APAC Tops the Global Hybrid Cooling Towers Market| Technavio

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LONDON–()–The latest market research report by Technavio on the global hybrid cooling towers market predicts a CAGR of around 6% during the period 2017-2021.

The report segments the global hybrid cooling towers market by end-user (power generation, heating, ventilation, and air-conditioning (HVAC), oil and gas, chemical and petrochemical, and food and beverage) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global hybrid cooling towers market, according to Technavio heavy industry researchers:

  • Automated process control: a major market driver
  • In 2016, the power generation sector dominated the market by occupying almost 23% share
  • APAC dominated the global hybrid cooling towers market with around 36% share in 2016
  • Babcock & Wilcox Enterprises, Babcock & Wilcox Enterprises, ENEXIO MANAGEMENT, EVAPCO, Johnson Controls, and SPX are the leading players in the market

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Automated process control: a major market driver

Automated process control is one of the major factors driving the global hybrid cooling towers market. It is essential to optimize the mode of operation while operating hybrid cooling towers so that the operation is plume-free even when there is a change in the ambient meteorological conditions. Optimization also assists in adjusting the cooling water temperatures to control the cooling water flow rate and the heat rejection rate. Apart from this, it also helps in minimizing the power consumption of cooling tower fans. The global hybrid cooling towers market is expected to witness growth during the forecast period, with better control over the overall operation of the cooling towers as well as higher adoption and penetration rates.

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APAC: largest hybrid cooling towers market

APAC dominated the global hybrid cooling towers market with around 36% share in 2016. APAC will continue to dominate the market during the forecast period. The region is also expected to grow the fastest among the three regions in the global hybrid cooling towers market. APAC’s food and beverage industry grew at a tremendous pace in 2016. Grain mill products, meat and meat products, and oils and fats are the three categories that accounted for approximately half of APAC’s food industry turnover in 2016.

According to Gaurav Mohindru, a lead analyst at Technavio for research on unit operations, “In the petrochemical sector, China was one of the largest markets for petrochemicals in 2015.Apart from this, APAC has an enormous demand for electric power. The primary reason for the growth of electricity consumption in APAC can be attributed to the tremendous growth in the electricity consuming sectors. With promising opportunities from the prominent end-user sectors, the hybrid cooling tower manufacturers are expected to witness a steady market growth and demand during the forecast period.”

Competitive vendor landscape

The global hybrid cooling towers market is marked by the presence of many international players that offer a wide range of products and services. These offerings cater to the demands of major end-users. By the end of the forecast period, we expect additional cooling towers manufacturers to diversify into the hybrid systems and intensify the competition further. The industry is driven by the capability to meet end-user preferences. The customer preference usually includes safety, ease of operation, cost, sustainability, reliability and tailored needs.

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Maria Burns

Maria Burns

Maria is a Viral News Editor who graduated from the University Of California. She likes social media trends, being semi-healthy, Buffalo Wild Wings and vodka with lime. When she isn’t writing, Maria loves to travel. She last went to Thailand to play with elephants and is planning a trip to Bali.
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