Dublin, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The "Global Cooling Tower Market Size, Share & Trends Analysis Report by Product (Open-circuit, Closed-circuit, Hybrid), Material (FRP, Steel, Concrete, Wood), Application (HVAC, Power Generation, Oil & Gas), Region, and Segment Forecasts, 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The global cooling tower market size is expected to reach USD 5.22 billion by 2030, expanding at a CAGR of 4.5% from 2024 to 2030.
The growing demand for energy-efficient cooling systems in commercial and industrial applications is anticipated to drive the growth of the market over the forecast period. In addition, the surging global demand for cooling towers can be ascribed to the increasing number of industrial and commercial establishments worldwide.
With the continuous rise in electricity demand, there is a need to bridge the gap between demand and supply through renewable and non-renewable sources. Various power plants, including thermoelectric (oil, natural gas, nuclear, and coal) and hydroelectric, are utilized to generate abundant electricity. These power plants generate a large amount of electricity along with an innovative production of electricity, which can be effectively cooled using cooling towers to eliminate excess heat from the plant. Thus, thereby fueling the market demand over the forecast period.
Research undertaken for developing advanced cooling technologies for power plants focuses on several different aspects. For instance, in the case of wet cooling systems, research is aimed at minimizing the evaporative loss in cooling towers. On the other hand, for dry cooling systems, research focuses on reducing the steam condensation temperature. Such technological progress is anticipated to drive the demand for cooling towers in power plant applications globally.
The rise in the demand for thermoelectric power plants is expected to drive the growth of the cooling tower industry. These power plants generate enormous amounts of heat, which mandates the use of cooling towers. Cooling towers play a vital role in removing the excess heat generated in the power plants and hence, contribute to the safety of operations in power plants, which is expected to drive the demand for cooling towers over the forecast period.
Cooling tower manufacturers are undertaking collaborations, mergers, and acquisitions to develop advanced and innovative solutions. In addition, manufacturers are also adopting several strategies like new product development, and geographical expansion, to enhance their market penetration and cater to end-use industries. For instance, in January 2023, Johnson Controls International Plc. acquired Hybrid Energy AS, a leading provider of high-temperature energy management solutions, to expand in Europe by launching new and cost-effective solutions.
Cooling Tower Market Report Highlights
- The open-circuit segment dominated the cooling towers industry in 2023 by accounting for a share of over 42.3% of the market in terms of revenue. The growth of this segment can be attributed to superior cooling, reduced process temperatures, and small carbon footprint offered by open-circuit cooling towers
- The demand for fiberglass reinforced plastic (FRP) material segment accounted for a 28.5% share of the global revenue in 2023. The global demand for FRP is rising owing to its high resistance to corrosion, acid rain, and snow
- The industrial application segment accounted for a 28.8% share of the global revenue in 2023. The increasing number of new industrial facilities being established worldwide is fueling the global demand for cooling towers
- Asia Pacific accounted for 30.4% of the global revenue share in 2023. The improving economy of China, India, Thailand, Indonesia, and Malaysia is forcing governments to frame supportive policies to promote investments in the extraction of natural resources including crude oil and natural gas. This is expected to escalate the oil extraction units in the region and correspondingly augment the demand for cooling towers in the region
- In February 2023, EVAPCO, Inc. announced the acquisition of Canada-based carbon dioxide refrigeration system manufacturer, Systemes LMP. With this new alliance, the former focuses on catering to the growing market demand for sustainable refrigeration systems
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Insights
Chapter 3. Market Variables, Trends & Scope
3.1. Market Segmentation & Scope
3.2. Penetration and Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.4. Technology Overview
3.5. Regulatory Framework
3.6. Market Dynamics
3.7. Industry Analysis -
3.8. Economic Mega-Trend Analysis
3.9. Pricing Analysis
3.10. Vendor Matrix
Chapter 4. Cooling Towers Market: Product Estimates & Trend Analysis
4.1. Product Analysis & Market Share, 2023 & 2030
4.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
4.2. Open circuit
4.3. Closed circuit
4.4. Hybrid
Chapter 5. Cooling Towers Market: Material Estimates & Trend Analysis
5.1. Material Analysis & Market Share, 2023 & 2030
5.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
5.2. FRP
5.3. Steel
5.4. Concrete
5.5. Wood
5.6. HDPE
Chapter 6. Cooling Towers Market: Application Estimates & Trend Analysis
6.1. Application Movement Analysis & Market Share, 2023 & 2030
6.2. HVAC
6.3. Power Generation
6.4. Oil & Gas
6.5. Industrial
Chapter 7. Cooling Towers Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Analysis
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company Categorization
8.3. Participant's Overview
8.4. Financial Overview
8.5. Product Benchmarking
8.6. Company Market Positioning
8.7. Company Market Share Analysis, 2022
8.8. Company Heat Map Analysis
8.9. Strategy Mapping
Chapter 9. Company Profiles
- Babcock & Wilcox Enterprises
- Baltimore Aircoil Company
- Cenk Endustri Tesisleri Imalat Ve Taahhut A.Az.
- Cooling Tower Systems
- Delta Cooling Towers
- Engie Refrigeration
- EVAPCO,
- S.A. Hamon
- Johnson Controls
- Kelvion Holdings
- Liang Chi Industry
- Mesan Group
- Paharpur Cooling Towers
- SPX Corporation
- Torraval Cooling
For more information about this report visit https://www.researchandmarkets.com/r/4uwuzc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
