Market Overview:
The Global Cooling Towers Market size was valued at USD 4.53 Bn in 2021 and is estimated to reach USD 5.23 Bn by 2030, recording a CAGR of 4.6% during the forecast period. In thermoelectric power facilities, cooling towers are widely used to remove extra heat. New power plants are being built as a result of rising electricity demand, which is anticipated to drive market growth.
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Using water to release the waste heat into the atmosphere, cooling towers are devices that remove extra heat. Numerous benefits are provided by it, including affordability, energy effectiveness, water conservation, ideal cooling, resistance to corrosion, ease of installation, high structural strength, extended service life, and less noise pollution. As a result, it is frequently utilized in HVAC systems, power generation, petroleum refineries, cold storage facilities, and the food processing industry. Additionally, it is used in large commercial buildings such as hospitals, airports, schools, and hotels, among others, to provide comfortable cooling.
Key businesses operating in the global cooling towers market include:
- Babcock & Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- Delta Cooling Towers, Inc.
- Enexio
- Engie Refrigeration GmbH
- EVAPCO, Inc.
- Hamon & CIE International
- Johnson Controls Inc.
- Paharpur Cooling Towers
- A. Hamon
- SPX Corporation
Key Developments:
February 2020- SPX Cooling Technologies has launched ‘Marley BasinGard Filter’ which maintains the hot water basin flow by capturing pipe rust, mineral scale, debris, and fibers for new and existing factory-assembled, crossflow cooling towers.
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SEGMENTATION
By Type
- Open-circuit
- Closed-circuit
- Hybrid
By Material
- Fiber Reinforced Plastic (FRP)
- Steel
- Concrete
- Wood
- High-Density Polyethylene (HDPE)
By Application
- HVAC
- Chemicals
- Pharmaceutical
- Power Generation
- Food & Beverages
- Others
In terms of revenue, the power generation segment has led the market share in 2021. In response to the escalating demand for power brought on by fast industrialization, new power plants are being built all across the globe.
The demand for cooling towers has grown as a result of reasonable growth in the commercial construction sector on a global scale. In addition, substantial growth in the commercial construction sector across the globe as well as rapid urbanization and modernization in developing countries have all contributed to an increase in the demand for cooling towers.
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By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of the Middle East & Africa
North America is predicted to have a significant share of the global cooling towers market due to severe government restrictions on water use, hazardous environmental contamination from towers, and increased infrastructure development. In addition, the region’s large concentration of manufacturers and rapid adoption of cutting-edge technologies are important factors boosting the market’s growth.
However, the cooling towers market in the Asia Pacific is expected to expand significantly in the near future as a result of the existence of important key players functioning in the sector. In countries such as China, Japan, and India, where infrastructure is expanding and the economy is rising, these towers are becoming more and more prevalent.
Browse Complete TOC @ https://www.extrapolate.com/toc/Machinery-Equipment/cooling-towers-market/26031
- Chapter 1. Executive Summary
- Chapter 2. Research Methodology
- Chapter 3. Market Outlook
- Chapter 4. COVID-19 Impact On Cooling Towers Market
- Chapter 5. Global Cooling Towers Market Overview, By Type, 2017 – 2030(USD Million)
- Chapter 6. Global Cooling Towers Market Overview, By Material, 2017 – 2030(USD Million)
- Chapter 7. Global Cooling Towers Market Overview, By Application, 2017 – 2030(USD Million)
- Chapter 8. Global Cooling Towers Market Overview, By Geography, 2017 – 2030(USD Million)
- …TOC Continued
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