HVAC Segment Is Expected to Be Fastest Growing During Forecast Period for Europe Region

According to a new market research study on “Europe Water Cooling Tower Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 526.87 million by 2028 from US$ 425.98 million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028. The report provides trends prevailing in the Europe water cooling tower market along with the drivers and restraints pertaining to the market growth. Burgeoning number of power plants and escalating construction activities across several countries are the major factor driving the growth of the Europe water cooling tower market. However, overpriced maintenance and upgradations hinders the growth of Europe water cooling tower market. 

In case of COVID-19, Europe is highly affected specially France and Russia. The impact of COVID-19 differed from country to country across the European region as many countries witnessed an increase in the number of COVID-19 cases which attracted stricter and longer lockdown in the region. However, Western European countries have seen a comparatively faster recovery rate of COVID-19 patients and a reducing number of new cases due to their strong healthcare system. To protect its citizens from the COVID-19 virus, the European government has made tremendous investments in incorporating COVID-19 vaccines in its healthcare systems to cure patients and contain the spread of the virus. Due to the sudden outbreak of COVID-19 and subsequent lockdowns across Europe, the power plant industry had witnessed a major slump in its production because of the limited operations in the plants during the first two quarters of 2020. This development has negatively impacted the water cooling tower market as the power plants are recognized as one of the major beneficiaries of water cooling towers. However, the surge in demand for cooling system in industrial sector such as food & beverages, chemicals, and petrochemicals due have increased the demand of water cooling towers across the region. Furthermore, the slow resumption of various companies’ operational activities, coupled with relaxed lockdown norms in many European countries, is expected to support the recovery of the market in the coming years.

The Europe water cooling tower market is segmented based on type, application, and country. Based on type, the market is segmented into crossflow, counterflow, forced draft, induced draft, and others. The crossflow segment dominated the Europe water cooling tower market in 2020 and counterflow segment is expected to be fastest growing during forecast period. In terms of application, the market is segmented into industrial, power plant, and HVAC. The industrial segment dominated the Europe water cooling tower market in 2020 and HVAC segment is expected to be fastest growing during forecast period. In terms of country, the market is segmented into the UK, Germany, France, Italy, Russia, and rest of Europe.

Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; EVAPCO, Inc.; Hamon; MESAN Group; SPX Cooling Technologies, Inc.; and Vistech Cooling Systems are among the leading companies in the Europe water cooling tower market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Hamon has been selected by Fuji Electric Co., Ltd. to take part in the Tauhara Geothermal Power Project with an FRP-induced draft cooling tower. Tauhara, located near Lake Taupo, in the center of New Zealand’s North Island, about 280 kilometers south of Auckland, would help to meet New Zealand’s increased electricity needs over the next decades.