The water cooling tower market size is expected to reach US$ 2,105.0 million by 2028, registering at a CAGR of 3.7% from 2021 to 2028, according to a new research study conducted by The Insight Partners.
Rising Number of Power Plants Globally to Provide Growth Opportunities for Water Cooling Tower Market During 2021–2028
With the rising global demand for power consumption, the number of nuclear and geothermal power plants is rapidly increasing. Developing countries such as India, China, Argentina, Bangladesh, and Brazil have shown a significant demand for power generation. To fulfill this power requirement, many nuclear power plants are under construction. As per the World Nuclear Association data, by August 2021, about 100 nuclear power plants will be construction with an estimated capacity of about 110,000 Megawatt electric (MWe). Also, around 300 more nuclear power plants are proposed for construction across the world. Furthermore, about 30 countries with existing nuclear power plants are planning for additional nuclear power plants to meet their power requirement and some of those countries are China, India, the US, Russia, South Korea, France, and the UAE, among others. As per the International Energy Agency (IEA), nuclear plants’ contribution to global power generation is expected to be about 8.5% by 2040. Hence, with the growing trend of rapid urbanization and industrialization globally, the power consumption rates are expected to surge significantly in the coming years, and to fulfill this demand, the number of power plants will be increased. Thus, the growing power consumption is expected to create a lucrative opportunity for the water cooling tower market, as the power plants are the major end users of water cooling towers.
Based on type, the water cooling tower market is segmented into crossflow, counterflow, forced draft, induced draft, and others. In 2020, the crossflow segment led the water cooling tower market, accounting for the largest share in the market. On the basis of application, the water cooling tower market can be segmented into industrial, power plant, and HVAC. In 2020, the industrial segment accounted for the largest market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Impact of COVID-19 Pandemic on Water Cooling Tower Market
The COVID-19 pandemic has disrupted and negatively impacted the operations of several industries, including industrial; heating, ventilation, and air conditioning (HVAC); and power plants. A sharp decline in the growth of mentioned industries due to the pandemic is limiting the water cooling tower market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted manufacturing, supply, and sales of water cooling tower products.
Amid the COVID-19 pandemic, the demand for power from commercial and residential sectors has increased significantly, owing to the rising trend of work from home among corporates across the globe. This development has stabilized the demand for water cooling towers to some extent. However, the limited production activities and disrupted supply chain has hampered the market growth. Lowered production rate and declined sale of industrial products in first half of 2020 has negatively impacted the market growth. However, the demand for water cooling towers is expected to increase at considerable rate with the resumption of economic activities in many countries. Thus, the global water cooling tower market is projected to recover in upcoming years as many industries are dependent on it.
Babcock & 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.; and Vistech Cooling Systems are among the major companies operating in the water cooling tower market.
Water Cooling Tower Market Size, Share, Growth Report 2028
Download Free SampleWater 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)
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