Dublin, March 20, 2023 (GLOBE NEWSWIRE) -- The "Cooling Towers Market, By Type, By Heat Transfer Method, and By Application, and By Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Cooling Towers Market was valued for US$ 3,243.1 Mn in 2021.
Company Profiles
- Absolute Cooling Tower Services Ltd.
- Cooling Tower Depot Inc.
- Delta Cooling Towers, Inc.
- ESINDUS S.A (Hamon Group)
- FANS a.s.
- LIANG CHI INDUSTRY (THAILAND) CO., LTD.
- Paharpur Cooling Towers Limited
- SPIG S.p.A
- SPX Corporation
- Superchill Australia Pty Ltd.
A cooling tower is a heat rejection device that rejects waste heat to the atmosphere through the cooling of a water stream to lower temperature. Cooling tower is used to cool the water circulating in the cooling system. It is a heat rejection device that removes unwanted heat from the cooling system in the atmosphere.
The circulating water is cooled either by evaporation or by blowing air to the warm water. There are two types of cooling towers namely open cooling towers and closed-circuit cooling towers. Cooling towers are widely used in different industries such as chemical, oil and gas, food processing, power generation plants, and other air-conditioning applications.
Cooling towers are widely used in HVAC systems. The uptake in commercial/infrastructure construction projects worldwide has led to increase in HVAC systems and in-turn has boosted the growth of cooling towers market. With the focus on energy efficiency, developed markets such as the U.S. and Western Europe are anticipated to offer wide opportunities for replacement of legacy cooling towers with the new ones, thus further bolstering the growth of the market.
The growth in cooling towers market is majorly fueled by steady economic development, and the rapid pace of industrialization in nations such as India, China, Korea, Taiwan, and Singapore. Therefore, these factors are expected to propel the global cooling towers market growth over the forecast period. Increase in GDP growth rate has led to increase in infrastructural development and subsequently enhanced HVAC deployments.
The global market has witnessed increasing output at the end of 2013 with developed countries such as Germany, Japan, and the U.S. being the major contributors. Instead of fears of fiscal budget cuts and government shutdown in 2013, the purchasing managers index (PMI) in the U.S. has observed steady uptake to post gross domestic product (GDP) growth of over 3 % in the second, third and fourth quarter of 2013.
Furthermore, emerging economies such as India, China, and Taiwan, Singapore, and South Korea have witnessed constant increase in production, which in turn, is expected to propel the global cooling towers market growth over the forecast period.
Key features of the study:
- This report provides an in-depth analysis of the Global Cooling Towers Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
- It profiles leading players in the global Cooling Towers Market based on the following parameters - regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
- Key companies covered in the Global Cooling Towers Market includes Absolute Cooling Tower Services Ltd., ESINDUS S.A (Hamon Group), Paharpur Cooling Towers Limited, FANS a.s., LIANG CHI INDUSTRY (THAILAND) CO., LTD., SPIG S.p.A, Delta Cooling Towers, Inc., SPX Corporation, Cooling Tower Depot, Inc., and Superchill Australia Pty Ltd.
- These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
- Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
- The global Cooling Towers market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Cooling Towers Market
Detailed Segmentation:
Global Cooling Towers Market, By Type:
- Open Cooling Tower
- Closed Circuit Cooling Tower
Global Cooling Towers Market, By Heat Transfer Methods:
- Evaporative Cooling
- Dry Cooling
- Plume Abatement (Hybrid)
Global Cooling Towers Market, By Application:
- Air-Conditioning
- Power Generation Utilities
- Manufacturing Industry
Global Cooling Towers Market, By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value (USD) in 2021 | $3243.1 Million |
| Forecasted Market Value (USD) by 2030 | $5334.2 Million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/ukh8ih
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