According to the latest report by IMARC Group, titled "Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global cooling tower market reached a value of US$ 2.7 Billion in 2021. A cooling tower is generally built for reducing the temperature during industrial processes. It is usually constructed as a double-curved shell structure using concrete that is supported on a series of struts. It works as a heat exchanger that utilizes water to transfer the heat waste into the atmosphere. It is considered to be an essential component in several industrial sectors wherein process cooling is necessary. Along with this, it is extensively utilized for commercial purposes for providing comfort cooling in large buildings, such as hotels, schools and hospitals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cooling Tower Market Trends:
The global market is primarily driven by the rising need for electricity. This is impelled by the growing investments by private and public agencies in the development of thermal and nuclear power plants across multiple countries. The increasing infrastructural development activities have further led to the escalating demand for heating, ventilation, and air conditioning (HVAC) systems, which, in turn, is catalyzing the market growth. Additionally, continual technological advancements, such as the introduction of advanced cooling towers with real-time monitoring for managing cycles of concentration and chemical feeds, are gaining widespread prominence across the globe. Other factors, including rapid industrialization, altering climatic conditions due to global warming, and extensive research and development (R&D) activities conducted by key players in order to introduce highly efficient cooling towers, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.6 Billion by 2027, exhibiting a CAGR of 4.73% during 2022-2027.
- On the basis of the tower type, the market has been segmented into open-circuit, closed-circuit and hybrid cooling towers.
- Based on the flow type, the market has been bifurcated into cross and counter flow.
- On the basis of the design, the market has been categorized into mechanical and natural draft cooling tower.
- Based on the construction material, the market has been classified into fiber-reinforced plastic (FRP), steel, concrete, wood, high-density polyethylene (HDPE) and others.
- On the basis of the end-user, the market has been segregated into chemical, HVAC, petrochemicals and oil and gas, power generation, food and beverages, and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players 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.) and Thermax Limited (RDA Holdings Private Limited).
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