A recent Transparency Market Research Report states that the global cooling tower market is projected to witness a substantial growth during the tenure of 2019 to 2027. As per the study, the growth of the market is attributed to the growing industrialization in developing countries where massive cooling towers are being installed to cater to the issue of overheating of the facilities. Looking at the growth in the number of such installations, the experts at Transparency Market Research predicts that global cooling tower market is expected to witness a robust 3% CAGR during this time frame. Moreover, the market shall reach to the mark of ~US$ 5 Bn by the end of 2027, says the report by Transparency Market Research.
Key Findings in the Global Cooling Tower Market Study
- According to IEA, the investments in nuclear power plants are expected to surpass ~US$ 1.1 Trillion by the end of 2040. These investments are the result of growing focuses of countries like China and India to produce more nuclear energy in coming future.
- The field-erected towers under the construction category are expected to dominate the market. This dominance of the market is the result of growing preference of oil and gas companies to use custom cooling towers as per their location.
- The evaporative segment under heat transfer category is anticipated to have a major share in global cooling tower market during the tenure of 2019 to 2027.
Major Drivers Driving the Growth of Global Cooling Tower Market
Growing Oil and Gas Industry to Propel the Market
Oil and gas industry is witnessing a major boom these days. The industry is using massive machine in the field that produces tremendous heat. In order to keep the machines at normal temperature, the businesses in oil and gas industry are extensively using cooling towers across the globe. Owing to these applications, the global cooling tower market is expected to witness a massive growth during the tenure of 2019 to 2027.
Increasing Application of HVAC Boosts the Growth of the Market
HVACs are massively used in various businesses across the globe. These machines are used to keep the temperature controlled in massive commercial and residential buildings across the globe. However, for best results, the HVACs must be kept cool. Owing to this rise in the use of HVACs across the globe, the cooling tower market shall witness the projected growth during the forecast period of 2019 to 2027.
Major Roadblocks that Might Hamper the Growth of Global Cooling Tower Market
The report on global cooling tower market by Transparency Market Research not just enlightens the readers with positive aspects of the market. It also helps them to cautiously monitor the challenges that might impede their personal growth. With the help of these insights, the players can deduce certain strategies that might help them withstand the impacts that these challenges might put in front of players of global cooling tower market.
Global Cooling Tower Market: Regional Analysis
On regional front, the global cooling market is dominated by Europe. This prominence of the region is the result of no-tolerance policies against emission of harmful gases in the atmosphere. To comply with these regulations, the businesses in region are using electric equipments. However, these machines need high performance cooling units that can keep them running. Owing to these developments, the global cooling towers market has a bright future in Europeduring the tenure of 2019 to 2027.