Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "Cooling Towers Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global cooling towers market is experiencing substantial growth, projected to rise from US$4.207 billion in 2024 to US$5.329 billion by the end of 2029, with a compound annual growth rate (CAGR) of 4.84%. Cooling towers, as critical heat management systems, are seeing increased demand, particularly in industrial settings where they play an essential role in maintaining temperature regulation and ensuring operational efficiency.
Boost in Manufacturing and Energy Sectors Spurs Demand for Cooling Towers
Fueled by the development of new manufacturing units, oil and gas refineries, and power stations, the cooling towers market is benefitting from significant infrastructure investments. This demand is further supported by the ongoing technological advancements in cooling tower design and performance, enhancing their capacity to manage waste heat effectively. Nevertheless, challenges such as raw material costs and price volatility persist, potentially restraining market growth.
North America to Hold Strong Market Position Amidst Growing Energy Needs
Regionally, North America is poised to capture a sizeable share in the cooling towers market, largely due to investments in new energy-producing facilities and the modernization of existing infrastructure. Initiatives like the US Department of Energy’s “Advanced Reactor Demonstration Program” underscore the region's commitment to addressing energy demands through innovative projects. Concurrently, the Asia Pacific region is also predicted to grab a significant market share, owing to rapid industrial developments and increased oil exploration ventures.
Comprehensive Market Insights to Aid Strategic Business Decisions
Stakeholders in the cooling towers market may find the detailed market insights crucial for strategic decision-making. Businesses can benefit from data on customer behaviors, industry-specific challenges, and competitive strategies to navigate the market effectively. The report offers a panoramic view encompassing historical data, forecasts, and in-depth analysis of various market segments and geographic regions to complement a range of business needs.
The cooling towers market report offers stakeholders a wealth of valuable information, covering pivotal aspects such as market segmentation by type, component, application, and geographic location. It delivers an accurate forecast and assessment of market growth, arming industry participants with essential insights for navigating the market landscape effectively. For the comprehensive development and strategic positioning within the cooling towers market, understanding these key factors is indispensable for businesses across the globe.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $4.21 billion |
| Forecasted Market Value (USD) by 2029 | $5.33 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Some of the key companies profiled in this Cooling Towers Market report include:
- SPX Cooling Tech, LLC
- Kelvion Thermal Solutions
- Krones Solutions
- EVAPCO, Inc.
- Babcock & Wilcox Enterprises, Inc.
- MITA Cooling Technologies S.r.l.
- HAMON THERMAL EUROPE
- EWK EU
- ILMED IMPIANTI SRL
- COFINAIR Group
For more information about this report visit https://www.researchandmarkets.com/r/k1vh3n
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