Leadership Promotions Supporting Steel Dynamics Long-Term Growth

FORT WAYNE, Ind., Oct. 19, 2026 /PRNewswire/ -- Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced leadership promotions in support of continued long-term growth and operational excellence.

"I am excited to recognize these six leaders for their outstanding contributions to our company's continued growth and success," said Theresa E. Wagler, incoming President and Chief Executive Officer. "Through their leadership, commitment to excellence, and dedication to our strategic pillars, they exemplify our culture of safety, performance, innovation, and putting people first. I am pleased that our ongoing talent development process has provided outstanding experienced individuals to further strengthen our leadership teams as we execute our long-term growth strategy."

In support of the company's long-term growth and talent development, the following senior leadership promotions took place effective October 1, 2026:

- Chad Bickford, Senior Vice President, Steel Fabrication 

Mr. Bickford was promoted to the level of Senior Vice President in recognition of his contributions to overall company leadership and strategy. Mr. Bickford has led the company's steel fabrication platform beginning in 2024, and he will continue in this strategic role, with additional influence over the company's overall growth strategy and leadership. Mr. Bickford has been with the company since 2003, holding various operational and leadership roles with increasing responsibility in both steel and steel fabrication operations, including leading the company's Salem fabrication, Engineered Bar Products, and Butler Flat Roll divisions.

- Jeff Hansen, Senior Vice President, Environmental Sustainability and Energy 

In recognition of his leadership and contributions to the overall success and growth of the company, Mr. Hansen has also been promoted to the level of Senior Vice President. Since 2021, Mr. Hansen has been responsible for the company's strategy concerning environmental sustainability, decarbonization objectives, and related capital investments, including oversight of the company's new renewable biocarbon production facility. He will retain these responsibilities, with additional influence over the company's overall energy strategy among other initiatives. Mr. Hansen joined the company in 1997 and has held various operational and leadership roles, including ironmaking initiatives and overseeing companywide human resource matters related to safety, compensation, and talent development.

- William T. (Tommy) Scruggs, Senior Vice President, Flat Rolled Commercial and Processing 

Mr. Scruggs has been promoted to the level of Senior Vice President in recognition of his contributions to the company's long-term commercial strategy and leadership. Since 2015, Mr. Scruggs has been responsible for the commercial operations of the company's Flat Roll Steel Group and provides oversight for the company's flat rolled steel processing locations, including the newly acquired New Process Steel operations. He will continue with these responsibilities, in addition to other commercial initiatives. Mr. Scruggs joined Steel Dynamics in 2003 as a key flat rolled steel commercial resource and progressively grew in leadership responsibilities and influence, as the company's flat rolled steel production and value-added coating operations grew significantly.

Additionally, in connection with the recent leadership changes announced in August and in further support of the company's continued operational optimization and growth, the following leadership transitions will occur effective November 1, 2026:

- Daniel Keown, Senior Vice President, Flat Rolled Steel Production 

Mr. Keown has been named Senior Vice President and will assume responsibility and oversight for the company's three flat rolled steel production facilities located in Indiana, Mississippi, and Texas. Mr. Keown will report to Christopher Graham, EVP and Chief Operating Officer, Flat Rolled Steel Operations. Since 2021, Mr. Keown has been responsible for the company's Columbus, Mississippi Flat Roll Steel Division, as its General Manager and was promoted to Vice President in recognition of his contributions to the company's operations in 2023. Mr. Keown joined Steel Dynamics in 1998 as a Process Engineer and progressively grew in leadership responsibilities, including leading the company's Engineered Bar Products Steel Division for over five years.

- Yury Krotov, Vice President, Long Products Steel Operations 

Mr. Krotov has been named Vice President and will assume responsibility and oversight of the company's four long product steel mills, encompassing the production of structural beams, railroad rail, special-bar-quality products, merchant shapes, specialty shapes, and rebar. Mr. Krotov will report to James Anderson, EVP and Chief Operating Officer Construction Products Operations. Since 2023, Mr. Krotov has been responsible for the company's Engineered Bar Products Steel Division, as its General Manager. Prior to this role, he was the general manager of one of the company's steel fabrication facilities. Mr. Krotov began his career with Steel Dynamics in 2000 as a Process Engineer and progressively grew in leadership roles in both steel and steel fabrication operations.

- Dominic Freiburger, Vice President, Treasurer

Mr. Freiburger has been named Vice President and Treasurer of Steel Dynamics and will assume responsibility and oversight of the company's treasury functions, including cash management and investments, capital structure strategy and execution, and risk mitigation oversight. Mr. Freiburger will report to Rick Poinsatte, incoming Chief Financial Officer. Since joining the company in 2012, Mr. Freiburger has held various positions with increasing responsibilities within finance and treasury. Prior to joining Steel Dynamics, he worked for ten years within the finance, accounting, and treasury functions for Intel Corporation.

About Steel Dynamics, Inc.

Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company also has aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.

SOURCE Steel Dynamics, Inc.

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Specialized advisors will serve owners and occupiers of industrial outdoor storage (IOS) assets, a property type whose rents have risen 123% since 2020, more than double the growth of bulk warehouse.

NEW YORK, Oct. 19, 2026 /PRNewswire/ -- Newmark announces the launch of its dedicated Industrial Outdoor Storage (IOS) specialty practice, a group of advisors designed to provide advisory, leasing, capital markets and occupier solutions for one of commercial real estate's fastest-evolving property sectors. The practice brings together specialists from across North America to advise owners and occupiers of truck terminals, fleet parking facilities, storage yards, industrial service facilities and related outdoor logistics assets. The group's services include integrated landlord and tenant representation services while working closely with Newmark's Industrial & Logistics Capital Markets business on investment sales, debt and financing, M&A advisory and sale-leaseback transactions.

"Industrial outdoor storage has evolved from a fragmented real estate niche into a critical component of modern supply chains and industrial operations," said Jack Fraker, President, Global Head of Industrial & Logistics, Capital Markets. "As IOS has become increasingly important to both occupiers and investors, demand for well-located assets has continued to accelerate, driving rent growth that has significantly outpaced traditional bulk warehouse space over the past decade."

Newmark's IOS specialists have advised on a diverse range of assignments spanning leasing and capital markets across major logistics markets nationwide, such as the sale-leaseback transaction of a 15-property, 1.53 million-square-foot national IOS portfolio. The practice group includes broker-advisors based throughout the U.S. and Canada, led by Executive Managing Directors Adam Petrillo and Jerry Hopkins, Senior Managing Director Reid Halverson and Managing Directors Steve Korfiatis, Mike Viehmann and Cam Warren.

"Whether supporting transportation fleets, construction and infrastructure companies, equipment operators or logistics providers, industrial outdoor storage facilities play an essential role in keeping goods and services moving," said Viehmann. Halverson added: "Newmark's dedicated IOS business delivers deeper market knowledge, stronger collaboration and broader access to opportunities nationwide. By connecting professionals across key markets, we can provide clients with insights informed by leasing, ownership and investment activity throughout the sector."

According to Newmark's Lots to Gain research report, industrial outdoor storage has emerged as one of the strongest-performing segments within industrial real estate. Between 2020 and 2025, IOS rents increased 123%, more than double the growth recorded by bulk warehouse properties over the same period. Midyear 2026 vacancy measures reveal IOS to be the tightest niche sector in the industrial market at 5.8%, far below the overall industrial market at 7.4%. Although the sector encompasses an estimated 1.4 million acres across the United States, the supply of well-located sites remains constrained by zoning and entitlement challenges, fueling investor demand and accelerating IOS' evolution into an increasingly institutionalized asset class. Growing institutional participation and increased investor interest further underscore IOS's evolution from a niche property type into a recognized industrial asset class.

"IOS has become a meaningful part of our capital markets business, and this practice allows us to integrate that work with agency leasing, tenant representation, owner-occupier solutions and corporate M&A advisory nationwide, giving owners, investors and occupiers targeting the sector a comprehensive offering," said Stephen Bailey, Vice Chairman and Co-Head of Texas Capital Markets.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of June 30, 2026, Newmark and its business partners together operated from over 195 offices with more than 10,000 professionals across four continents. Learn more at nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark

Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

SOURCE Newmark Group, Inc.

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/C O R R E C T I O N - Holland Industrial Group/

In the news release, Holland Industrial Group and Hilco Global to Auction Complete Dexter Stamping Facility Featuring Heavy-Duty Presses and Robotic Manufacturing Systems, issued Oct. 13, 2026 by Holland Industrial Group over PR Newswire, we are advised by a representative of the company that the media contact has been updated and a boilerplate added. The complete, corrected release follows:

Holland Industrial Group and Hilco Global to Auction Complete Dexter Stamping Facility Featuring Heavy-Duty Presses and Robotic Manufacturing Systems

MURFREESBORO, Tenn., Oct. 13, 2026 /PRNewswire/ -- Holland Industrial Group, in conjunction with Hilco Global, will conduct a live webcast auction of the complete facility of Dexter Stamping, a precision metal stamping and assemblies manufacturer serving the automotive industry. The auction is scheduled for Tuesday, November 17, at 10:00 a.m. ET, offering manufacturers, automotive suppliers, and metalworking companies the opportunity to acquire production equipment and integrated manufacturing systems.

The sale features an extensive selection of metal stamping presses, automated production lines, CNC wire bending machines, robotic manufacturing cells, and robotic welding systems. Major equipment highlights include a 2010 1,200-ton AIDA transfer stamping press, a 1,200-ton Minster mechanical power press, a 400-ton AIDA mechanical press, a 500-ton Minster press, and multiple 300-ton Niagara stamping presses.

The auction also includes advanced CNC wire bending equipment, including 2022 IP Automation 3D CNC wire bending machine cells equipped with FANUC robotics, along with multiple AIM wire bending machines. Robotic manufacturing offerings include STAMTEC robotic press cells, a UTE CNC tube bending cell, and an automated automotive seat headrest frame manufacturing cell. Additional assets include Accubilt automated robotic welding cells featuring FANUC robots.

Supporting equipment available in the sale includes a 2018 Haas VF-4SS CNC vertical machining center, a 2016 Haas ST-10 CNC turning center, an Agie Cut E 600 CNC electrical discharge machine, precision inspection and testing equipment, overhead bridge cranes, forklifts, die handling equipment, air compressors, welders, and other plant support assets.

"This auction presents an exceptional opportunity for manufacturers and automotive suppliers to acquire substantial metal stamping and automated production capabilities," said Alex Holland, President of Holland Industrial Group. "With heavy-tonnage presses, robotic manufacturing and welding cells, and complementary machining and material-handling equipment, the sale offers buyers the opportunity to expand existing operations or invest in additional production capacity."

The equipment is being offered as a complete turnkey facility opportunity, as well as an extensive selection of individual assets to meet a range of manufacturing requirements.

AUCTION DETAILS

Auction: Tuesday, November 17, at 10:00 a.m. ET

Location: 1800 Joe B. Jackson Parkway, Murfreesboro, TN 37127

Inspection: Friday, November 13, and Monday, November 16, from 8:00 a.m. to 4:00 p.m. ET

About Hilco Global 

Hilco Global, a subsidiary of ORIX Corporation USA, is a diversified financial services company that delivers integrated professional services and capital solutions that help clients maximize value and drive performance across the retail, commercial and industrial, real estate, manufacturing, brand and intellectual property sectors, and more. Hilco Global provides a range of customized solutions to healthy, stressed and distressed companies to resolve complex situations and enhance long-term enterprise value. Hilco Global works to deliver the best possible result by aligning interests with clients and providing strategic advice and, in many instances, the capital required to complete the deal. Hilco Global is based in Northbrook, Illinois and has more than 810 professionals operating on four continents. Visit www.hilcoglobal.com. 

SOURCE Holland Industrial Group

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San Bernardino Water & Power Authority Established to Expand Access to Capital and Keep Water and Energy Affordable

SAN BERNARDINO, Calif., Oct. 19, 2026 /PRNewswire/ -- Public water agencies in San Bernardino County, California have formed a new public joint powers authority ("JPA") to provide financing support for water and power infrastructure projects being developed in Inland Empire and High Desert communities. The San Bernardino Water and Power Authority (the "Authority") held its first meeting on October 5 and elected Inland Empire Utilities Agency ("IEUA") Board President Steve Elie as President of the Authority.

San Bernardino County voted to form the new JPA with Fenner Gap Mutual Water Company ("Fenner Gap") on April 21, 2026. IEUA formally joined the Authority on September 2, 2026, and on September 17, the Victor Valley Wastewater Reclamation Authority ("VVWRA") Board of Commissioners also voted to express its intent to join the Authority.

The governing board of the Authority includes Steve Elie (representing IEUA) as President; Barbara Lloyd (representing Fenner Gap) as Treasurer; Dakota Higgins (representing San Bernardino County Supervisor Paul Cook) as Interim Secretary; and Supervisor Curt Hagman (representing San Bernardino County).

The Authority will support San Bernardino County's regional strategy to develop sustainable, affordable water and energy infrastructure, expand water recycling and reclamation, capture stormwater, recharge groundwater basins, restore impaired groundwater supplies and reduce dependence on imported water. By providing low-cost financing for interconnected water and energy projects, the Authority will help local agencies lower costs for customers while supporting new housing and sustainable economic growth.

"The County approved creation of the Authority to strengthen regional cooperation and support development of essential water and power infrastructure," said Supervisor Dawn Rowe, Chairman of the San Bernardino County Board of Supervisors. "We formed this JPA to give our local agency partners a cost-effective financing vehicle for critical infrastructure projects that will help lower water and energy costs for families and businesses throughout the County."

"Water agencies throughout the Inland Empire face significant capital investment needs," said Steve Elie, President of the Authority and President of the Inland Empire Utilities Agency. "The Authority will expand access to public and private capital, leverage innovative funding opportunities and help lower the cost of essential water and energy services for our customers."

"The next generation of water infrastructure will require innovative financing and a much greater role for private capital," said Susan Kennedy, President of Fenner Gap Mutual Water Company. "Public-private partnerships can deliver major infrastructure at a scale and cost that traditional public financing alone cannot achieve. The Authority creates a platform to bring that investment to the region, accelerate construction and lower costs for ratepayers."

About the San Bernardino Water and Power Authority

The San Bernardino Water & Power Authority (SBWPA) is a public financing entity established by San Bernardino County and Fenner Gap Mutual Water Company under California's Joint Exercise of Powers Act, which allows public agencies to jointly exercise common powers through a separate public entity. The Authority facilitates access to public and private capital, including revenue bonds and State and Federal funding, to finance water supply, treatment, reclamation, stormwater capture, conveyance, groundwater storage and related energy infrastructure. Its mission is to reduce infrastructure financing costs and help keep water and energy services affordable for local communities.

Media Contact

San Bernardino Water and Power Authority

Anthony Fitzgerald

Phone: (909) 699-1256

[email protected] 

SOURCE San Bernardino Water and Power Authority

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Market grows at an 8.06% CAGR from USD 1.12 billion in 2025; hybrid and adiabatic coolers grow fastest at 12.39% a year as AI campuses trade water against power, and replacement plus service work rises to 43.4% of spending by 2035

LONDON, Oct. 19, 2026 /PRNewswire/ -- The "Data Center Cooling Tower Market - Growth, Share, Opportunities & Competitive Analysis, 2026-2035" report has been added to the DC Market Insights offering. The global Data Center Cooling Tower Market was valued at USD 1.12 billion in 2025, is estimated at USD 1.30 billion in 2026, and is projected to reach USD 2.44 billion by 2035, growing at a CAGR of 8.06% from 2025 to 2035. DC Market Insights finds that money in this market follows water, not heat: evaporative cooling towers reject data center heat with the least electricity of any method, but water-use disclosure laws in the European Union, California and Utah, and 45 °C liquid-cooled AI racks that can run on dry coolers, are reshaping which designs new campuses buy.

Data Center Cooling Tower Market at a Glance

Key Takeaways

- The market more than doubles from USD 1.12 billion in 2025 to USD 2.44 billion in 2035, because new data center capacity served by evaporative heat rejection still grows 55%, from 5,448 MW to 8,467 MW a year, even as its share of new builds falls from 45.4% to 31.4%.

- Hybrid and adiabatic coolers rise from 25.0% to 37.0% of market value, because they use water only on the hottest days and fit water-disclosure rules better than open towers.

- Open-circuit towers keep the largest share in 2035 at 33.0%, because they remain the cheapest way to reject heat per kilowatt at water-rich and reclaimed-water sites.

- Replacement and rebuild work grows 9.77% a year and service and maintenance grows 10.36% a year, both faster than new equipment, as towers built in the 2015-2025 boom reach mid-life.

- The evaporative-served installed base grows from 55,680 MW of IT load in 2025 to 124,400 MW in 2035, creating a large recurring revenue pool for rebuilds, Legionella risk management and water metering.

- Dry coolers are the main substitute: an October 2026 order for more than 1,000 dry coolers providing 5 GW of AI heat rejection shows how much new AI capacity can move outside this market.

Scope & Segmentation - Data Center Cooling Tower Market

The report analyzes the market across the following segments:

- Product Type: Open-Circuit Cooling Towers; Closed-Circuit Fluid Coolers; Hybrid and Adiabatic Coolers.

- Construction: Factory-Assembled Units; Field-Erected Towers.

- Data Center Type: Hyperscale and AI Data Centers; Colocation Data Centers; Enterprise and Edge Data Centers.

- Offering: New-Build Equipment; Installation and Commissioning; Replacement and Rebuilds; Service and Maintenance.

- Geography: North America, Europe, Asia Pacific, Latin America, Middle East and Africa, with 12 country forecasts.

Report Updated: Oct. 18, 2026

Get Free Sample Report - Data Center Cooling Tower Market

"The data center cooling tower decision is now a water decision as much as a thermal one. AI campuses that are capped by their grid connection still value the low fan and compressor power of evaporative heat rejection, but disclosure laws and 45 °C liquid cooling are pushing many new halls toward hybrid, adiabatic or fully dry designs. That is why we see hybrid coolers, rebuilds and service contracts growing faster than open towers, and why suppliers that can retrofit an existing tower to cut water by 75% to 90% are best placed for the next decade."

— Amit Jain, Senior Consultant, ICT & Emerging Technologies, DC Market Insights, report author

Why This Report Matters

Cooling towers sit where three pressures meet: rising AI heat loads, constrained grid power and new public scrutiny of data center water use. The report helps cooling tower and fluid cooler manufacturers, data center operators, hyperscalers, mechanical contractors, water-treatment and service providers, and investors size evaporative and hybrid heat rejection spending, compare it with dry cooling, and track where rules and climate keep water-based designs competitive.

Key Attributes

How Big Is the Data Center Cooling Tower Market in 2026?

DC Market Insights values the Data Center Cooling Tower Market at USD 1.30 billion in 2026, 15.65% above 2025, as AI campuses ordered in 2025 receive their heat rejection equipment. The market grew 14.77% a year from 2020 to 2025 because new data center IT capacity doubled from 6,000 MW to 12,000 MW a year. The chart below shows the market path to 2035.

Source: DC Market Insights, Data Center Cooling Tower Market report, Oct. 2026.

Why Does Growth Slow From 14.77% to 8.06% a Year?

Growth slows for one reason particular to this product: water. NVIDIA puts the water use of conventional evaporative designs at about 2.6 million gallons per MW a year, and racks that accept 45 °C coolant can run on dry coolers with zero water. DC Market Insights therefore models the evaporative share of new AI capacity falling from 48% in 2025 to 30% in 2035, and the evaporative share of all new data center capacity falling from 45.4% to 31.4%. Because total new capacity rises from 12,000 MW to 27,000 MW a year, evaporative-served capacity still grows in absolute terms.

Which Cooling Tower Type Leads Data Center Spending?

Open-circuit cooling towers lead with 45.0% of 2025 value (USD 505.90 million) but grow only 4.76% a year, because open water contact makes them the main target of water rules. Hybrid and adiabatic coolers are the fastest-growing product at 12.39% a year and approach open towers in value by 2035.

Which Data Center Type Spends the Most on Cooling Towers?

Hyperscale and AI data centers spend USD 539.63 million in 2025 (48.0%) and grow 10.50% a year, the fastest data center type, because they add most new capacity even with lower evaporative shares. Enterprise and edge sites grow only 0.83% a year as server rooms move to colocation and cloud.

Construction and Offering: Where Does the Money Go?

Factory-assembled units hold 72.0% of 2025 value (USD 809.45 million) and grow 9.07% a year as heat rejection modules reach 5 MW per unit; field-erected towers grow 5.00% a year. By offering, new-build equipment leads with 54.1% of 2025 value, while service and maintenance grows fastest at 10.36% a year.

DC Exclusive: How Much Water and Capital Does Each Heat Rejection Design Need?

DC Market Insights modelled the equipment cost and yearly water use of five ways to reject heat from one MW of IT load in 2025. A hybrid or adiabatic cooler cuts water by 75% to 90% compared with an open tower for about USD 75,000 to USD 85,000 more equipment per MW, while a dry cooler removes water entirely but costs about 2.6 times the open tower and needs the most fan power on hot days.

How Much Does Data Center Heat Rejection Cost per MW?

DC Market Insights estimates evaporative heat rejection equipment at about USD 95,000 per MW of IT load in a conventional hall and USD 140,000 per MW in an AI hall in 2025, or about USD 73 to USD 108 per kW of heat rejected, before installation at 18% of equipment value.

What Is Driving Data Center Cooling Tower Demand?

- Supplier capacity build for AI campuses: SPX Technologies raised its estimated annual data center revenue capacity to about USD 1.1 billion in July 2026, Baltimore Aircoil Company opened its first Latin American plant near Monterrey, Mexico, in May 2026, and EVAPCO announced an Indian subsidiary in August 2026.

- Lower electricity on grid-limited campuses: evaporative towers are far less energy intensive than dry alternatives, which matters where grid power, not water, is the binding constraint, especially in the United States, India and Southeast Asia.

- An installed base that more than doubles: each evaporative-served MW carries a rebuild cycle on fill, fans and gearboxes, and a maintenance contract worth USD 3,500 a year in 2025 rising to USD 4,200 in 2035.

What Could Shrink Cooling Tower Spending?

- 45 °C liquid cooling and dry coolers: if AI halls move faster to chiller-less dry cooling, the evaporative share of new AI capacity reaches 20% instead of 30% in 2035 and the market reaches USD 2.03 billion instead of USD 2.44 billion.

- Water disclosure laws: California AB 2469 and AB 2619 (signed 21 September 2026), Utah HB 76 (effective 6 May 2026), and EU Delegated Regulation 2024/1364 with the European Commission's new data centre rating scheme with WUE classes all raise the political cost of open towers.

Where Are the Openings for Cooling Tower Suppliers?

The two largest openings are hybrid retrofits of existing towers and service contracts, together worth about USD 1.06 billion in 2035. Replacement and rebuild work reaches USD 537.41 million (22.0% of the market), and service and maintenance reaches USD 522.48 million as operators buy contracts that cover Legionella risk management under ASHRAE Standard 188 and water-use metering for the new disclosure laws.

Which Region Spends the Most on Data Center Cooling Towers?

North America leads with 44.0% of 2025 value (USD 494.66 million). Latin America is the fastest-growing region at 11.99% a year, and Europe is the slowest at 5.00% as cool climates and water reporting favour dry cooling.

Which Countries Buy the Most Data Center Cooling Towers?

The United States leads with USD 438.45 million in 2025, 39.0% of global value. India is the fastest-growing of the 12 largest countries at 14.82% a year, rising from USD 33.73 million to USD 134.30 million, because its new capacity sits in hot coastal hubs where evaporative heat rejection saves scarce grid power. Malaysia grows 13.73% a year on Johor's campus pipeline.

How Could the 2035 Forecast Change?

Which Rules and Standards Apply to Data Center Cooling Towers?

- CTI STD-201 thermal performance certification for cooling towers and fluid coolers.

- ANSI/ASHRAE/IES Standard 90.1 with Standard 90.4 as the data center compliance path.

LONDON, Oct. 19, 2026 /PRNewswire/ -- The global perovskite solar cell market was valued at USD 58.2 million in 2025 and is projected to reach USD 1.73 billion by 2035, according to Credence Research. The report states a 40.41% compound annual growth rate for 2025-2035. Asia Pacific held the largest regional share at 70.0% in 2025, while North America is the fastest-growing region at a modeled 47.00% annual rate. Market sizes, segment shares and regional allocations are Credence Research estimates.

Key Takeaways

- Credence Research estimates market value at USD 58.2 million in 2025 and USD 1.73 billion by 2035, with a reported 40.41% CAGR for 2025-2035.

- Asia Pacific held 70.0% of modeled 2025 value. North America has the fastest forecast regional growth at 47.00%.

- Single-junction rigid modules held 56.9% of 2025 market value.

- Perovskite-silicon tandems have the fastest modeled type growth at 54.00% annually.

- Utility-scale solar plants represented 43.0% of 2025 application value, largely from early demonstration and pilot projects.

- Commercial and residential rooftops are the fastest-growing modeled application at 46.50% annually.

Scope & Segmentation - Perovskite Solar Cell Market

The market counts manufacturer selling value of single-junction perovskite modules and tandem products combining perovskite with silicon or other photovoltaic materials. It includes rigid, flexible and lightweight products used in utility projects, rooftops, building-integrated photovoltaics and specialized devices. It excludes conventional silicon modules, raw precursors, coating tools, licensing fees and research grants.

- By cell and module type: Single-junction rigid modules; Perovskite-silicon tandems; Flexible and lightweight perovskite; Other perovskite tandems.

- By application: Utility-scale solar plants; Building-integrated photovoltaics and smart glass; Commercial and residential rooftops; Portable devices and IoT; Vehicles, drones and space.

Read the full report and request a sample: https://www.credenceresearch.com/report/perovskite-solar-cell-market

Why This Report Matters

- Module makers can evaluate perovskite as an efficiency upgrade to existing silicon production rather than assuming immediate replacement of conventional photovoltaic panels.

- Developers and financiers can compare cell efficiency claims with field durability, certification, warranty backing and expected energy yield.

- Investors can distinguish pilot production and licensed technology from confirmed module sales, reducing the risk of overstating commercialization.

Market Overview

Perovskite materials can absorb light in a thin layer and be paired with silicon to improve the conversion efficiency of solar cells. The market is emerging from research and pilot production toward limited commercial orders, especially for tandem modules and specialty building surfaces.

Higher conversion efficiency can increase output from space-constrained rooftops and facades. Yet durability, moisture resistance, heat stability and long-term warranty support remain decisive for lenders and utility-scale buyers. A laboratory cell record does not by itself demonstrate a bankable 25-year field product.

Market Insights

- Single-junction rigid modules held 56.9% of 2025 market value.

- Perovskite-silicon tandems have the fastest modeled type growth at 54.00% annually.

- Utility-scale solar plants represented 43.0% of 2025 application value, largely from early demonstration and pilot projects.

- Commercial and residential rooftops are the fastest-growing modeled application at 46.50% annually.

- Asia Pacific represented 70.0% of 2025 sales, supported by early Chinese manufacturing capacity.

Key Attributes

Market Segmentation

The segmentation below follows the current report taxonomy and separates products, applications and buyers to avoid overlapping revenue definitions.

- By cell and module type: Single-junction rigid modules; Perovskite-silicon tandems; Flexible and lightweight perovskite; Other perovskite tandems.

- By application: Utility-scale solar plants; Building-integrated photovoltaics and smart glass; Commercial and residential rooftops; Portable devices and IoT; Vehicles, drones and space.

Market Drivers

Tandem designs capture more of the solar spectrum than conventional single-junction silicon cells. This creates a potential output advantage where roof or land area is constrained, although certified module performance must translate into real-world energy yield.

Chinese manufacturers have invested in early perovskite lines and demonstration projects. Large silicon manufacturers are evaluating tandem upgrades that could reuse parts of established production and distribution networks.

Third-party stress testing and intellectual property licensing can make commercialization easier by giving buyers more confidence in product durability and manufacturers clearer routes to scale.

Regional Analysis

The following regional shares represent Credence Research estimates of 2025 market value. They are not independently audited supplier sales totals.

Asia Pacific | 70.0% share in 2025

China hosts several early commercial lines and utility demonstration fields, while Japan and South Korea contribute research and flexible-module programs.

Europe | 15.5% share in 2025

Germany and other European markets support tandem pilot lines, intellectual property development and building-integrated applications.

North America | 11.2% share in 2025

Domestic module initiatives and specialty rooftop uses support the fastest modeled growth from a smaller base.

Middle East and Africa | 2.4% share in 2025

High-temperature outdoor testing and utility pilots assess durability under demanding solar conditions.

Latin America | 0.9% share in 2025

Early pilot projects in Brazil, Chile and Mexico create a small commercial base for future deployments.

Market Challenges

Perovskite cells can degrade under moisture, heat and prolonged exposure to sunlight. Commercial adoption requires long-duration field data and warranties that financiers consider credible.

Lead-containing chemistries raise encapsulation, handling and end-of-life recycling questions. Low-cost crystalline silicon modules also limit the price premium that early perovskite products can command.

Future Outlook

Tandem products are likely to gain commercial traction before stand-alone perovskite modules become a mass-market substitute for silicon. Large manufacturers with certification, warranty capacity and distribution channels have advantages.

The market forecast remains sensitive to module lifetime, production yield, intellectual property access and project finance. Early high growth comes from a very small revenue base and should not be interpreted as evidence of broad grid-scale deployment today.

Competitive Landscape

The supplier landscape includes perovskite specialists such as Oxford PV, UtmoLight, Microquanta and GCL Perovskite, alongside established photovoltaic manufacturers including LONGi, Qcells and Trina Solar. Caelux develops perovskite-coated glass for tandem applications. These businesses occupy different stages of commercialization; research records and announced capacity should not be treated as realized market sales. A reliable company revenue ranking is not available from comparable public disclosures, so the release does not assign individual supplier shares.

Key Players

- Oxford PV

- UtmoLight

- Microquanta

- GCL Perovskite

- LONGi

- Qcells

- Trina Solar

- Caelux

Recent Developments

April 9, 2025: Oxford PV and Trinasolar announced an exclusive patent licensing agreement covering the manufacture or sale of perovskite photovoltaic products in China, with sublicensing rights.

May 2025: The Credence Research report records that Qcells tandem modules passed specified IEC and UL stress-test sequences. This is presented as a report-sourced milestone, not independent proof of a 25-year service life.

Report Coverage

The study analyzes market size, the base-year product and application mix, regional demand, technology adoption, competitive positioning, constraints and dated industry developments. It also examines commercialization, customer economics and the factors that could change the pace of adoption through 2035.

Forecasts and regional shares are proprietary Credence Research model estimates. Company announcements and regulatory materials are used for industry context; they do not independently validate the modeled global revenue totals. The report's market definition and exclusions should be considered when comparing it with broader adjacent industries.

Read the full report and request a sample: https://www.credenceresearch.com/report/perovskite-solar-cell-market

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Credence Research Inc. is a global market intelligence and consulting firm founded in 2015. It provides quantitative market research, competitive intelligence and strategic advisory services to organizations assessing new products, investment decisions and regional opportunities. The firm combines primary and secondary research with industry interviews and structured market models.

Its research spans industrial technology, semiconductors, energy, health care, consumer markets and other sectors. Credence Research evaluates market size, segmentation, growth drivers, supply-chain risks, regional policy and competitive positioning to help clients make evidence-led decisions.

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Website: Credence Research

SOURCE Credence Research Inc.

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De¹ Introduces Tokenized Asset World on BNB Chain, Developing Financial Intelligence Across the Full RWA Financial Landscape

NEW YORK, Oct. 19, 2026 /PRNewswire/ -- De¹ is launching Tokenized Asset World on BNB Chain, the first domain-specific world under its Financial World Model (FWM). It introduces specialized financial intelligence designed to understand the full onchain RWA landscape, from trading and collateral to borrowing, credit, liquidation and agent activity, and apply that knowledge to real financial decisions.

Traditional finance moves assets through separate networks of brokers, custodians, clearing systems and lenders. Each institution sees a different part of the lifecycle, while transfers, reconciliation and collateral requirements add friction to capital deployment. Bringing assets onchain makes financial activity more programmable, but it does not automatically connect the knowledge held across trading, financing and risk systems.

De¹ is establishing Tokenized Asset World on BNB Chain, where that real-assets financial ecosystem already unfolds in live markets. PancakeSwap, ListaDAO, Venus, Binance Agent OS and BNB Agent SDK span public trading, collateralized lending, structured credit and authorized agent activity. These activities produce distinct signals: executed prices, liabilities, vault constraints, liquidations and the outcomes of agent actions.

Tokenized Asset World brings fragmented financial knowledge into a coherent, learnable model of the full RWA landscape. The domain model is designed to understand the relationships and consequences across financial operations, with verified execution outcomes continuously refining De¹'s understanding of onchain financial physics. This introduces a new layer of intelligence to BNB Chain, enabling a more complete understanding of the tokenized-asset stack across trading, collateral, credit, vaults and agent activity.

AI agents can tap into this intelligence to operate across tokenized-asset markets with a more comprehensive view of liquidity, borrowing conditions, collateral exposure and liquidation risk as a whole. This deeper market understanding could raise more sophisticated strategies, execution and risk decisions. Each agent interaction, in turn, generates new evidence for the model, creating a continuous feedback loop between financial intelligence and live market execution while strengthening De¹'s broader Financial World Model.

About De¹

De¹ is the intelligent infrastructure platform at the intersection of DeFi and AI, building the Financial World Model grounded in live execution and real market feedback. It serves developers, traders, institutions, and AI agents through intelligent execution, unified liquidity, reinforcement learning optimization, and a continuously evolving data flywheel.

Contact: Marketing, [email protected]

SOURCE De¹

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Plata reaches $1 Billion ARR Milestone, becoming the fastest digital bank ever

The Mexico based digital bank shatters traditional digital banking scaling timelines, reaching a $1 Billion Annual Recurring Revenue in less than 3.5 years from launch

MEXICO CITY, Oct. 19, 2026 /PRNewswire/ -- Plata, the world's fastest growing digital financial institution, today announced that in September 2026 it has crossed $1 billion in Annual Recurring Revenue (ARR), reaching the milestone in less than 3.5 years from launch in April 2023 and less than a year after receiving its full banking license. Plata´s growth makes it the fastest digital bank in history to reach this benchmark, and puts it on par with some of the world's fastest growing leading AI companies, underlining Plata's own AI and tech capabilities.

Plata reaches this goal after having reached more than 4 million customers in Mexico and having launched operations in Colombia at the beginning of September. In Mexico, Plata is now the fourth credit card issuer in the country by number of customers, and the only digital bank with a full product suite including credit, debit, investments, and small business banking. Plata's growth is also nearing profitability, which is expected to be reached for its Mexico business within the next 6 months.

Plata changed the rules by building a universal financial platform powered by its own technology from day one. By setting up its core banking system, the company proved that regulated financial institutions can scale at AI-like speed without undermining operating performance.

"By building our own technology from scratch, we proved that a bank can move at AI company speed without compromising anything. Now we are ready to accelerate our innovation, make finance effortless and accessible for everyone." Neri Tollardo, CEO of Plata.

As digital adoption accelerates across Latin America, Plata´s performance sets a new benchmark for financial infrastructure scaling, financial adoption, and operational efficiency in emerging markets.

About Plata

Plata is the fastest-growing financial institution in Latin America and the largest private digital bank by customer volume. In less than three years, we reached a valuation of $3.1 billion with 4 million active credit card customers and crossed $1 billion in Annual Recurring Revenue (ARR). Backed by $1.5 billion in equity investment, 1.5 in financing, and a workforce that includes 800 in-house developers, in Banco Plata we have built our own technological ecosystem, which includes a core banking system, CRM, and an app focused on simplifying the financial experience.

SOURCE Plata

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Ten days before Halloween, El Car Wash's West Flagler location gets a haunted makeover as Howie and the House of Horror scare characters take over the tunnel for an evening of suds, scares and spooky surprises.

MIAMI, Oct. 19, 2026 /PRNewswire/ -- Miami drivers who want a clean car and a racing pulse can get both on Wednesday, Oct. 21, when at 6695 W. Flagler St. for one night only. From 5 to 9 p.m., the wash tunnel becomes a Tunnel of Terror, with House of Horror scare actors and Howie, the carnival's resident villain, waiting for every car that rolls through.

Known for pairing state-of-the-art wash technology with super-speedy service and genuine hospitality, El Car Wash is turning a routine wash into a Halloween outing for its members and the local community. The tunnel will glow red, and a DJ will set the mood with a spooky soundtrack throughout the evening.

Every car that braves the tunnel will drive away with more than a spotless ride. House of Horror characters will surprise guests with two complimentary tickets per vehicle, while supplies last, inviting them to keep the thrills going at House of Horror Haunted Carnival's five haunted houses at Tropical Park.

"For 25 years, House of Horror has scared Miami inside our gates. This season we wanted to bring fear to the neighborhood, and a car wash tunnel at night is about as trapped as you can get," said Tony Albelo, President of Loud And Live. "El Car Wash gave us the tunnel, the red lights, and the music. Howie is bringing the rest."

The takeover is a countdown moment for House of Horror's 25th anniversary season, its first at Tropical Park. One ticket covers five all-new haunted houses, including Howie's Blind Terror, a haunted dark rollercoaster; unlimited carnival rides; scare zones; House of Little Horrors, a low-scare zone for families; weekly themed nights, including Noches de Reparto every Thursday, and free parking. House of Horror runs nightly through Sunday, Nov. 1.

House of Horror Takes Over El Car Wash

- Date: Wednesday, Oct. 21, 2026

- Time: 5 to 9 p.m.

- Location: El Car Wash, 6695 W. Flagler St., Miami, FL

- Cost: Standard El Car Wash pricing applies. Two complimentary House of Horror tickets per vehicle, while supplies last.

House of Horror Haunted Carnival Event Information

- Dates: Sept. 24 through Nov. 1, 2026

- Hours:

- Monday through Thursday and Sunday: 6 to 11 p.m.

- Friday and Saturday: 6 p.m. to midnight

- Tickets:

- Online general admission: $39.99

- Online, ages 6 and under: $19.99

- At the door: $45.99 general admission; $20.99 ages 6 and under

- Weeknight specials are available. All prices plus taxes and fees.

- Purchase at HouseOfHorrorCarnival.com or on-site

- Location: Tropical Park, 7900 SW 40th St., Miami, FL 33155

- Parking: Free

Follow House of Horror on Social Media:

Website: HouseOfHorrorCarnival.com

Instagram: @houseofhorrormiami

Facebook: facebook.com/HouseofHorrorMiami

TikTok: @houseofhorrormiami

About Loud And Live:

Loud And Live is an Entertainment, Marketing, Media & Live Events company performing at the intersection of music, sports, lifestyle, and content development. Headquartered in Miami with additional offices in San Francisco, Puerto Rico, Mexico, and Spain, Loud And Live is driven by its passion to create engaging experiences for global audiences.

About El Car Wash:

Born in Miami in 2011, El Car Wash is one of the nation's fastest-growing car wash brands, with more than 100 locations and 550,000 members across the Southeast, Mid-Atlantic and Midwest. El combines state-of-the-art wash technology with speedy service, genuine hospitality and a membership model built around one simple idea: keeping your car clean should be easy. As El continues to grow, so does its commitment to the communities it calls home. For more information on El Car Wash, visit www.elcarwash.com 

SOURCE El Car Wash

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Xenia Hotels & Resorts President and COO Barry Bloom joins Fort Hospitality's President Keith Space and JF Capital's Founder & CEO Jonathan Falik for a conversation on where luxury hotel capital is heading in 2027

ORLANDO, Fla., Oct. 19, 2026 /PRNewswire/ -- The International Luxury Hotel Association (ILHA) today announced new sessions for INSPIRE 2026, its flagship North American luxury hospitality conference, taking place December 15–16 at JW Marriott Orlando Bonnet Creek Resort & Spa. The latest additions bring owners, investors, developers and brand leaders to the stage to address the capital, development and margin decisions that will shape luxury hospitality in 2027.

Closing the Encore Summit Stage program on December 16, Barry Bloom, President and Chief Operating Officer of Xenia Hotels & Resorts, and Keith Space, President of Fort Hospitality, will sit down for a fireside chat, Owning Luxury in 2027: Value, Risk and What Comes Next, moderated by Jonathan Falik, CEO of JF Capital. As the final conversation of the conference, the session will give an ownership perspective on what luxury means heading into the new year, from what guests will pay for and where costs are pressuring margins to how owners are underwriting new investment and what they expect from operators and brands.

"Every owner is going into 2027 asking the same two questions: what will the luxury guest pay for, and what will it cost to deliver it?" said Jonathan Falik, CEO of JF Capital. "Barry and Keith answer those questions from the ownership seat every day. Ending INSPIRE with their view of the year ahead means everyone in the room leaves knowing where capital is heading and what it will reward."

Other new sessions include:

- Value Creation Roadmap: Where Smart Capital Is Moving in Luxury Hotels brings together Lily Hu, EVP Business Strategy, Crescent Hotels & Resorts, Sonia Egyhazy, VP Luxury Hotel & Mixed-Use Development, Accor, and Kristina D'Amico, Vice President, Hotels Asset Management, JLL Hotels & Hospitality Group. Carolina Lacerda, Executive Director, Transactions & Corporate Finance, EY-Parthenon, moderates.

- Building the Brand: Luxury Development in 2027 features Shafi Syed, Global Head, Hotel Development and Acquisitions, Equinox Hotels, FeiFei Wang, Feasibility and Development, Mandarin Oriental, and Rika Lisslo, VP Lifestyle & Residential Development U.S. & Canada, Hilton, moderated by Dr. Clay B. Dickinson, Managing Director, Horwath HTL and Professor at FIU.

- Quiet Margins: Protecting Profit Without Touching Guest Experience applies the discipline of quiet luxury to operations, separating what the best operators cut, automate or restructure from the savings that quietly erode a brand. Panelists include John C. Tolbert, Senior Vice President, BRE Hotels & Resorts, Zach Demuth, Head of Strategic Growth & Asset Management, Eight Form, Matthew Boettcher, Senior Vice President, Evolution Hospitality, and Susie Park, EVP, Global Hotel Asset Management, CBRE, with Darrin Phillips, CEO and Founder, Top Shelf Project Management, moderating.

- Luxury Branded Residences & The Future of Design Identity looks at how branded residences are shaping the way luxury brands define themselves through design, with Anna Masello, Marketing & Real Estate Branding Director, The One Atelier, Anne Billaz, CEO, Lagardere Active Enterprises, and Fernando De Nunez, CEO & Founder, Vertical Developments. John Lancet, Senior Managing Director, Practice Leader – Southeast and Caribbean Regions, HVS, moderates.

The new sessions join a program that already includes a fireside chat with Tina Edmundson, President of Luxury at Marriott International, a conversation with Carolyne Doyon, President and CEO of Club Med North America and Caribbean, and sessions on AI, wellness, culture and guest experience.

Registration for INSPIRE 2026 is now open. Visit ilha.org/inspire to learn more and secure a place.

About the International Luxury Hotel Association (ILHA)

The International Luxury Hotel Association (ILHA) is the leading trade association uniting the world of luxury hospitality across its three core pillars: real estate, hospitality, and travel. With a global community of more than 1 million professionals and a think tank of over 300 industry leaders, ILHA drives the conversations, partnerships, and innovations shaping the future of luxury experiences. Its ILHA INSPIRE flagship event brings together senior leaders from across the industry for high-level networking, insights, and collaboration, alongside a year-round content platform connecting owners, operators, developers, and brands. For more information, visit https://ilha.org/

SOURCE International Luxury Hotel Association

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