Wilmington, Delaware, United States, June 26, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global cooling tower market is expected to reach value of US$ 5.1 Bn by the end of 2031, It is estimated to grow at a CAGR of 3.4% from 2022 to 2031.
Increase in installation of cooling towers in power generation plants, especially in new coal-fired and gas-powered plants, is anticipated to propel the market. Surge in preference for field-erected cooling towers in large industrial plants presents significant opportunities for companies in the market.
Significant demand for cooling towers in the oil & gas industry in Asia Pacific due to high capital expenditure in upstream projects in the region.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 3.7 Bn | |
| Estimated Value | US$ 5.1 Bn | |
| Growth Rate - CAGR | 3.4% | |
| Forecast Period | 2022-2031 | |
| No. of Pages | 272 Pages | |
| Market Segmentation | Construction Type, Draft Type, Heat Transfer, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Baltimore Aircoil Company Inc., Bell Cooling Tower, Brentwood Industries, ENEXIO Management Gmbh, Hamon & Cie (International) SA,Johnson Controls Inc. Paharpur Cooling Tower Limited, Spig S.P.A., SPX Cooling Technologies, Star Cooling Tower Pvt. Ltd. | |
Competition Landscape
Leading players are diversifying product portfolios and adopting geographical expansion strategy in order to stay competitive in the cooling tower market.
Prominent companies profiled in the cooling tower market are: Baltimore Aircoil Company Inc., Bell Cooling Tower, Brentwood Industries, ENEXIO Management Gmbh, Hamon & Cie (International) SA,Johnson Controls Inc. Paharpur Cooling Tower Limited, Spig S.P.A., SPX Cooling Technologies, Star Cooling Tower Pvt. Ltd.
Key Findings of Study
Significant Adoption of Evaporative Cooling Towers: Evaporative cooling towers are widely used in several HVAC and industrial applications. Based on heat transfer type, the evaporative segment is projected to account for the leading market share during the forecast period. Rapid commercialization of evaporative cooling tower system can be ascribed to simple operating principle and high level of efficiency in dissipating large amount of heat from industrial processes. Significant demand from steelworks, chemical plants, and power plants is anticipated to drive the segment. Furthermore, technological advancements in dry and hybrid cooling towers are anticipated to broaden market outlook in the near future. Hybrid cooling towers are likely to gain traction in HVAC applications.
Rise in Demand for Cooling Towers in New Power Plants: Surge in construction of new power plants is anticipated to propel demand for cooling towers. Increase in nuclear and natural gas-powered plants is anticipated to bolster installation of cooling towers. Rapid utilization of solar PV and wind power plants to generate clean electricity presents significant growth opportunities for companies in the global cooling tower market. Rise in adoption of field-erected cooling towers in heavy industrial applications is expected to accelerate market development. These are suitable for large industrial plants, as they are made of materials that can withstand extreme weather conditions.
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Key Growth Drivers of Cooling Tower Market
Steady growth of electricity demand across the globe is bolstering the need for power generated using wind, solar, natural gas, and nuclear energy. Surge in usage of electricity for transport and heating applications in developing countries is therefore likely to augment the need for power generation globally, which, in turn, is expected to drive the cooling tower market.
Need for cost-effective and energy-efficient cooling system in petrochemical plants, petroleum refineries, natural gas processing plants, food processing plants, and chemical industries is a key driver of the cooling tower market. Rapid expansion of the iron and steel industry in several developing countries is likely to strengthen the demand for cooling towers.
Regional Landscape
Europe is a mature market for cooling towers. Rapid installation of cooling towers has driven the market in the region in the past few years. Surge in demand for replacement cooling towers is anticipated to propel the market in Europe in the next few years. Germany accounted for a major market share in 2021. Italy, France, the U.K., and Poland are also lucrative countries in Europe. The five countries constituted nearly 67% share of the market in Europe in 2021.
North America is anticipated to witness robust sales of cooling towers due to rise in installation in industrial plants.
The cooling tower market in Asia Pacific is anticipated to witness rapid growth in the next few years. Rise in demand for cooling towers in China can be ascribed to increasing number of thermal power plants and gas power plants in the country. Significant usage of cooling towers in HVAC applications in China is anticipated to create substantial opportunities for companies in Asia Pacific. Rapid pace of industrialization in China is likely to fuel market development in Asia Pacific.
Segmentation
The cooling tower market is segmented based on
Construction Type
- Field-erected Products (FEP)
- Factory-assembled Products (FAP)
Draft Type
- Induced Draft
- Natural Draft
- Forced Draft
Heat Transfer
- Evaporative
- Dry
- Hybrid
End-use Industry
- Power
- Oil & Gas
- HVAC
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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