Fort Collins, Colorado, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Cooling Towers Market size was valued at USD 3.3 Billion in 2022 and is expected to reach USD 5.7 Billion by 2032 with a CAGR of 5.7%.
The HVAC industry expansion is positively impacted by the increase in foreign and domestic investments in energy-efficient solutions. Adopting cooling towers in HVAC applications is driven by several key factors, including ease of operation, low installation and maintenance costs, and enhanced energy efficiencies. These factors are contributing to the growth and success of the industry.
Government regulations on emissions from chemical and power production industries in commercial structures like airports, hospitals, and hotels will drive demand for cooling towers. HVAC systems use cooling towers for optimal cooling, and increasing HVAC installations and commercial construction projects globally will boost the cooling tower market.
The employment of cooling towers offers various benefits; among them is the reduction in energy consumption, which results in cost savings for the enterprise. During cooler weather, the towers utilize water-cooled technologies that render mechanical refrigeration unnecessary when operated in free cooling mode. This leads to a significant reduction in energy consumption and overall expenses.
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Segmentation Overview:
The global cooling towers market has been segmented into product, material, application, and region. Cooling towers, particularly open circuit ones, are widely used in various industries due to their superior cooling capabilities and low carbon footprints. Being lightweight and corrosion-free, FRP is commonly used in dry and wet conditions.
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Cooling Towers Market Report Highlights:
- The global cooling towers market growth is anticipated at a CAGR of 5.7% by 2032.
- Cooling towers are specialized heat exchangers/ heat removal devices that remove the heat from water. Its primary purpose is to dissipate the heat from water. They are commonly used in power plants, HVAC systems, and industrial processes.
- Asia Pacific dominates the cooling tower market due to high adoption in industrial and commercial businesses, with China being the leading market, followed by India.
- Some prominent players in the cooling towers market report include Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, Cooling Tower Systems, Inc, Delta Cooling Towers Inc., EVAPCO, Inc, and others.
Industry Trends and Insights:
- Babcock & Wilcox Enterprises, Inc. has recently announced the appointment of Dr. Naomi Boness (Ph.D.) to its Board of Directors. Adding Dr. Boness increases the size of the board to seven members, and expected to bring a wealth of expertise and experience to the team.
- In another development, Baltimore Aircoil's acquisition of Coil Design is expected to bolster the growth of its Dayton, Tennessee, plant. The move is considered strategic, particularly in light of the closure of the Goodman's air conditioning plant in 2016. Coil Design Co., which acquired the coil manufacturing equipment from the shuttered factory, is expected to benefit significantly.
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Cooling Towers Market Segmentation:
By Product: Open Circuit, Close Circuit, Hybrid
By Material: FRP, Steel, Concrete
By Application: HVAC, Power Generation, Oil & Gas, Industrial
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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