Report : South 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)
Industrial Segment is Expected to be Fastest Growing During Forecast Period for SAM Region
According to a new market research study on “SAM Water Cooling Tower Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 99.22 million by 2028 from US$ 86.91 million in 2021. The market is estimated to grow at a CAGR of 1.9% from 2021 to 2028. The report provides trends prevailing in the SAM water cooling tower market along with the drivers and restraints pertaining to the market growth. The increasing popularity of hybrid cooling towers and rise in construction activities are the major factor driving the growth of the SAM water cooling tower market. However, high maintenance cost hinders the growth of SAM water cooling tower market.
In case of COVID-19, SAM is highly affected specially Brazil, followed by Ecuador, Peru, Chile, and Argentina. Governments have been imposing travel restrictions, lockdowns, and trade bans to contain the spread of novel coronavirus. The region is witnessing operational halt in various sectors including manufacturing, energy & power, and industrial based companies and these sectors are one of the major end users of the water cooling towers. Thus, the COVID-19 pandemic is severely affecting the water cooling tower market growth in the region. However, recent relaxations in lockdown and the arrangement of large-scale vaccination drives would help the economies to bounce back, which would allow industries to regain their operations in the next few quarters in upcoming years. Amid the COVID-19 pandemic, the demand for the power from commercial and residential sector has increased significantly, owing to the rising trend of work from home culture among corporates across the region. This development has stabilized the demand for water cooling towers to some extent. However, the limited production activities and disrupted supply chain has hampered the market growth. Lowered production ration and declined sale of industrial products in first half of 2020 has negatively impacted the market growth. However, the demand for water cooling towers is expected to increase at considerable rate with the resumption of economic activities in many countries. Thus, the SAM water cooling tower market is projected to recover in upcoming years as many industries are dependent on it.
The SAM 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 SAM 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 SAM 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 Brazil, Argentina, and rest of SAM.
Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; EVAPCO, Inc.; Hamon; MESAN Group; and SPX Cooling Technologies, Inc. are among the leading companies in the SAM 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, EVAPCO, Inc. had installed resurrected EVAPCO cooling tower for Philadelphia’s Benjamin Franklin house. Downtown Philadelphia’s Benjamin Franklin House needed an HVAC overhaul but, like most historic buildings, had no room to expand. EVAPCO reached into its archives for the specs of the building’s original cooling tower and created a more powerful, up-to-date version for the same space, making the installation process easier for Elliott-Lewis Corporation.