The global Cooling Tower Market size was valued at USD 3.53 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% from 2022 to 2030.
Market Overview
The research firm Contrive Datum Insights has just recently added to its database a report with the heading global Cooling Tower Market.Both primary and secondary research methodologies have been utilised in order to conduct an analysis of the worldwide Cooling Tower Market. In order to provide a comprehensive comprehension of the topic at hand, it has been summed up using appropriate and accurate market insights. According to Contrive Datum Insights, this worldwide comprehensive report is broken up into several categories in order to present the data in a way that is understandable, succinct, and presented in a professional manner. A cooling tower is a machine that gets rid of extra heat by transferring it to the air through water. It has many benefits, such as being cost-effective, saving energy and water, providing the best cooling and resistance to corrosion, being easy to set up, having a strong structure, lasting longer, and making less noise pollution. Because of this, it is used a lot in HVAC (heating, ventilation, and air conditioning), power generation, oil refineries, refrigeration equipment, and the food processing industry. Aside from that, it is also used to keep large commercial buildings like hospitals, airports, schools, and hotels cool and comfortable. The Cooling Tower Market was just added by Contrive Datum Insights to its huge database, which helps businesses shape their futures by making smart business decisions. It gives a thorough look at many business topics, such as global market trends, new technological developments, market size, market shares, and new ideas. Also, this analytical data was put together with the help of data exploration methods like primary and secondary research. Also, a team of expert researchers sheds light on both the stable and changing parts of the global Cooling Tower market.
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Segment Analysis
It encompasses the most important key players in the world’s various regions and contains them. In this research report, several different techniques that high-level industries have utilised to achieve their goals are discussed. In order to obtain a more in-depth analysis of a number of different businesses, player profiles of the most important top players have been developed. It is beneficial to have an understanding of the worldwide competition on both the domestic and international platforms.
It provides a detailed description of the drivers and opportunities in the Cooling Tower Market, which assists current customers and potential customers in gaining a clear vision and making decisions that are most effective for them. In order to discover the desired facts regarding the target market, various types of analysis models, such as Cooling Tower Market, are utilised. In addition to this, it includes a variety of different techniques for strategic planning, which encourages the way to define and develop the framework of the various industries. The market is split into three different types: wet, dry, and hybrid. During the time frame of the forecast, the wet segment is expected to have the highest CAGR. Wet towers, which are also called “”open circuit towers,”” are a key part of industrial units. With time, more and more people have come to like renewable technologies. To cool down the hot gear, they use the process of evaporation. There are drift emissions, and several drift eliminators are used to cut them down. By application, the market is further split into chemicals and petrochemicals, pharmaceuticals, power generation, heating, ventilation, and air conditioning (HVAC), food and beverages, and others (pulp & paper, plastic). In the coming years, the HVAC market is expected to grow a lot. The market is growing because the government is putting more money into this industry. This has led to more HVACR installations, which is fueling the market growth. As part of a building’s HVACR system, these towers are often used to get rid of extra heat from chillers. So, this market is probably going to be driven by the growing need for HVACR equipment in buildings and factories. During the period of the forecast, the pharmaceuticals segment is also expected to grow a lot. People often think of the towers as an important part of how the pharmaceuticals industry works because their effectiveness depends on how well and efficiently cooling water is used. Heat is made by many of the most important tasks in the pharmaceuticals industry, so a good cooling system is needed.
Based on Type:
- Evaporative Cooling Tower
- Dry Cooling Tower
- Hybrid Cooling Tower
- Based on Design
- Mechanical Draft
- Natural Draft
Based on Material:
- Concrete
- Steel
- FRP
- Wood
Based on Flow Type:
- Crossflow
- Counterflow
Based on Technology:
- Open Circuit
- Close Circuit
- Hybrid Circuit
- Based on Application:
- Power Generation
- HVACR
- Food & Beverage
- Chemical
- Petrochemical and Oil & Gas
- Others
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Recent Development
November 2020: Linde GmbH has chosen HAMON & CIE (INTERNATIONAL) S.A. to install and design an 18-cell cooling tower for Amur CGG in Russia. The most important tower is made of Fiberglass Reinforced Plastic (GRP), and it has an automatic louver system to keep the process going even when the temperature is very low.
In January 2019, SPX Cooling Technologies announced that some monitoring equipment and control panels are now available. This makes it easier to run, collect data from, and install cooling towers. Marley’s control panels let building management systems connect cooling tower conditions to visual displays, network communications, and relay status outputs in the right way.
In October 2020, EWK put up 8 towers at the Alicante Airport in Spain. These towers are protected by “”smart cooling tower”” technology, which automatically finds problems and gives information about how the towers are running.
In July 2021, the Baltimore Aircoil Company bought the European refrigeration and commercial company Eurocoil Spa in Italy. This purchase has helped the company become more competitive on the global market.
In December 2020, Hamon bought ESINDUS, a Spanish company that cooled things in Mexico, South America, and the Iberian Peninsula. Hamon & CIE is working to improve its presence in EMEA, North America, and Asia-Pacific.
Regional Analysis
Raw materials and labor are both cheap in the Asia-Pacific area. Domestic demand is also growing in the area, which makes it a good place for cooling tower manufacturers to invest. In China and India, the cooling tower market is being driven by things like a growing population, urbanization, industrialization, and a greater focus on building up infrastructure. Asia-Pacific is the largest market for cooling tower products, and its value is expected to grow at a CAGR of 5.5% over the next few years. The global Cooling Tower market has been looked at in different parts of the world, including North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. In the near future, this market will be dominated by the global region.
Regional Cooling Tower Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
- Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in the Cooling Tower Market include:
- Cooling Tower Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
Report Customization:
This report will be customized to your needs for additional data up to 5 companies or 5 countries or nearly 40 analyst hours.
https://www.contrivedatuminsights.com/product-report/cooling-tower-market-33442Key Market Participants in the Cooling Tower Market:
EVAPCO (US), Baltimore Aircoil Company Inc. (US), SPX Corporation (US), Artech Cooling Towers Pvt. Ltd. (India), Babcock & Wilcox Enterprises (US), Brentwood Industries (US), Johnson Controls Inc. (Ireland), Paharpur Cooling Tower Ltd. (India), Enexio (Germany), and Hamon & CIE International (Belgium)
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