Hybrid Cooling Towers Market: Key Drivers and Segmentation
Synopsis of Growth Drivers with Market Forecast 2021-2025
The Hybrid Cooling Towers Market is projected to post an incremental growth of $ 162.70 mn, at a CAGR of over 4% till 2025. This research report provides detailed insights into growth drivers that are likely to boost the market. It also provides an analysis of all the segments, trends and challenges that are expected to impact the market in focus. This research will thus equip business leaders with data and insights necessary for designing future ready strategies for growth and development.
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Hybrid Cooling Towers Market: Increase in construction of data centers to drive growth
One of the primary factors that will trigger the growth of the Hybrid Cooling Towers Market size is the rise in the construction of data centers across the globe. The global data center market is driven by factors such as the rising adoption of multi-cloud and network upgrades. The highly sensitive electronic components in the data center need consistent limits of temperature, air movement, humidity, and air cleanliness. Hybrid cooling towers have modular control systems enabling facility managers to prioritize water and energy savings dynamically to get the right balance based on the facility’s daily operating environment. Such benefits will lead to an increase in demand for hybrid cooling towers in data center HVAC systems for year-round cooling. Thus, the growth in data center construction will propel the demand for HVAC, which, in turn, will drive the hybrid cooling towers market growth during the forecast period.
The incorporation of IoT with hybrid cooling towers is a crucial upcoming trend expected to further drive the hybrid cooling towers market growth in the coming years. IoT monitors the hybrid cooling towers and triggers an alert in case they operate outside the set range. The incorporation of IoT, therefore, eliminates the need for tower operators to monitor these towers.
Hybrid Cooling Towers Market: Segments and Geographical Regions
This report provides a detailed analysis of the market by End-user (Power generation, HVAC, Oil and gas, Chemical and petrochemical, and Others) and Geography (APAC, Europe, North America, MEA, and South America). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges on each market segment along with insights into the way forward. These insights will equip clients with information that will help them design a growth strategy for their business and area of operation. Request our Free Sample Report
Hybrid Cooling Towers Market: Vendor Landscape
The market is fragmented due to the presence of several players. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Co., ENEXIO Management GmbH, EVAPCO Inc., FANS AS, Harrison Cooling Towers Pvt. Ltd., Johnson Controls International Plc, North Street Cooling Towers Pvt. Ltd., SPX Corp., and The Jacir Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.
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Hybrid Cooling Towers Market Size to Grow by $ 162.70 Million During 2021-2025
Technavio has been monitoring the hybrid cooling towers market and it is expected to grow by $ 162.70 mn, accelerating at a CAGR of almost 4% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Hybrid Cooling Towers Market: APAC to lead market growth during the forecast period
Hybrid Cooling Towers Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Co., ENEXIO Management GmbH, EVAPCO Inc., FANS AS, Harrison Cooling Towers Pvt. Ltd., Johnson Controls International Plc, North Street Cooling Towers Pvt. Ltd., SPX Corp., and The Jacir Co. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
For more insights on this market: Download a Free Sample Report
Hybrid Cooling Towers Market: Key Highlights of the Report for 2021-2025
