The global Water-Cooling Tower Market is expected to grow from US$ 1,635.2 million in 2021 to US$ 2,105.0 million by 2028; it is estimated to register a CAGR of 3.7% from 2021 to 2028. The rising demand for heating, ventilation, and air conditioning (HVAC) in food & beverages, chemical, and petrochemicals industries is increasing the scope of water-cooling tower applications in the given industries. Furthermore, the water-cooling tower has been growing with rising demand of HVAC system in data centers. HVAC systems are widely used in data centers to maintain the cooling temperature of data center premises. Water-cooling tower is one of the important components of HVAC systems. Thus, the rising demand for HVAC systems from the above-mentioned industries is expected to positively influence the water-cooling tower market globally.
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Rise in industrialization, increase in demand for power supply, and rapid growth in the number of internet users in developing economies are a few major driving factors for the water-cooling tower market. The rising construction of various industrial plants and factories in developing countries such as China, India, Brazil, and Vietnam is creating a lucrative opportunity to increase water-cooling tower application in developing countries across the globe. In addition, a growing number of industries globally will further boost the power consumption, which is expected to increase the operating hours of power plants. The growth of water-cooling towers is directly proportional to power plants; hence, the rising power production in power plants is expected to fuel the demand for water-cooling towers globally.
The key companies operating in the water-cooling tower market include Babcock And Wilcox Enterprises, Inc.; Baltimore Aircoil Company; Bell Cooling Towers; Delta Cooling Towers, Inc.; Evapco, Inc.; Mesan Group; and Samco Technologies, Inc. In addition to these players, several other essential market players have also been studied and analyzed to get a holistic view of the global water-cooling tower market and its ecosystem.
The overall size of the water-cooling tower market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the water-cooling tower market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the water-cooling tower market.
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