Water Cooling Tower Market Growing at 3.7% CAGR to be Worth $2,105.0 Million by 2028 Global Analysis by The Insight Partners - Covers Impact of COVID-19 Pandemic

According to our latest market study on “Water Cooling Tower Market Forecast to 2028 - COVID-19 Impact and Global Analysis – by Type and Application,” the market is expected to grow from US$ 1,635.22 million in 2021 to US$ 2,105.05 million by 2028; it is estimated to register a CAGR of 3.7% from 2021 to 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.

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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.

Top Dominating Key Players:

1. Baltimore Aircoil Company
2. Bell Cooling Towers
3. Delta Cooling Towers, Inc.
4. Evapco, Inc.
5. Hamon
6. Mesan Group
7. Samco Technologies, Inc
8. SPX Cooling Technologies, Inc.
9. Vistech Cooling Systems

Key Benefits:

To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Water Cooling Tower Market.

To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa).

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.

Scope of the study:

The research on the Water Cooling Tower Market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the Water Cooling Tower Market on the basis of end user, product type, application, and demography for the forecast period 2020 - 2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.

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Reasons to Buy the Report:

Learn about the driving factors, affecting the market growth.
Imbibe the advancements and progress in the market during the forecast period.
Understand where the market opportunities lies.
Compare and evaluate various options affecting the market.
Pick up on the leading market players within the market.
Envision the restrictions and restrains that are likely to hamper the market.

Contact Us:

The Insight partners,
Phone: +1-646-491-9876
Email: sales@theinsightpartners.com
Website: www.theinsightpartners.com

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.

This release was published on openPR.