Dublin, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The "Global Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cooling tower market is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026.
| Report Attribute | Details |
| No. of Pages | 194 |
| Forecast Period | 2021 - 2026 |
| Estimated Market Value (USD) in 2021 | $2.1 Billion |
| Forecasted Market Value (USD) by 2026 | $2.6 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
HVACR accounted for the fastest growth in the cooling tower market in terms of value
HVACR systems are primarily installed in commercial buildings such as offices, hospitals, and schools. In these commercial buildings, heat is generated by computers, people, and continuous exposure to sunlight. The HVACR systems trap the heat through air handlers and immediately transfer it to refrigerants through the heat exchangers.
The refrigerant condenses the heat into vapor, which is further converted to water. Once the water is warm, it cannot be reused for cooling. Therefore, cooling towers are installed in HVACR systems to convert this water steam to cold water. The towers cool the warm water that returns from the heat exchanger and boosts water reusability.
Evaporative is the largest type of cooling tower
Evaporative cooling towers have the highest demand in industrial processes around the world. These towers are majorly used in industries which have larger cooling requirements such as in electrical power generation.
The market for the evaporative cooling tower is expected to grow at a significant pace over the next five years due to rapid industrialization and surge in the installation of these towers to prevent damage caused due to excessive heating. Evaporative cooling towers are being widely positioned in hot-dry climates to cool outdoor air and circulate it in a building or an area. They are also being used significantly in HVAC systems. The growth of the evaporative cooling tower market is majorly attributed to the rising installation of direct and indirect evaporative cooling systems
North America is estimated to be the second-largest market for cooling tower
North America is the second-largest cooling tower market, which accounted for a share of 25.1%, in terms of value, in 2020. According to ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in North America. According to the Center of Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Significant Opportunities in Cooling Tower Market
4.2 Asia-Pacific: Cooling Tower Market, by Application and Country, 2020
4.3 Cooling Tower Market, by Application
4.4 Cooling Tower Market, by Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Demand from Emerging Markets in Asia-Pacific
5.2.1.2 Stringent Environmental Regulations Driving Demand for Cooling Towers
5.2.1.3 Rise in HVACR Deployments and Growth in Industrial Activities
5.2.1.4 Technological Advancements in Cooling Tower Market
5.2.2 Restraints
5.2.2.1 Sluggish Market Growth in Europe and North America
5.2.3 Opportunities
5.2.3.1 Rising Demand from Nuclear Power Generation Sector
5.2.4 Challenges
5.2.4.1 Requirement of Large Quantities of Water
5.2.4.2 Frequent Corrosion in System Results in Reduced Efficiency
5.3 Porter's Five Forces Analysis
5.4 Value Chain Analysis
5.4.1 Raw Material Suppliers
5.4.2 Component Manufacturers
5.4.3 Manufacturers
5.4.4 End Consumers
5.5 Raw Material Analysis
5.5.1 Concrete
5.5.2 Steel
5.5.3 Fiber Reinforced Plastic (FRP)
5.5.4 Polyvinyl Chloride (PVC)
5.6 Trade Analysis
5.6.1 Steel
5.6.2 Polyvinyl Chloride (PVC)
5.7 Ecosystem Mapping
5.8 Macroeconomic Analysis
5.9 COVID-19 Impact Analysis
5.10 Case Study Analysis
5.10.1 SPX Cooling Technologies
5.10.2 Hamon Corporation
5.11 Technology Analysis
5.12 Tariffs & Regulations
5.13 Operational Data
5.14 Trends/Disruptions Impacting Customer Businesses
5.15 Pricing Trend Analysis
5.15.1 Average Selling Prices of Key Players, by Application
5.16 Key Conferences & Events in 2022-2023
5.17 Patent Analysis
6 Cooling Tower Market, by Flow Type
6.1 Introduction
6.2 Counterflow
6.2.1 Vertical Design of Tower Requires Less Area in Low Tonnage Systems
6.3 Crossflow
6.3.1 Crossflow Cooling Tower Can be Cleaned Easily
7 Cooling Tower Market, by Technology
7.1 Introduction
7.2 Open Circuit
7.2.1 Open Circuit Interface Uses Convection as Well as Evaporation for Cooling
7.3 Close Circuit
7.3.1 Higher Utilization of Close Circuit Cooling Towers in Food & Beverage Industry
7.4 Hybrid Circuit
7.4.1 Low Risk of Legionella Outbreak
8 Cooling Tower Market, by Construction Material
8.1 Introduction
8.2 Concrete
8.3 Fiber-Reinforced Plastic (FRP)
8.4 Wood
8.5 Steel
9 Cooling Tower Market, by Design
9.1 Introduction
9.2 Mechanical Draft Cooling Tower
9.2.1 Higher Efficiency and Low Construction Cost to Drive Demand
9.3 Natural Draft Cooling Tower
9.3.1 Power Saving Properties and Low Maintenance Cost Contribute Significantly to Market Growth
10 Cooling Tower Market, by Type
10.1 Introduction
10.2 Evaporative Cooling Tower
10.2.1 Increasing Demand in HVAC Applications Driving Market
10.3 Dry Cooling Tower
10.3.1 Requirement of Cooling Towers from Water-Stressed Countries to Boost Global Demand
10.4 Hybrid Cooling Tower
10.4.1 Increased Demand for Hybrid Cooling Tower in Power Generation Application to Drive Market Growth
11 Cooling Tower Market, by Application
11.1 Introduction
11.2 Power Generation
11.2.1 Thermal Power Plants
11.2.2 Nuclear Power Plants
11.3 HVACR
11.3.1 District Cooling
11.3.2 Data Centers
11.4 Food & Beverage
11.4.1 Dairy
11.4.2 Distilleries/ Breweries
11.5 Chemical
11.5.1 Fertilizer Manufacturing
11.5.2 Pharmaceutical Industry
11.6 Petrochemical and Oil & Gas
11.7 Others
11.7.1 Paper & Pulp Industry
11.7.2 Marine
11.7.3 Iron Foundries
12 Cooling Tower Market, by Region
13 Competitive Landscape
13.1 Overview
13.2 Ranking Analysis of Key Market Players, 2020
13.3 Market Share Analysis
13.4 Market Evaluation Matrix
13.5 Company Evaluation Matrix, 2021 (Tier 1)
13.5.1 Stars
13.5.2 Emerging Leaders
13.6 Strength of Strategy Excellence
13.7 Business Product Footprint
13.8 Startups and Small and Medium-Sized Enterprises (SMEs) Evaluation Matrix
13.8.1 Responsive Companies
13.8.2 Starting Blocks
13.9 Competitive Scenario
13.9.1 New Product Launches
13.9.2 Deals
13.9.3 Other Developments
14 Company Profiles
14.1 Major Players
14.1.1 Baltimore Aircoil Company Inc.
14.1.2 Hamon & Cie
14.1.3 SPX Corporation
14.1.4 Johnson Controls
14.1.5 Evapco, Inc.
14.1.6 Artech Cooling Towers Pvt. Ltd.
14.1.7 Babcock & Wilcox Enterprises Inc.
14.1.8 Brentwood Industries, Inc.
14.1.9 Enexio
14.1.10 Paharpur Cooling Tower Limited
14.2 Other Key Companies
14.2.1 Amcot Cooling Tower Corporation
14.2.2 Bell Cooling Tower
14.2.3 Boldrocchi T.E. S.r.l.
14.2.4 Donghae
14.2.5 HACST (Heng An)
14.2.6 Marley Flow Control Pty. Ltd.
14.2.7 Mita Cooling Technologies S.r.l.
14.2.8 Nihon Spindle Manufacturing Co. Ltd.
14.2.9 Perfect Cooling Towers Pvt. Ltd.
14.2.10 Star Cooling Towers Pvt. Ltd.
14.2.11 Thermal Care, Inc.
14.2.12 Thermax Limited
14.2.13 Tower Thermal Pty. Ltd.
14.2.14 United Metal Products
14.2.15 Zhejiang Aoshuai Refrigeration Co. Ltd.
15 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/hymxtd
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