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The hybrid cooling towers market size is estimated to grow at a CAGR of 4.39% between 2023 and 2028. The market size is forecast to increase by USD 198.64 million. The growth of the market depends on several factors, such as the increase in the construction of data centers, the increasing need to reduce environmental impact, and the growing number of nuclear power plants.
This report extensively covers market segmentation by end-user (power generation, HVAC, oil and gas, chemical and petrochemical, and others), type (direct contact and closed circuit), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Hybrid Cooling Towers Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Data centers are becoming an invaluable asset for organizations of all sizes and industries as these facilities offer a wide range of services, including data storage and cloud computing. In addition, the increasing adoption of cloud computing will further fuel the need for data centers.
Moreover, factors including the rise in the adoption of multi-cloud and network upgrades have resulted in the rapid growth of the market. As a result, it has also encouraged various countries to open data centers. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
Hybrid cooling towers are adopted by end-users including power generation and oil and gas for applications such as power generation cycle, process cooling, and air conditioning cycle. In addition, the demand for rental hybrid cooling towers is expected to rise due to the increase in HVAC deployments.
Moreover, it will be further fuelled by the economic benefits offered by rental cooling towers over purchased cooling towers. For instance, by renting hybrid cooling towers, organizations can save on capital and operating expenditures. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
The purchase of a new hybrid cooling tower can be expensive and can impact the budget of enterprises in industries including food and beverage. In addition, when an old hybrid cooling tower stops functioning, a few small- and medium-sized enterprises prefer refurbishing or repairing it over replacing it.
Moreover, hybrid cooling towers are often utilized in industries including power generation and petrochemicals and chemicals. Therefore, these devices are exposed to a variety of materials, chemicals, and atmospheric elements, which may degrade the hybrid cooling tower over time. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The power generation segment is estimated to witness significant growth during the forecast period. The growing power and electricity generation across the globe will fuel the demand for more power plants to fulfill the demand. As a result, it will fuel the demand for hybrid cooling towers. In addition, power generation through nuclear power plants is continuously increasing.
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The power generation segment was the largest segment and was valued at USD 163.37 million in 2018. Moreover, the governments of different countries are opting for nuclear power plants as the long-term cost of generation of electricity through these plants is lower when compared with generating electricity from oil, gas, coal, and renewable energy sources. In addition, hybrid cooling towers are used to reduce water consumption during thermal power generation with a minimum impact on plant performance. Furthermore, a significant amount of heat is released in nuclear power plants, which is removed by evaporative and heat transfer processes with hybrid cooling towers. It will result in an increase in demand for hybrid cooling towers in nuclear power plants. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on type, the segment is classified into direct contact and closed circuit. The direct contact segment is designed to optimize efficiency and reduce water consumption in the cooling process. In addition, the process of direct contact cooling towers includes the direct exchange of heat between the air and the water. Moreover, these cooling towers are renowned for their thermal performance and capacity to withstand large water flows. Furthermore, they are ideal for industrial applications, power plants, and manufacturing facilities that necessitate efficient cooling. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 38% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The growth of the power generation and food and beverage industries fuels the growth of the market in APAC. In addition, factors such as the rise in population density, increasing disposable income, and growing urbanization are leading to an increase in the demand for power food and beverages.
As a result, it will increase the construction of commercial and industrial buildings in the region. Therefore, the increase in construction activities has increased the demand for power which has forced the enterprises and governments in the region to increase the production of power by opening new power plants or expanding the existing power plants. Hence, such factors are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global hybrid cooling towers market witnessed a significant slowdown due to the temporary closure of industrial activities in the region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of production units and manufacturing processes of chemicals, oil and gas, commercial products, etc. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Babcock and Wilcox Enterprises Inc: The company offers hybrid cooling towers such as wet or dry hybrid cooling towers are the optimal solution for plume abatement and water savings.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Baltimore Aircoil Co., Composite Cooling Solutions LP, Cooling Tower Depot Inc., Delta Cooling Towers Inc., ENEXIO Management GmbH, EUROCONFORT GROUP LLC, EVAPCO Inc., FANS AS, Hamon S.A., Harrison Cooling Towers Pvt. Ltd., Johnson Controls International Plc, Konuk Isi, Kuken Kogyo Co. Ltd., MITA Cooling Technologies Srl, North Street Cooling Towers Pvt. Ltd., Paharpur Cooling Towers Ltd., Seagull Cooling Tower Co. Ltd, SPX Corp., and Thermal Care Inc.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The hybrid cooling towers market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Hybrid Cooling Towers Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.39% |
Market Growth 2024-2028 |
USD 198.64 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.04 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 38% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Babcock and Wilcox Enterprises Inc., Baltimore Aircoil Co., Composite Cooling Solutions LP, Cooling Tower Depot Inc., Delta Cooling Towers Inc., ENEXIO Management GmbH, EUROCONFORT GROUP LLC, EVAPCO Inc., FANS AS, Hamon S.A., Harrison Cooling Towers Pvt. Ltd., Johnson Controls International Plc, Konuk Isi, Kuken Kogyo Co. Ltd., MITA Cooling Technologies Srl, North Street Cooling Towers Pvt. Ltd., Paharpur Cooling Towers Ltd., Seagull Cooling Tower Co. Ltd, SPX Corp., and Thermal Care Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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