Report : North America 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)
Crossflow Segment to Dominate North America Water Cooling Tower Market During 2021–2028
According to a new market research study on “North America Water Cooling Tower Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 825.03 million by 2028 from US$ 626.41 million in 2021. The market is estimated to grow at a CAGR of 4.0% from 2021 to 2028. The report provides trends prevailing in the North America water cooling tower market along with the drivers and restraints pertaining to the market growth. Growth in construction activities across several countries and increasing number of power plants are the major factor driving the growth of the North America water cooling tower market. However, high installation and maintenance cost hinders the growth of North America water cooling tower market.
In case of COVID-19, North America is highly affected specially the US. The shutdown of manufacturing industries due to the COVID-19 pandemic hampered the operations of various industries which has negatively impacted the market. However, the water cooling tower has been growing with rising demand of HVAC system in commercial places. HVAC system are widely used in commercial building to maintain the cooling temperature of premises. Also, the outbreak of COVID-19 has increased the demand of data centers due to the rising cloud based business activities, which extended server spaces requirement by many corporates to support efficiently its work from home culture during the pandemic. Moreover, due to the government’s social distancing norms to contain the spread of COVID-19 viruses, many companies from North America have started their operations virtually. This has led many employees to work from home. Further, companies required more data space to smoothly function their operations, and this factor has bolstered the demand for data centers and subsequently increased the application of water cooling towers in data centers. However, the supply chain of water cooling tower components was disrupted due to partial restriction on cargo and transport at the beginning of the pandemic, but soon market overcame this challenge. Hence, the sudden rise in demand for water cooling towers from HVAC companies has stabilized the growth of the market, and the market is expected to recover its overall growth with the resumption of work in major industries in the region.
The North America 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 North America 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 North America 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 US, Canada, and Mexico.
Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; Delta Cooling Towers, Inc.; EVAPCO, Inc.; Hamon; MESAN Group; Samco Technologies, Inc.; and SPX Cooling Technologies, Inc. are among the leading companies in the North America 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.