The North America Cooling Towers Market would witness market growth of 4.2% CAGR during the forecast period (2021-2027).
A cooling tower can decrease the cooling water temperature, utilizing the surrounding air before the water enters the wet section. Hot air from dry cooling is mixed with saturated air from the wet section, hence reducing the steam plume. Hybrid cooling technology finds application in different industries such as chemical, metallurgy, plastic & rubber, petrochemical, paper, and manufacturing which would boost the growth of the cooling tower market during the forecast period.
North America is a promising region for the adoption and demand of cooling towers. This is attributed to the stiff government’s norms associated with water consumption, harmful environmental emissions discharged from towers, and an increase in the development of infrastructure. Besides, the region is likely to witness lucrative growth opportunities due to the existence of key manufacturers and the fast-paced deployment of next-generation technologies across the region.
Moreover, regional market players are taking initiatives to bring advancements in cooling towers which would positively impact the growth and demand for the cooling tower in this region. Further, developed countries such as the US, and Canada are witnessing high demand for cooling towers, hence boosting the market growth.
The US market dominated the North America Cooling Towers Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $913.8 million by 2027. The Canada market is poised to grow at a CAGR of 6.6% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 5.6% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Cooling Towers Market is Estimated 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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