Report : Middle East & Africa Water Cooling Tower Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Crossflow, Counterflow, Forced Draft, Induced Draft, and Others) and Application (Industrial, Power Plant, and HVAC)
Counterflow Segment is Expected to be Fastest Growing During Forecast Period for MEA Region
According to a new market research study on “MEA Water Cooling Tower Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 160.07 million by 2028 from US$ 134.35 million in 2021. The market is estimated to grow at a CAGR of 2.5% from 2021 to 2028. The report provides trends prevailing in the MEA water cooling tower market along with the drivers and restraints pertaining to the market growth. Stiff government rules and policies and surging popularity of hybrid cooling towers are the major factor driving the growth of the MEA water cooling tower market. However, overpriced maintenance and upgradations hinders the growth of MEA water cooling tower market.
In case of COVID-19, MEA is highly affected specially Turkey and South Africa. It is becoming clear with the COVID-19 pandemic spreading through the above-mentioned countries that few can avoid its effects, posing major challenges for all sectors. The COVID-19 pandemic has halted operations of many industrial-based companies across the region, which has negatively impacted the water cooling tower market as the industrial companies are one of the major end users of the water cooling towers. Furthermore, the nationwide lockdown in the region has severely hampered the power plants' production activities as the power demand has significantly reduced due to the halt of operational activities in the majority of plants and factories across the region. As power plants are one of the prime beneficiaries of water cooling towers, the less operational activities in power plants are restraining the growth of the market in the region. However, with the introduction of COVID-19 vaccines in the MEA, the economies of various countries are slowly resuming and people are slowly returning to normalcy. Hence, the market is expected to recover in the upcoming years.
The MEA 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 MEA 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 MEA water cooling tower market in 2020 and same segment is expected to be fastest growing during forecast period. In terms of country, the market is segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; EVAPCO, Inc.; Hamon; MESAN Group; and SPX Cooling Technologies, Inc. are among the leading companies in the MEA 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 2019, Babcock & Wilcox Enterprises, Inc. (SPIG S.p.A.) had been awarded a contract to supply a sea water cooling tower to SEPCOIII for the Al Dur Phase II Independent Water and Power Project in the Kingdom of Bahrain. SPIG had supplied 40 induced draft counter flow cells constructed from fiberglass reinforced plastic (FRP) in a back-to-back configuration capable of handling a total water flow of more than 118,000 cubic meters per hour.