According to a new report Global Cooling Towers Market, published by KBV research, The Global Cooling Towers Market size is expected to reach $4,585.8 million by 2027, rising at a market growth of 4.4% CAGR during the forecast period.
The hybrid segment would showcase a promising growth rate during the forecast period. Hybrid cooling towers decrease the steam drift and are crucial in plume abatement. These towers can also operate efficiently in different climatic conditions. Thus, these factors are likely to boost the adoption rate of hybrid cooling towers during the forecast period.
In 2020, the fiber-reinforced plastic (FRP) segment garnered the maximum revenue share of the cooling tower market. High corrosion resistance and the capability to endure different environmental conditions are some of the major advantages of FRP cooling towers. Though, the adoption of FRP cooling towers would be hindered by the high costs.
The HVAC segment is likely to display the fastest growth rate during the forecast period. This is attributed to the growing number of construction activities in residential as well as commercial establishments.
The Asia Pacific market dominated the Global Cooling Towers Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,690.8 million by 2027. The Europe market is estimated to witness a CAGR of 4% during (2021 - 2027). Additionally, The North America market would experience a CAGR of 4.2% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/cooling-towers-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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