The global cooling tower market size is estimated at USD 2.1 billion in 2021 and is projected to reach USD 2.6 billion by 2026, at a CAGR of 4.5%. The demand for cooling tower is primarily driven by the increase in industrialization in Asia Pacific region, stringent government regulations and rise in use of HVACR systems. However, sluggish market growth in Europe and North America are key challenges faced by manufacturers of cooling tower.
Download PDF Brochure https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=268219049
Asia Pacific is a key market for the production of cooling towers production and is projected to grow at a CAGR of 5.5% in terms of value during the forecasted period. The availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes the region an attractive investment destination for cooling towers manufacturers. The chemical industry is one of the biggest industries utilizing heat transfer fluids which supports its growth in this region. Urbanization and improvement in the standard of living are propelling the demand for electricity and encouraging the incorporation of renewable energy in power generation.
Based on application, the HVACR segment is projected to grow at the highest CAGR during the forecast period. Demand for climate control systems such as HVAC is rising significantly owing to the need for comfort, rising disposable income, changes in climate, and awareness about energy efficiency. This development is expected to be further propelled by stringent government regulatory guidelines and incentives to ensure saving energy and the conservation of natural resources. Increasing adoption of HVACR systems is expected to drive the demand for cooling towers globally.
Request Sample Pages https://www.marketsandmarkets.com/requestsampleNew.asp?id=268219049
Based on type, the evaporative cooling tower is projected to dominate the market between 2021 and 2026. The segment accounted for a share of 55.1% of the overall market in 2020. The market size of the evaporative cooling tower was USD 1,101.9 million in 2020 and is projected to reach USD 1,417.0 million by 2026, at a CAGR of 4.4% between 2021 and 2026. The evaporative cooling tower segment dominates the market due to its high energy efficiency, vast applications in power industries, and high performance over any other cooling tower type.
No comments:
Post a Comment