Inc.
Asia-Pacific Water Cooling Tower Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 361.57 Million |
| Market Size by 2028 | US$ 493.86 Million |
| CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
- Comprehensive Market Sizing and Forecast Analysis
- Detailed Segmentation Analysis
- In-Depth Market Dynamics Assessment
- Regional and Country-Level Insights
- Competitive Landscape and Company Benchmarking
- Strategic Business Intelligence
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