Market Trends and Growth: January 2022

Monday 31 January 2022

DNA-based Skin Care Products Market Worth $9.87 Billion By 2028

The global DNA-Based Skin Care Products Market size is expected to reach USD 9.87 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.6% from 2021 to 2028. Consumer awareness of the dangers of using skincare products containing synthetic chemicals is pushing the demand for natural and organic products. Many DNA-based companies have been promoting awareness of DNA-based skincare products through digital and social media campaigns because today's consumers are tech-savvy and want products that are best suited to them.

Everyone's skin is different, so instead of a generic approach from over-the-counter items, consumers need a regimen that is tailored to their own needs. Consumers are now being targeted more directly by skincare specialists, who are prescribing a customized range of products.

The Skin360 Face Scanner app from Neutrogena identifies over two thousand face features in order to recommend goods to users. Quizzes are used by brands like Vitruvi and The Buff to analyze a customer's present conditions and skincare goals based on a guided self-assessment. To determine a client's need for their products, Atolla performs a pH skin test to analyze moisture levels, oil percentages, UV exposure, and humidity levels. Skintelli's tailored skincare technique includes an epigenetic test that examines the DNA methylation gene. As more people migrate to the internet, it will be vital for businesses to improve the customer experience when purchasing individualized skincare products online, ensuring that the procedure is as personal as the product.

Related Press Release@ DNA-based Skin Care Products Market Report

DNA-based Skin Care Products Market Report Highlights

By product, the creams segment dominated the market and accounted for a share of over 50.0% in 2020
The offline distribution channel segment captured the largest share of over 65.0% in 2020. The online channel is expected to witness the highest growth from 2021 to 2028
North America held the largest share of more than 35.0% in 2020. The high willingness of consumers to pay for personalized skincare is positively affecting the market growth in the region

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Shapewear Market Size Worth $3.7 Billion By 2028 | CAGR 8.0%

The global Shapewear Market size is anticipated to reach USD 3.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2021 to 2028. The growth of this market is fueled by factors such as changing lifestyles, increased use of compression wear among the geriatric population, and developments in garment designs and fabric technology. Furthermore, the rise in online sales of compression wear and shapewear, as well as the rising demand for plus-size clothes, has fueled the growth of the market.

The market is also influenced by a variety of cultural factors. When it comes to the body, the concept of perfection is being replaced with the concept of self-love and comfort in one's own shape and size. The market has been influenced by this body-positivity philosophy.

Shapewear is not about hiding defects for millennials and Gen-Z shoppers; rather, it is seen as apparel that improves rather than alters one's appearance. As a result, Gen Z-focused manufacturers like Honeylove have gained a wider audience by avoiding the term "shapewear" and instead of offering "sculptwear" in a variety of sensual styles with flattering elements that women want to flaunt in public.

Most of these companies also have enormous communities - Shapermint, for example, has four million members – who are encouraged to share their photos using shapewear across various social media platforms. Skims' inclusive strategy, which includes varied ad campaigns and a wide assortment of items in all shapes and colors, has also made it popular with millennials. They have one of the broadest size ranges (XXS to 4X) and a wide selection of skin tones to accommodate people of all ethnicities.

Women nowadays expect work-life flexibility intimates that may keep their bodies in tip-top form and make them appear attractive. Many firms are examining this as a customer-centric strategy and expanding their product portfolios to include lighter, firmer, and more practical products for everyday use throughout the year.

Related Press Release@ Shapewear Market Report

Shapewear Market Report Highlights

The female segment accounted for the largest revenue share of 94.0% in 2020 and is expected to expand at a CAGR of 7.9% over the forecast period
The specialty stores distribution channel accounted for the largest revenue share of 58.4% in 2020 and is estimated to ascend with a CAGR of 8.1% over the forecast period
North America accounted for the largest revenue share of 38.8% in 2020

Thursday 27 January 2022

North America Spirits Market: Industry Demand, Analysis and Future Trends 2028

The North America Spirits Market is expected to reach USD 278.5 billion by 2028, registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. The market has several growth opportunities due to the rising consumer demand for premium and low alcohol content drinks. Moreover, innovation in Ready-to-Drink (RTD) products with an infusion of botanical and organic ingredients will provide new growth opportunities in the coming years.

The whiskey product segment held the largest market share in 2020 and is expected to maintain dominance over the forecast period. In North America, there is a growing demand for distinctive and handcrafted alcoholic beverages, which is likely to boost the market growth. The demand for whiskey is predicted to rise in the coming years due to the increasing consumption of alcohol, especially in the U.S. and Canada.

The U.S. accounted for the largest revenue share in 2020. As per the data by IWSR, people under the age group of 21 to 44 years are the most frequent consumers of low-alcohol drinks. According to The Wall Street Journal, alcohol volumes declined by 0.8% in 2018 in the U.S., slightly steeper than the 0.7% drop in 2017. The market has a strong presence of several regional and international players.

Related Press Release@ North America Spirits Market Report

North America Spirits Market Report Highlights

The whiskey segment accounted for a larger share of the overall revenue in 2020. The growing demand for unique and crafted alcoholic beverages is emerging as a rising trend, which drives the segment
The screw-top caps & closure segment held the largest market share in 2020 and is expected to maintain dominance over the forecast period
The growth is credited to several advantages pertaining to the structure of screw-top caps, such as low cost and ease of use & application
The plastic material segment held the largest market share in 2020 and is expected to maintain dominance over the forecast period
The abundant availability of these raw materials translates to the low cost of production, thereby making plastic caps and closures a viable choice for packaging
The liquor stores distribution channel segment accounted for the largest market share in 2020 and is expected to maintain dominance over the forecast period
Some of the popular liquor stores in North America are Astor Wines & Spirits and Ambassador Wines & Spirits
Mergers & acquisitions emerged as the key strategy deployed by the majority of market players to stay abreast of the competition

Europe Coin-operated Laundries Market: Industry Demand, Analysis and Future Trends 2028

The Europe Coin-Operated Laundries Market size is anticipated to reach USD 7.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2021 to 2028. The industry has undergone a revolution. Laundromats are no longer dingy, unsafe, and tedious places that customers must endure on a weekly basis, and have instead become fun and attractive multiservice centers that customers may even enjoy visiting. Modern-day businesses have snack bars, a place to leave off and pick up dry cleaning, and video games. Some of them even use additional methods of payments instead of exclusively being dependent on coins. Many laundry owners also employ attendants to keep an eye on the store and help customers use the equipment.

In addition, owners have realized that they can maximize their profits by providing customers with access to multiple services. Since they pay a set amount of rent on their commercial space, they have started to use that space to its fullest potential. Coin-operated laundry firms are located in apartment housing and are referred to as multi-housing laundry businesses or route laundry businesses. These businesses thrive in periods of both growth and recession. During periods of recession, when homeownership decreases, the self-service laundry market expands as more people are unable to afford to repair, replace, or purchase new washers and dryers, or as they move to apartment housing with inadequate or nonexistent laundry facilities. The market size grows proportionately to the increase in population.

Moreover, most hotels, hostels, and temporary lodging establishments offer coin-operated laundry services for their guests. Hotels often have an agreement that lets guests use laundromat services. In January 2021, Springboard Hospitality expanded its roster of Hawaii properties with the addition of Ohia Waikiki Studio Suites. The studio suit, along with offering 251 apartment-style accommodations, full kitchens, pool, bar, and restaurant, also offers coin-operated laundry facilities. Similarly, in November 2020, 304-room Marriott Tacoma Downtown was inaugurated, which, along with various facilities, also offers coin-operated laundry services.

Furthermore, Hybrid card-op laundry payment allows one to audit the amount of both coin and card sales in each of the machines. As money boxes near capacity, the one gets alerted by email and schedule the right time to have them emptied. Along with this, with an accurate system of accounting for machines, the collections get correctly deposited. Hybrid coin-and-card systems allow one to take the complexity out of dealing entirely with coins alone and save time. As a result, the acceptance of payment through various different channels can increase the traction and contribute to the growth of the industry.

Also, even though the COVID-19 pandemic is on the decline in terms of its impact, its economic impact continues to spread. From laundry businesses having to close down temporarily to closing up shop completely, the ripple effects that the outbreak has had and will continue to have on the national and global economies are unprecedented. For many Europeans, it was routine to run a quick wash at the local laundromat after coming home from work. However, with many Europeans still working from home, the need to go out and use these services has declined.

Related Press Release@ Europe Coin-operated Laundries Market Report

Europe Coin-operated Laundries Market Report Highlights

The market is expected to witness a CAGR of 9.1% from 2021 to 2028
The residential application segment accounted for the largest revenue share of 80.5% in 2020
Germany held the largest revenue share of 17.1% in 2020

U.S. RTD Organic Tea Market Growth, Opportunities and Forecast To 2028

The U.S. RTD Organic Tea Market size is anticipated to reach USD 3.09 billion by 2028, registering a CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. The growing demand for ready-to-drink (RTD) beverages, owing to consumers’ busy lifestyles and hectic work schedules, is driving the growth of this market. This trend has grown significantly in the U.S. over the past few years, despite - and in many ways because of - the COVID-19 pandemic as consumers are focusing on living a more active lifestyle, which also includes spending more time outdoors. Moreover, the growing number of working individuals is anticipated to drive the demand for convenient RTD beverages, including organic tea.

Millennials and working professionals are becoming increasingly health-conscious and are shifting to healthy foods and drinks. Key players are launching new products that are tasty as well as healthy. For instance, in May 2019, The Granny Squibb Company launched a new range of canned RTD organic teas in three flavors. These product launches are increasing product visibility and driving the demand in the western region of the U.S. Nowadays, consumers are willing to spend more on eco-friendly and convenient food and drink products. RTD organic teas sold in cans are immensely popular among this consumer group as the 100% recyclability of aluminum cans attracts those who are particularly conscious about their environmental footprint.

Studies claim that aluminum cans are less costly to fill and transport and easier to stock and stack as compared to glass bottles, which leads to less breakage. The Southwest region is anticipated to register the fastest CAGR of 5.4% during the forecast period. RTD organic tea is majorly sold through supermarkets and hypermarkets in the Southwest region of the U.S. Key local players are opening new stores to gain maximum customers. For instance, in March 2021, H-E-B Grocery Company, a supermarket chain in Texas, announced to open two new stores in Frisco and Plano, one in each city, by the end of 2022. These market trends are anticipated to boost product sales through supermarkets and hypermarkets distribution channels in the region over the forecast period.

Related Press Release@ U.S. RTD Organic Tea Market Report

U.S. RTD Organic Tea Market Report Highlights

The demand for organic tea is estimated to increase at a rapid pace over the coming years due to its multiple health benefits
Through various studies, it has been found that it helps enhance digestive health by improving the activity of healthy bacteria in the gut. Furthermore, it contains theanine, which reduces anxiety
The black RTD organic tea type segment accounted for the largest revenue share in 2020 and will expand further at a steady CAGR from 2021 to 2028 retaining the leading position in the market
New product launches, innovations, and packaging upgradations in relation to organic RTD beverages are some of the strategies adopted by the key players to gain a higher market share
Southeast is expected to record the fastest growth rate from 2021 to 2028 due to the growing consumption of RTD beverages in states including Illinois and Texas

Ethnic Wear Market Growth, Opportunities and Forecast To 2028

The global Ethnic Wear Market size is anticipated to reach USD 126.2 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.3% from 2021 to 2028. Due to globalization, the transfer of culture and tradition, as well as individuals traveling and residing in different countries, there has been a strong demand for ethnic clothing from many nations across the world. Furthermore, the worldwide desire for ethnic dresses at theme-based functions, rent-based models for renting ethnic garments, and the expansion of distribution channels through e-commerce are driving the ethnic wear market.

Many retailers and global brands introduced more ethnic wear collections into their product line. For Instance, In April 2020, H&M Group, a Swedish retailer announced to introduce a saree collection in collaboration with designer Sabyasachi Mukherjee. In September 2019, Japanese brand Uniqlo launched its first retail store in India and introduced a special kurta collection.

The fashion and textile industry in the Middle East & Northern Africa region is increasing with annual spending for fashion per person in Saudi Arabia and in the UAE being among the highest in the world. The Middle East market represents enormous growth opportunities amid a pessimistic global outlook for the industry. The Middle East still has potential, despite an already well-established fashion market. Several buyers in the region have developed a taste for both modest fashion and homegrown labels that reflect their culture. The demand for ethnic wear including burkhas and hijabs is projected to witness significant growth owing to the increasing availability of products through various brands including Tommy Hilfiger.

Some apparels manufacturers in Africa are initiating to integrate sustainability into their textile and fashion supply chains. The Moroccan government for instance is providing incentives for companies to be sustainably certified. Also, many global brands have implemented environmental priority standards for North Africa’s garment producers. Incremental changes in resource-efficient and cleaner production are already taking place in various African sourcing countries. Also, ethically made clothing and apparel are gaining significant traction in the region. This is expected to generate demand for ethically manufactured ethnic wear in the coming years.

The online distribution channel is the fastest-growing segment with a CAGR of 6.1%, the segment demand was driving due to the pandemic. Many brands across the world are focusing to get maximum business through e-commerce as it provides convenience of contactless delivery. The surge in work from home for many employees has resulted in an increase in online businesses of ethnic wear brands.

Related Press Release@ Ethnic Wear Market Report

Ethnic Wear Market Report Highlights

The ethnic wear market is expected to witness a CAGR of 6.3% from 2021 to 2028
The offline segment accounted for the largest revenue share of 63.8% in 2020 and is expected to expand at a CAGR of 6.0% from 2021 to 2028
Among end-users, the women segment is expected to witness the fastest CAGR of 6.6% over the forecast period
Asia Pacific dominated the market and accounted for the largest revenue share in 2020 and is projected to witness a CAGR of 6.5% over the forecast period

Wednesday 26 January 2022

Middle East Movies & Entertainment Market Worth $3.57 Billion By 2028

The Middle East Movies And Entertainment Market size is anticipated to reach USD 3.57 billion by 2028, registering a CAGR of 8.5% during the forecast period, according to a new report by Grand View Research, Inc. Increasing popularity of 3D movies that give the audience an experience of virtual reality is projected to drive growth. Additionally, the introduction of new marketing and distribution platforms such as IPTV, digital newspapers, DTH, and digital cable, as well as the online sales of music and movies, is anticipated to boost industry progress.

The Middle East movies and entertainment market is characterized by the presence of several well-established players. These players account for a significant market share and have diverse product portfolios and a strong presence across the region. The market also comprises small to midsized players that offer a selected range of products and mostly serve country-level customers.

Product launches help companies address the evolving needs of customers and gain a competitive edge over other players by offering new and innovative entertainment services. For instance, in April 2020, beIN Media Group, LLC launched a new cinema service that offers the latest international movies. The company announced ground-breaking cooperation with film distributors so that it can provide the latest movies straight to subscribers before they are seen in the cinema. This latest on-demand service is a positive announcement from the company given the current situation, and it would help keep consumers entertained and connected during the coronavirus crisis, bringing cinema to households across the Middle East and North Africa (MENA).

Some of the key players operating in the market are focusing on acquisitions to diversify their product offerings and strengthen their position in the market. For instance, in March 2019, The Walt Disney Company closed its USD 71 billion acquisition of 21st Century Fox’s entertainment assets. This acquisition allows the company to produce and distribute news, sports, and entertainment content through Fox News, Fox Sports, the Fox Network, and the Fox Television Stations.

The key companies are also focusing on strategic measures to expand their reach to a larger consumer base. For instance, Netflix Inc. is focusing on expanding its streaming membership business across the globe. To achieve the same, the company is improving its members’ experience by expanding its streaming content with an emphasis on programming a compelling mix of content that delights its existing members and attracts new members. Furthermore, it is continuously enhancing its user interface and extending streaming services to internet-connected screens.

Related Press Release@ Middle East Movies & Entertainment Market Report

Middle East Movies & Entertainment Market Report Highlights

Movies are projected to be the fastest-growing segment by progressing at a CAGR of 14.0% over the forecast period
The movies segment was valued at USD 334.0 million in 2020 and is expected to reach USD 953.3 million by 2028
Saudi Arabia region is foreseen to remain at the forefront regarding market share and projected to accounts for a total market share of 27.5% in 2028
Some of the key players operating in the Middle East movies and entertainment market includes Netflix, Inc.; Amazon.com, Inc.; beIN Media Group, LLC; MBC Group; Sony Entertainment, Inc.; and The Walt Disney Company

Wednesday 19 January 2022

Premium Hair Care Market: Industry Insights By Product and Region

The global Premium Hair Care Market size is anticipated to reach USD 31.17 billion by 2028, registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. The overall personal care industry has a significant dependence on the chemicals and pharmaceutical industry for raw materials used in the final products. Thus, any price variations in these sectors have repercussions across the market. Consumers prefer buying premium haircare, skincare, and other beauty products through online channels, as it is convenient for them to shop for a wide range of brands and products that are available at comparatively lower prices. With the growing internet penetration, along with several technological advancements, consumers are increasingly buying premium hair care products from online retailers. In addition, the technology to enhance the conversion rate of website visits plays a crucial role in the salability of new products.

Features, such as chatbots and touchscreens, are being used online as well as in stores to improve customer experience and offer customized product suggestions. Such techniques help brands reach their target audience. Concerns regarding the efficacy of basic hair care products continue to bolster consumers’ demand for premium products. There has been a considerable shift in the channels through which people shop premium hair care products. Before the COVID-19 crisis, in-store shopping accounted for over 85%, on average, across all the beauty and personal care product purchases. The lockdown has severely impacted this aspect with over 30% of the beauty industry market under shut down. In addition, in most countries, the majority of these stores have closed down forever, and new openings have been delayed till the mid or end of 2021.

Related Press Release@ Premium Hair Care Market Report

Premium Hair Care Market Report Highlights

The proactive approach of consumers in buying and shifting to complicated hair care regimes, like using pre-shampoo masks, after-shower hair gels, and personalized hair shampoos & conditioners, is encouraging brands to innovate, develop, and market new natural products at pace with the changing consumer dynamics
For instance, in February 2021, Nykaa Naturals expanded its offering by adding a new natural hair care range
The new category is called Nykaa Naturals Hair and includes shampoo and conditioner in two variants – Apple Cider Vinegar & Ginger and Onion & Fenugreek
The shampoo product segment accounted for the largest share of more than 29% in 2020 and is expected to grow at a steady CAGR over the forecast period
The women demography segment accounted for the largest revenue share in 2020 and is estimated to ascend with a CAGR of over 6% during the forecast period
Asia Pacific accounted for the largest revenue share in 2020 and is estimated to expand further at the fastest CAGR retaining the leading position during the forecast period

Friday 14 January 2022

Neodymium Market: Industry Demand, Analysis and Future Trends 2028

The global Neodymium Market size is expected to reach USD 3.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. The demand for electrical and electronic products is projected to assist the market growth over the long term.

Neodymium-based magnets are used in a variety of consumer and automotive electronic products. The products such as air conditioning inverters, washing machines and dryers, refrigerators, laptops, computers, and various loudspeakers require permanent magnets for their functioning. The emerging middle-class population is likely to drive the demand for these products, thus benefiting the growth of the market.

The healthcare sector is projected to offer new sales streams for the market vendors. MRI scanners and other medical equipment require neodymium materials for their implementation. This demand is likely to be led by Asia Pacific countries, such as China. Europe is projected to witness a decline in the share for the use of neodymium in the healthcare sector over the coming years.

The wind energy end-use segment is anticipated to register the fastest CAGR of 5.6% in terms of revenue from 2021 to 2028. Government and private investments to boost the renewable energy capacity installation are likely to remain a key growth factor for the segment. For instance, foreign direct investment for renewable energy in India has increased from USD 1.2 billion in 2017-18 to USD 1.44 billion in 2018-19.

Numerous companies and researchers are actively working on the development of recycling technologies for neodymium. Current costs are high and the infrastructure for the recycling of this critical material is under developing stages. Most of the rare earth elements including neodymium go to waste in dust and ferrous fractions. Since rare earth elements make up only a small percentage of the material in electronic waste, researchers need to look for economies of scale if recycling has to be done.

Related Press Release@ Neodymium Market Report

Neodymium Market Report Highlights

By application, the magnets segment held the largest volume share of over 65.0% in 2020. The demand for the segment is likely to be led by the automotive, wind energy, and electronics end-use industries
In terms of end use, the automotive segment dominated the market with a revenue share of over 55.0% in 2020. The demand for permanent magnets in conventional and electric vehicles is contributing to the growth of the market. The increasing penetration of electric vehicles is projected to remain a key driver for the segment
The wind energy end-use segment is anticipated to witness the fastest growth over the forecast period. Global focus towards renewable energies is projected to promote the expansion of the wind energy segment
Asia Pacific held the largest revenue share in 2020 and is expected to witness the fastest growth over the forecast period. Increasing production of permanent magnets, coupled with the growing end-use industries in China, Japan, and India, is projected to assist the regional market growth over the forecast period

Tuesday 4 January 2022

Air Conditioning Systems Market: Industry Insights By Technology and End-use

The global Air Conditioning Systems Market size is expected to reach USD 175.15 billion by 2028, registering a CAGR of 6.2% from 2021 to 2028 according to a study conducted by Grand View Research, Inc. Factors such as increasing international tourism, growing consumer spending on home improvement, and introduction of energy-efficient systems, coupled with the rising popularity of green cooling concepts, are expected to drive the market growth over the forecast period.

Global events usually pave the way for extensive construction projects, such as the establishment of new buildings and improvement of existing infrastructure. These projects aim at accommodating and catering to the needs of international tourists & visitors or working professionals and providing them enhanced facilities. For instance, the 2020 Summer Olympics event, expected to be held in Tokyo, is expected to drive the construction and development of ample commercial, residential, and lodging spaces in the city before the event commences. Similarly, in Dubai, the government is expected to make significant investments in infrastructure development to accommodate the large number of visitors expected to be attending the Expo 2020, a universal exposition. This, in turn, is creating an increased demand for air conditioners.

The competitive landscape of the market is highly consolidated and characterized by high competition with the presence of key players such as Carrier Corporation, Haier Inc., Electrolux, Ingersoll-Rand plc, and DAIKIN INDUSTRIES, LTD. These players are engaged in mergers and acquisitions to enhance their market presence. For instance, in January 2018, Ingersoll Rand plc and Mitsubishi Electric Corporation signed a contract to create a joint venture to enhance the marketing, sales, and distribution of VRF and ductless heating and air conditioning systems. Under the partnership, the companies will distribute their products under the American Standard and Trane brands using the latter’s corporate logo and the former’s distribution channels.

Related Press Release@ Air Conditioning Systems Market Report

Air Conditioning Systems Market Report Highlights

The Packaged Terminal Air Conditioners (PTAC) segment is expected to register a CAGR of over 4.0% from 2019 to 2025 in terms of volume. This growth of the segment can be attributed to their increasing adoption in the hospitality and residential sectors
In terms of technology, the inverter segment is expected to experience significant growth over the forecast period owing to its ability to control the speed of the compressor motor, which helps in the continuous regulation of temperature. This variable speed compressor helps in saving 50% more energy and power as compared to non-inverter air conditioners
The commercial end-use segment accounted for nearly 20% of the overall market share in 2018. The segment is also anticipated to witness substantial growth over the forecast period owing to the rapid industrialization in various North American and European countries
The air conditioning systems market for North America is expected to exhibit a CAGR of over 6% from 2019 to 2025 in terms of revenue. With high penetration of air conditioners in developed economies such as the U.S., the region is expected to experience growth owing to increasing demand for replacement and refurbishment of existing systems.

Cooling Towers Market by SPX Corporation, Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, EVAPCO, Inc.

The global Cooling Towers Market is expected to reach USD 4.75 billion by 2028, according to a new report conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2021 to 2028. SPX Corporation, Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, EVAPCO, Inc. are some of the key players in this industry. Cooling towers are used in power plants, particularly in thermoelectric power plants, to remove excess heat from the plant. With the rising global demand for electricity, the number of power plants is also expected to increase, thereby driving growth of this market.

Furthermore, a tremendous rise in the number of construction activities across the residential and commercial sectors in developing countries is expected to boost the demand for this product. Additionally, rapid global industrialization is also a key driver expected to favorably impact the cooling towers market growth over the forecast period.

Technological advancements are expected to provide improved cooling capacity, minimum components, improved installation & energy savings, and low maintenance cost, which is further anticipated to escalate market growth in the near future. Moreover, stringent government regulations relating to the use of cooling towers across different regions is also expected to positively impact market growth.

However, environmental concerns related to cooling towers such as plume, drift, and water contamination are anticipated to moderately hamper the market demand. Nevertheless, the emergence of plume abated towers and drift eliminators is expected to overcome these environmental concerns and drive market growth in the near future.

Energy-efficient towers provide optimal cooling while exhibiting eco-friendly properties. These facilitate in water conservation, provide high-efficiency motors in order to cut down on the operating cost, and reduce environmental concerns. These environmental benefits are also expected to drive the demand for the product.

HVAC systems are generally implemented in commercial spaces, large offices, and shopping malls. Cooling towers are a mandatory component of an HVAC system, which is used to remove excess heat from the building. The increasing rate of urbanization and enhanced standard of living are expected to lead to the large-scale implementation of HVAC systems, thereby driving the market growth globally.

Related Press Release@ Cooling Towers Market Report

Cooling Towers Market Report Highlights

The closed-circuit type segment captured over 30% of the total revenue in 2016; however, hybrid type is anticipated to exhibit a substantial growth at a CAGR exceeding 4% from 2017 to 2025. This growth is attributed to their increasing adoption across various end-use industries.
The Fiber-Reinforced Plastic (FRP) material segment accounted for over 20% of the total market share in 2016. However, High-Density Polyethylene (HDPE) material segment is projected to register a significant CAGR exceeding 5.0% from 2017 to 2025, owing to various benefits including high corrosion resistance, low maintenance cost, and long service life.
Cooling towers have a wide scope for application in HVAC equipment and power plants due to their ability to remove excess heat. As a result, the HVAC segment is anticipated to capture a sizeable market share over the forecast period.
Asia Pacific has emerged as the fastest-growing market and is expected to witness a healthy CAGR of over 5.0%, which is primarily accredited to the rapid industrialization in this region.