Hybrid Cooling Towers Market is to grow by USD 198.64 million from 2023 to 2028, Increase in construction of data centers to drive the growth - Technavio

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The hybrid cooling towers market is expected to grow by USD 198.64 million from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 4.39% during the forecast period. The market is segmented by end-user (power generation, HVAC, oil and gas, chemical and petrochemical, and others), type (direct contact and closed circuit), and geography (APAC, Europe, North America, Middle East and Africa, and South America). The increase in the construction of data centers is a key factor driving market growth. Data centers are becoming invaluable assets for organizations of all sizes and industries, as these facilities provide a wide range of services, including data storage and cloud computing. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the hybrid cooling towers market: Babcock and Wilcox Enterprises Inc., Baltimore Aircoil Co., Composite Cooling Solutions LP, Cooling Tower Depot Inc., Delta Cooling Towers Inc., ENEXIO Management GmbH, EUROCONFORT GROUP LLC, EVAPCO Inc., FANS AS, Hamon S.A., Harrison Cooling Towers Pvt. Ltd., Johnson Controls International Plc, Konuk Isi, Kuken Kogyo Co. Ltd., MITA Cooling Technologies Srl, North Street Cooling Towers Pvt. Ltd., Paharpur Cooling Towers Ltd., Seagull Cooling Tower Co. Ltd, SPX Corp., and Thermal Care Inc.
• Hybrid Cooling Towers Market is fragmented in nature.
• Market to observe 4.04% YOY growth in 2024.

Market Dynamics:

Major Trend

• The availability of rental hybrid cooling towers is a major trend in the market.
• In the case of power generation, process cooling, and air conditioning cycles, Hybrid Cooling Towers shall be used by end users including electricity producers and oil and gas companies.
• In addition, the economic benefits offered by rented cooling towers compared with purchased cooling towers will also contribute to the growth.

Significant Challenge

• Growing demand for re-engineered or refurbished hybrid cooling towers is a significant challenge restricting market growth.
• The purchase of a new hybrid cooling unit can be costly and may have an impact on the budgets of industrial undertakings, including food and beverages.
• Furthermore, several small and midsized enterprises preferred to restore or repair the aging hybrid refrigeration tower over replacing it when its functionality ceased.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Keg Segments:

The power generation segment is estimated to witness significant growth during the forecast period. The need to build more power stations to meet the demand will be supported by increasing electricity and energy production around the world. Furthermore, the governments of different countries have opted to install nuclear power plants because they tend to produce electricity at a lower lifetime cost than oil, gas, coal, and renewables.

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Related Reports:

The evaporative cooling market is estimated to grow at a CAGR of 7.86% between 2022 and 2027. The size of the market is forecast to increase by USD 2,010 million. 

The Cryocooler Market size is estimated to grow at a CAGR of 5.66% between 2022 and 2027 and the size of the market is forecast to increase by USD 816.44 million. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio