The Asia Pacific Cooling Towers Market would witness market growth of 4.5% CAGR during the forecast period (2021-2027).
The cooling tower is highly useful in maintaining the temperature in the chillers for several industrial applications. Moreover, cooling towers have many applications in power generation and manufacturing facilities in industrial sectors for maintaining a cool environment. The cooling tower is mainly utilized to pass the heat into the atmosphere. These are relatively less costly and reliable devices that can remove low-grade heat from cooling water. Cooling towers are highly utilized in eliminating excessive heat which is produced and are utilized to showcase a comparatively affordable and reliable method to remove low-grade heat from cooling towers.
APAC would display a prominent growth in the overall cooling towers market. The existence of key and local market players is responsible for the growth of the regional market. India is slowly transforming as one of the dominating economies across the region. Government authorities are providing promising foreign direct investment (FDI) schemes that are beneficial for the manufacturers.
In addition, the smart city mission introduced by the Government of India in June 2015 has remarkably increased the demand for HVAC systems, thereby increasing the adoption of cooling towers in the regional market. Moreover, the booming population, growing urbanization, and industrialization with the surge in concerns regarding infrastructure development in China and India are some of the growth catalysts for the regional cooling tower market.
The China market dominated the Asia Pacific Cooling Towers Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $474.6 million by 2027. The Japan market is experiencing a CAGR of 3.9% during (2021 - 2027). Additionally, The India market would showcase a CAGR of 5.1% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Cooling Towers Market is Projected to reach USD 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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