Asia-Pacific Water Cooling Tower Market
The Asia-Pacific (APAC) water cooling tower market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region has enormous growth potential, with fast-growing countries such as China and India and developed nations such as Japan and Australia. The region has a vast manufacturing sector, including electronics, food & beverages, automobiles, and healthcare industries. The region is witnessing rapid urbanization and industrialization due to its rising population and increasing per capita income which is directly impacting the demand for power generation solutions in the region. Further, the rapid urbanization in the region is causing the development of more residential and commercial properties such as shopping malls, corporate offices, hotels, retail stores, and hospitals. Commercial and residential properties extensively use heating, ventilation, and air conditioning (HVAC) systems to remove heat from inside of premises, and water cooling towers are one of the essential components of HVAC systems. Further, APAC is one of the fastest-growing economies in the world, owing to its rapid industrialization. This development is favoring the water cooling tower market. The region is witnessing significant growth in various manufacturing industries including chemical & petrochemical, plastic and paper, paints, steel and iron, rubber, and industrials tiles & glass. The above-mentioned industries extensively use water cooling towers to transfer heat from their production plants. In addition, the region is also characterized with presence of one of the largest petrochemical industries which is being considered one of the major end-users of water cooling towers.
In case of COVID-19, APAC is highly affected specially India. Due to the massive number of cases in India, the APAC region is greatly affected by COVID-19. In APAC region, China homes the largest population across the world, which is imposing greater risk to a large number of individuals. China is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies of the region, including China, India, Australia, and Vietnam, and the market has experienced a downward industrial growth during the first two quarters of 2020. The sudden shutdown of all economic activities and industrial factories across all countries in the region has significantly reduced the application of air cooling towers and has negatively impacted the growth of the market. However, the HVAC-based companies have witnessed significant growth during the pandemic. The growth of the HVAC systems can be attributed to increased applications of data centers, owing to the rising need for extended server space among IT companies and educational institutions. Thus, the rising demand of data centers globally has increased the demand for water cooling towers to cool the data center premises. Hence, the COVID-19 pandemic has had an overall negative impact on water cooling tower manufactures in the region. However, the growth in the HVAC sector has stabilized the market growth to some extent, and with the resuming economy in various countries of the region, the market is expected to grow in the upcoming years.
Strategic insights for the Asia-Pacific Water Cooling Tower provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 361.57 Million |
| Market Size by 2028 | US$ 493.86 Million |
| Global CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Water Cooling Tower refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The APAC water cooling tower market is expected to grow from US$ 361.57 million in 2021 to US$ 493.86 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The growing urbanization in several economies are resulting in increased number of construction activities. This factor is fueling the demand for water cooling towers. The rising construction of industrial and commercial properties is increasing the demand for heat, ventilation, and air conditioning (HVAC) systems as these systems are more suitable for commercial and industrial cooling and ventilation requirements. Cooling towers are a mandatory component of an HVAC system, which is used to remove excess heat from the building premises. HVAC systems have extensive applications in commercial properties such as shopping malls, corporate offices, hotels, retail stores, and warehouses. The rising industrialization in economies is causing an increase in the construction of plants and factories of various industries such as chemical, pharmaceutical, rubber and plastic, automotive, petrochemical, oil & gas, food processing, and sugar refineries. The industrial segment is considered one of the prime users of water cooling towers as these industries generate extensive heat during their operations. The growth of the various industries in economies can be attributed to the increasing demand for consumer goods and the rising disposable income of consumers in economies. Thus, the rapid urbanization and industrialization in several APAC economies are fueling the construction activities and subsequently proliferating the demand for water cooling towers across APAC region.
In terms of type, the crossflow segment accounted for the largest share of the APAC water cooling tower market in 2020. In terms of application, the industrial segment held a larger market share of the APAC water cooling tower market in 2020.
A few major primary and secondary sources referred to for preparing this report on the APAC water cooling tower market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; BELL COOLING TOWERS; EVAPCO, Inc.; Hamon; MESAN Group; and SPX Cooling Technologies, Inc.
The Asia-Pacific Water Cooling Tower Market is valued at US$ 361.57 Million in 2021, it is projected to reach US$ 493.86 Million by 2028.
As per our report Asia-Pacific Water Cooling Tower Market, the market size is valued at US$ 361.57 Million in 2021, projecting it to reach US$ 493.86 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The Asia-Pacific Water Cooling Tower Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Water Cooling Tower Market report:
The Asia-Pacific Water Cooling Tower Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Water Cooling Tower Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Water Cooling Tower Market value chain can benefit from the information contained in a comprehensive market report.
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