The global cooling towers market is expected to reach USD 4.85 billion by 2025
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.
Further key findings from the report suggest:
- 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.
- Key players in this industry include SPX Corporation, Evapco, Hamon & CIE International SA, Paharpur Cooling Towers, B&W SPIG (Babcock & Wilcox), Enexio, and Baltimore Aircoil Company.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Cooling Towers Industry Outlook
Chapter 4. Cooling Towers Market: Type Outlook
Chapter 5. Cooling Towers Market: Material Outlook
Chapter 6. Cooling Towers Market: Application Outlook
Chapter 7. Cooling Towers Market: Regional Outlook
Chapter 8. Competitive Landscape
- B&W SPIG (Babcock & Wilcox)
- Baltimore Aircoil Company (BAC)
- Cenk Industrial Plants Manufacturing and Contracting
- Cooling Towers Systems, Inc.
- Delta Cooling Towers
- Engie Refrigeration GmbH
- Evapco Inc.
- Hamon & CIE SA
- Johnson Controls Inc.
- Liang Chi Industry Co. Ltd.
- Mesan Cooling Towers Ltd.
- Paharpur Cooling Towers
- SPX Corporation
- Torraval Cooling
For more information about this report visit https://www.researchandmarkets.com/research/56gvb9/cooling_towers
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