The Latin America, Middle East and Africa Cooling Towers Market would witness market growth of 6.5% CAGR during the forecast period (2021-2027).
Cooling towers are utilized to maintain temperatures in the chillers for various industrial applications. They are primarily utilized in the manufacturing and power generation industries for maintaining the cool environment. To eliminate heat and maintain cool temperature are the main objectives of cooling towers. In addition, the cooling tower is capable of maintaining heat regulation in the air conditioning systems. Further, they are highly used in different industries like manufacturing, power generation, food & beverage, and HVAC systems.
The increasing number of oil & gas and power generation is responsible for the massive demand for cooling towers in the LAMEA region. The governments are willing to invest a large sum in building smart manufacturing plants, which would accelerate the growth of the regional cooling tower market over the forecast period. In addition, the key market players are ready to enter the market with advanced and cost-effective products that fulfill the unmet requirements of various regional countries.
The Brazil market dominated the LAMEA Cooling Towers Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $100.1 million by 2027. The Argentina market is exhibiting a CAGR of 7.1% during (2021 - 2027). Additionally, The UAE market would witness a CAGR of 6.2% during (2021 - 2027).
Based on Material, the market is segmented into Fiber Reinforced Plastic (FRP), High-Density Polyethylene (HDPE), Steel, Concrete and Others. Based on Type, the market is segmented into Open-circuit, Closed-circuit and Hybrid. Based on Application, the market is segmented into HVAC, Power Generation, Oil & Gas, Industrial and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Cooling Towers Market is Predict to reach $4,585.4 million by 2027, at a CAGR of 4.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baltimore Aircoil Company Inc., ENEXIO Water Technologies GmbH, Hamon & CIE International SA, B&W Spig S.P.A., SPX Corporation, Paharpur Cooling Tower Limited, Brentwood Industries, Inc., Johnson Controls Inc., Engie Refrigeration GmbH, and EVAPCO, Inc.
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