The global cooling tower market grew at a CAGR of around 5% during 2014-2019. A cooling tower is a heat removal device that relies on water for transferring the waste heat into the atmosphere. It offers various advantages, such as water conservation, optimal cooling, cost-effectiveness, energy efficiency, resistance against corrosion, ease of installation, longer service life, high structural strength and reduced noise pollution. As a result, it finds extensive applications in heating, ventilation, and air conditioning (HVAC) systems, petroleum refineries, cold storage units, electric power generation and food processing plants. Besides this, it is also used to provide comfort cooling in large commercial buildings, such as airports, schools, hospitals and hotels, etc.
The demand for electricity is steadily escalating around the world, owing to inflating disposable incomes, increasing electrification in various sectors and rising sales of consumer electronics. This represents one of the major factors impelling the global cooling tower market growth. Moreover, as governments of numerous countries are implementing stringent environmental regulations, there is an increase in the adoption of nuclear power plants, which, in turn, is further driving the market growth. Apart from this, the rising utilization of HVAC systems on account of the upcoming construction activities is positively influencing the demand for cooling towers. Furthermore, the incorporation of 3D TRASAR technology to detect, determine and deliver improved scale, corrosion and microbiological performance of the cooling tower systems, is expected to expand their applications across various industries in the coming years. However, as the spread of the coronavirus disease (COVID-19) has led to the temporary shutdown of manufacturing and industrial plants as well as construction activities, the demand for cooling towers is expected to be impacted in the upcoming years. Looking forward, IMARC Group expects the global cooling tower market to exhibit moderate growth during 2020-2025.
IMARC Group provides an analysis of the key trends in each sub-segment of the global cooling tower market, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on tower type, flow type, design, construction material, end user and region.
Breakup by Tower Type:
Breakup by Flow Type:
Breakup by Design:
Breakup by Construction Material:
Breakup by End-User:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Company Inc. (Amsted Industries Inc.), Brentwood Industries Inc., Delta Cooling Towers, Inc., ENEXIO Management GmbH, Hamon Corporation (Hamon & Cie), International Cooling Tower Inc., Johnson Controls Inc., SPX Cooling Technologies Inc., Reymsa Cooling Towers Inc., Thermal Care Inc. (IPEG Inc.), Thermax Limited (RDA Holdings Private Limited), etc.
Key Questions Answered in This Report:
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