Europe Water Cooling Tower Market
The European water cooling tower market is segmented into France, Germany, Russia, Italy, the UK, and the Rest of Europe. The European region is one of the largest markets for manufacturing and consists of a group of more than 40 countries. Western European countries are more advanced than the Nordic and Eastern European countries, which is contributing significantly to the water cooling tower market as most industries are in the western part of Europe. Economically strong countries such as Germany, France, Italy, and the UK have been significantly applying water cooling towers in their large set of manufacturing industries including food & beverages, pharmaceuticals, and oil & gas. In addition to this, the region comprises one of the largest chemical industries in Europe. As per the European commission, in 2018, the region accounts about 17% of total global sales with turnover of around US$ 666 billion. In addition to this, the chemical industry represents around 7.5% of manufacturing sector of the European region in terms turnover. Hence, having a large presence of chemical industry is expected to proliferate the market growth chemical companies are considered one of the prime end-users of water cooling tower. Further, the region is known for one of the biggest nuclear power plants across the globe. As per the Government of Canada statistics, France and Russia are the two countries in Europe that generate 15% and 8% of the total nuclear power across the world, respectively, from their nuclear power plants. According to the International Atomic Energy Agency (IAEA), France has 56 nuclear power reactors in operation and its nuclear power plants accounted for 70.6% of total French electricity generation in 2019. Similarly, Russia generates a significant amount of power from its nuclear power plants. Thus, the major contribution of nuclear power plants in total power production in both countries is expected to positively impact the water cooling tower market in the region as the water cooling towers are extensively used by the nuclear power plants.
In case of COVID-19, Europe is highly affected specially France and Russia. The impact of COVID-19 differed from country to country across the European region as many countries witnessed an increase in the number of COVID-19 cases which attracted stricter and longer lockdown in the region. However, Western European countries have seen a comparatively faster recovery rate of COVID-19 patients and a reducing number of new cases due to their strong healthcare system. To protect its citizens from the COVID-19 virus, the European government has made tremendous investments in incorporating COVID-19 vaccines in its healthcare systems to cure patients and contain the spread of the virus. Due to the sudden outbreak of COVID-19 and subsequent lockdowns across Europe, the power plant industry had witnessed a major slump in its production because of the limited operations in the plants during the first two quarters of 2020. This development has negatively impacted the water cooling tower market as the power plants are recognized as one of the major beneficiaries of water cooling towers. However, the surge in demand for cooling system in industrial sector such as food & beverages, chemicals, and petrochemicals due have increased the demand of water cooling towers across the region. Furthermore, the slow resumption of various companies’ operational activities, coupled with relaxed lockdown norms in many European countries, is expected to support the recovery of the market in the coming years.
Strategic insights for the Europe 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$ 425.98 Million |
| Market Size by 2028 | US$ 526.87 Million |
| Global CAGR (2021 - 2028) | 3.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Europe
|
| Market leaders and key company profiles |
The geographic scope of the Europe 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 Europe water cooling tower market is expected to grow from US$ 425.98 million in 2021 to US$ 526.87 million by 2028; it is estimated to grow at a CAGR of 3.1% from 2021 to 2028. In recent times, plume abatement cooling tower, also called the hybrid cooling tower, is gaining major traction. The growing popularity of the tower can be attributed to its enhanced cooling efficiency and reduced unwanted water vapor plumes, which prevent the environment from bad air quality and visual pollutions. Also, the hybrid cooling tower is finding an increased application in various industries due to its extremely low visibility of plumes. For instance, in July 2020, HAMON-B. GRIMM completed the installation of a plume abatement cooling tower consisting of 6 cells at airports across the region. The cooling tower is located very close to the airport runways, and due to its extremely low visible plumes in environment, the airport operations are functioning smoothly. Similarly, in July 2020, Hamon successfully installed another plume abated cooling tower. Thus, the hybrid cooling tower is trending and becoming popular due to its improved operational efficiency and low plume abatement capability, thereby driving the Europe water cooling tower market.
In terms of type, the crossflow segment accounted for the largest share of the Europe water cooling tower market in 2020. In terms of application, the industrial segment held a larger market share of the Europe water cooling tower market in 2020.
A few major primary and secondary sources referred to for preparing this report on the Europe 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; EVAPCO, Inc.; Hamon; MESAN Group; SPX Cooling Technologies, Inc.; and Vistech Cooling Systems.
The Europe Water Cooling Tower Market is valued at US$ 425.98 Million in 2021, it is projected to reach US$ 526.87 Million by 2028.
As per our report Europe Water Cooling Tower Market, the market size is valued at US$ 425.98 Million in 2021, projecting it to reach US$ 526.87 Million by 2028. This translates to a CAGR of approximately 3.1% during the forecast period.
The Europe 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 Europe Water Cooling Tower Market report:
The Europe Water Cooling Tower Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Water Cooling Tower Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Water Cooling Tower Market value chain can benefit from the information contained in a comprehensive market report.
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