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<h3>Overview of the global hybrid cooling towers market</h3>
It has been observed that the nuclear power sector generated about 2.5 trillion kWh of electricity in 2015 and this is estimated to increase during the next few years. The elimination of carbon emissions during power generation is one of the major factors gaining traction to the nuclear power industry. Technavio’s market research report has identified the growth of the nuclear power sector as one of the primary factors that will fuel the growth of the hybrid cooling towers market in the coming years. To cater to the growing demand for electricity, several countries across the globe have depend on the power from nuclear energy. Moreover, the depletion of fossil fuel reserves is also driving the demand for the production of electricity from nuclear resources. Countries such as the US, the UK, Spain, Romania, and Russia considerably depend on nuclear energy to generate electricity. This dependence on nuclear power will subsequently drive the need for cooling towers, fueling the growth of this global market. Our market research analysts estimate that this market will grow steadily at a CAGR of about 6% by 2021.
The inclination of power plants towards the utilization of municipal wastewater is one of the key trends that will gain traction in the hybrid cooling towers market in the coming years. The power industry is focusing on the usage of municipal wastewater as a feedstock for power plants since the prevailing costs and the associated regulations pose as major operational challenges. With the introduction of stringent government regulationsn and the increasing cost of water, the power utility sector will prefer the usage of municipal wastewater for their operations in power plants.
<h3>Competitive landscape and key vendors</h3>
The hybrid cooling towers market has the presence of several international players who offer a wide range of products and services. The growth of the players depends on the ability to cater to the demands of the end-users that is based on factors including safety, ease of operation, sustainability, and reliability. Economic conditions, government regulations, and the change in raw material prices pose as major challenges to the grwoth of the players and the market’s competitive environoment will further intensfy in the coming years.
The leading vendors in the market are-
<ul>
<li>Babcock & Wilcox Enterprises</li>
<li>ENEXIO MANAGEMENT</li>
<li>EVAPCO</li>
<li>Johnson Controls</li>
<li>SPX</li>
</ul>
The other prominent vendors in the market are Baltimore Aircoil Company, Delta Cooling Towers, Evaptech, FANS, HARRISON, Hamon, Johnson Controls, jacir, KUKEN KOGYO, Paharpur Cooling Towers, and North Street Cooling Towers.
<h3>Segmentation by end-user type and analysis of the hybrid cooling towers market</h3>
<ul>
<li>Power generation</li>
<li>Oil and gas</li>
<li>Food and beverage</li>
<li>HVAC</li>
<li>Chemical and petrochemical</li>
</ul>
During 2016, power generation segment accounted for the major shares of the hybrid cooling towers market. Thermal power plants require cooling towers to cool down the water circulated around the condenser in the generating facility. With the increasing number of power plants using HRSG technology, the demand for hybrid cooling towers will considerably increase in the coming years, driving the growth of this hybrid cooling system market.
<h3>Segmentation by geography and analysis of the hybrid cooling towers market</h3>
<ul>
<li>Americas</li>
<li>APAC</li>
<li>EMEA</li>
</ul>
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the hybrid cooling towers market throughout the forecast period. The food and beverage industry is the major contributor to the growth of this hybrid cooling system market in the region. Moreover, the chemicals and petrochemicals sector also contributes to a considerable share to the growth of the hybrid cooling towers market in this region.
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Related tags: HVAC