The Europe Cooling Towers Market would witness market growth of 4.0% CAGR during the forecast period (2021-2027).
A key driver for the growth of the cooling tower market is the rise in demand for the energy-efficient cooling system in commercial as well as industrial applications. Moreover, cooling towers are ideal equipment for cooling large commercial spaces as well as process cooling applications in several industries and industry verticals like chemicals, oil & gas, and food processing. Additionally, there has been a wide-scale installation of cooling towers in thermoelectric power plants to eliminate the extra heat. Ever-growing consumption of electricity results in the construction of new power plants, which would boost the growth and demand for cooling towers in the market.
As the regional players continue to put a large investment in bringing advancement in the cooling tower, the regional market is expected to witness a high demand & growth of cooling towers. Urbanization is playing a crucial role in the increased adoption and demand for the cooling tower in the regional market. In addition, governments of this region are crafting supportive regulations that could help the market of the cooling tower to grow further.
Additionally, the growth of the regional market would be fuelled by the increasing development of HVAC systems in commercial construction. Moreover, the huge investments in industrial development would boost the growth of the cooling tower in the regional market. Further, increased demand for energy-efficient systems in the food & beverages industry would accelerate the growth of the regional cooling tower market during the forecast period.
The Germany market dominated the Europe Cooling Towers Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $317.9 million by 2027. The UK market is anticipated to grow at a CAGR of 3.2% during (2021 - 2027). Additionally, The France market would register a CAGR of 4.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Cooling Towers Market Size will Hit $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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