Emerging energy sources to generate demand for cooling towers 

As nuclear energy is among the most emerging future source of energy, it presents ample opportunities for cooling towers market.
Power generation is one of the significant consumers of cooling towers owing to its requirements of energy conservation, energy efficiency, and strengthening of pipes, machinery, tanks, and boilers. Most of the electricity is consumed in the industrial sector followed by residential and commercial & services sectors.
In Q1 2020, the sector witnessed a decline of approximately 2.5 percent in demand, as compared to the same period in 2019. The decline can be attributed to the reduced consumption from industrial and commercial sectors. Establishments were forced to close due to government-initiated lockdowns, social distancing measures, and restricted supply chains. However, demand normalised again, driven by the recovery of economic activities in various countries.
Oil & gas industry has experienced significant decline in demand due to the pandemic. The oil and gas industry had already been weakened during the last few years due to the steep decline in the prices of oil which began mid-2014 and accelerated price decline.
The sector experienced an additional shock in 2020 due to outbreak of COVID-19. The outbreak of the COVID-19 pandemic and the declining demand due to the worldwide lockdowns forced major refiners to shut down their operations.
Cooling tower market dynamics
Driver: Rise in HVACR deployments and growth in industrial activities
Moderate growth of global commercial construction industry accompanied by increasing modernisation and urbanisation in emerging economies have boosted the demand for cooling towers. Rise in HVACR deployments owing to increased government investments in this industry are further boosting the market growth. Cooling towers are extensively used as part of building HVACR systems whereby they dispose excess heat from chillers. Thus, surging demand for HVACR equipment in buildings and industrial applications is expected to drive the cooling tower market globally. Factors such as climate changes and technological innovations have boosted the adoption of HVACR equipment. Changing and unpredictable weather conditions caused by global warming have also increased the demand for cooling towers.
Opportunity: Rising demand from nuclear power generation sector
According to a report published in ‘MarketsandMarkets Analysis’, the cooling tower is an essential component of a nuclear reactor. Performance properties of a cooling tower has significant impact on the overall efficiency and power output of a nuclear power plant. Cooling towers utilised in nuclear power plants primarily based on hybrid or wet technology. They are utilised for high pressure and temperature applications and various manufacturing processes wherein process cooling is required. These are utilised in different nuclear processes such as closed loop system cooling, central cooling, moisture separator reheating, and various others. As nuclear energy is among the most emerging future source of energy, it presents ample opportunities for cooling towers market.
Challenge: Frequent corrosion in system results in reduced efficiency
Thick chemicals circulating through the water supply result in corrosion, thus threatening the utility and efficiency of this cooling tower. Corrosion affects the cooling tower system in two ways, firstly, due to corrosion, there is equipment failure which incurs additional installation costs, repairs, and timely maintenance. Secondly, the efficiency of the plant decreases due to the loss of heat transfer. These factors challenge the growth of this market.
Cooling towers market ecosystem
Evaporative cooling tower is the most consumed type of cooling tower in 2020
Evaporative cooling towers are widely positioned in hotdry climates to cool outdoor air and circulate it in a building or an area. They are also being used significantly in HVAC systems. The growth of the evaporative cooling tower market is majorly attributed to the rising installation of direct and indirect evaporative cooling systems. The evaporative cooling tower segment accounted for the largest market share in 2020, and the segment is projected to reach USD 1,417.0 million by 2026, growing at a CAGR of 4.4 percent during the forecast period. Evaporative cooling towers have the highest demand as these are used in industrial processes around the world. These towers are majorly used in industries which have larger cooling requirements such as electrical power generation.
Mechanical draft cooling tower is the highly consumed design of cooling tower in 2020
Mechanical draft cooling towers have a compact in size and require low construction costs. Mechanical draft cooling towers are further categorised into four segments, namely, forced draft tower, induced draft tower, counterflow induced draft tower, and crossflow induced draft tower. The mechanical draft cooling towers segment accounted for the largest market share in 2020, and is projected to reach USD 2,083.5 million by 2026, growing at a CAGR of 4.6 percent during the forecast period. The high market share of this segment is due to its wide usage in HVACR systems and power industry applications. This market share is further expected to rise due to the growing building & construction industry in the Asia Pacific region. They are compact in size and the cost of construction is low. These are available in both, factory assembled and field erected modes and are majorly suitable for use in all HVACR, food & beverage, power, and chemical applications.
APAC is expected to be the fastest-growing market during the forecast period
Asia Pacific region has availability of low-cost raw materials and labour. The region also experiences increasing domestic demand, making it an attractive investment destination for cooling towers manufacturers. The rising population, urbanisation, industrialisation, and growing concerns related to infrastructure development in China and India are some of the factors that will drive the cooling tower market in this region. Asia Pacific is a key market to produce cooling towers production and is projected to grow at a CAGR of 5.5 percent in terms of value during the forecasted period.
Jakson Group bags another two O&M projects of NTPC
Continuing the winning streak, the Jakson Group, one of India’s fastest-growing energy companies, won a bid for comprehensive Operation and Maintenance (O&M) for a 250 MWp Solar PV Project in Ananthapuram, Andhra Pradesh and a 5 MWp Solar PV Plant in Andaman & Nicobar Islands. 
NTPC invited these bids for the Annual Maintenance Contract of both the plants on February 14, 2022, for three years.
The Jakson Group will be responsible for regularly monitoring of both sites for all kinds of maintenance works with various plants components and equipment, warranty claims, spare parts inventory and various other onsite ground services in these territories to ensure smooth and optimum power generation. The services will commence from 1st June 2022 for the 250 MWp Ananthapuram plant and from 1st December 2022 for the 5 MWp Andaman plant. The project is expected to generate local employment opportunities & build livelihoods for many. 
The Ananthapuram project was constructed on one of the toughest terrains of Anantapur (area consisting of heavy undulations), and the land contained natural streams, dense vegetation and hillocks and was untouched by the solar power plant to maintain the natural ecosystem.
Ananthapuram Ultra Mega Solar Power Project (250 MWp), situated at NP Kunta Solar Park in District Satyasai, Andhra Pradesh, spread across an area of 1298.27 acres, was commissioned in May 2016. The 5 MWp Grid-connected Solar PV Plant situated at Garacharma in Port Blair, Andaman & Nicobar Islands, is spread across 25 acres & was commissioned on April 2013.
With a 100 percent average performance rating in more than 75 operational sites, Jakson O&M business has a strong presence in more than 16 states, and from 60 MW in 2014, its portfolio has grown up to 1.6 GW in 2022.