Dublin, July 15, 2024 (GLOBE NEWSWIRE) -- The "Global Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Construction Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverage), & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The cooling tower market size is projected to grow from USD 3 billion in 2024 to USD 3.9 billion by 2029, registering a CAGR of 5.3% during the forecast period.
The global cooling tower market is witnessing growth due to the rising investment in industrial facilities and the need for advanced cooling systems to enhance operational efficiency. Increased focus on reducing industrial carbon footprints is pushing the adoption of eco-friendly cooling towers. Additionally, the development of smart cities and modern infrastructure demands reliable and sophisticated cooling solutions.
This report segments the market for cooling tower market on the basis of type, design, construction material, flow type, technology, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for cooling tower market.
Dry is projected to be the second fastest growing segment by type in terms of value.
Dry is projected to be the second fastest growing segment in the cooling tower market due to several factors. As industries face increasing pressure to adopt sustainable practices, dry cooling towers offer a compelling solution by eliminating the need for water evaporation in the cooling process. Furthermore, advancements in dry cooling technology, such as enhanced heat transfer capabilities and improved system efficiency, are driving their adoption across a wide range of applications, including power generation, petrochemicals, and data centers.
Mechanical draft to be the fastest growing segment by design in terms of value.
Mechanical design cooling towers are poised for rapid growth in the global market due to their robust construction and ability to provide efficient cooling in diverse applications. Their flexible design allows for customization to meet specific cooling requirements, making them attractive to industries seeking tailored solutions. Furthermore, innovations in fan technology and control systems are enhancing the performance and reliability of mechanical cooling towers, driving their adoption in critical sectors such as data centers, petrochemicals, and food processing.
HVACR accounted for the second largest share in the application segment of cooling tower market in terms of value.
With the HVACR sector being indispensable for maintaining comfortable indoor environments and preserving perishable goods, cooling towers play a crucial role in regulating temperatures and ensuring optimal system performance. Whether in commercial buildings, industrial facilities, or residential complexes, HVACR systems rely on efficient cooling solutions to manage heat generated by air conditioning units and refrigeration systems. As urbanization and infrastructure development accelerate globally, the demand for HVACR solutions, and consequently cooling towers, continues to rise, solidifying its significant contribution to the overall cooling tower market.
Europe is the third-largest market for cooling tower.
Europe holds a significant position as the third-largest region in the global cooling tower market, driven by its unique blend of industrial innovation and environmental consciousness. With a diverse range of sectors, from technology to agriculture, Europe's demand for cooling towers reflects a commitment to enhancing operational efficiency and minimizing environmental impact. Moreover, the region's emphasis on precision engineering and cutting-edge technology fosters a culture of continuous improvement, driving the adoption of advanced cooling solutions. Additionally, Europe's strategic geographical location and interconnected markets facilitate collaboration and knowledge exchange, further propelling the growth of the cooling tower market in the region.
The cooling tower market comprises major players such as Baltimore Aircoil Company Inc. (US), John Cockerill (Belgium), SPX Technologies (US), Ebara Corporation (Japan), Evapco, Inc. (US), Krones AG (Germany), Babcock & Wilcox Enterprises Inc. (US), Seagull Cooling Tower Co., Ltd (Malaysia), Enexio (Germany), and Paharpur Cooling Tower Limited (India). The study includes in-depth competitive analysis of these key players in the cooling tower market, with their company profiles, recent developments, and key market strategies.
The report provides insights on the following:
- Market Penetration: Comprehensive information on the cooling tower market offered by top players in the global cooling tower market.
- Analysis of drivers: (Growing Interest from Developing Markets in the Asia-Pacific Region, Heightened Demand for Cooling Towers Driven by Stringent Environmental Regulations, Increase in HVACR Installations and Expansion of Industrial Operations, and Advancements Redefining the Cooling Tower Industry), restraints (Moderate Expansion in Europe and North America), opportunities (Increasing Demand from the Nuclear Power Generation Industry, and challenges (High Water Consumption Requirements, Frequent Corrosion Reducing System Performance)
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the cooling tower market.
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for cooling tower market across regions.
- Market Capacity: Production capacities of companies producing cooling tower are provided wherever available with upcoming capacities for the cooling tower market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the cooling tower market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 261 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $3 Billion |
| Forecasted Market Value (USD) by 2029 | $3.9 Billion |
| Compound Annual Growth Rate | 5.3% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Counterflow Segment to Account for Larger Market Share in 2029
- Steel Segment to Account for Largest Market Share in 2029
- Power Generation Segment to Dominate Market Between 2024 and 2029
- Asia-Pacific Led Cooling Tower Market in 2023
Premium Insights
- Attractive Opportunities for Players in Cooling Tower Market - Rising Demand for Cooling Towers from Various Industries in Emerging Economies to Drive Market
- Cooling Tower Market, by Design - Mechanical Draft Segment to Account for Larger Share of Cooling Tower Market in 2029
- Cooling Tower Market, by Type - Evaporative Segment to Account for Largest Share of Cooling Tower Market in 2029
- Cooling Tower Market, by Application and Region, 2023 - Power Generation Segment and Asia-Pacific Accounted for Largest Shares of Cooling Tower Market in 2023
- Cooling Tower Market, by Country - India to be Fastest-Growing Cooling Tower Market During Forecast Period
Market Dynamics
Drivers
- Increased Demand for Cooling Towers in Developing Economies of Asia-Pacific
- Implementation of Stringent Government-Led Environmental Regulations
- Rise in Heating, Ventilation, Air Conditioning, and Refrigeration (Hvar) System Installations and Industrial Operations
- Advancements in Cooling Towers
Restraints
- Moderate Demand for Cooling Towers in Europe and North America
Opportunities
- Increasing Demand for Cooling Towers in Nuclear Industry
Challenges
- High Water Consumption for Cooling
- Decline in System Performance Attributed to Frequent Corrosion
Case Study Analysis
- Baltimore Aircoil Company, Inc.'s "Cs Replacement Fill 20211215" Guide Helps Customers Replace Cooling Tower Fills by Providing Detailed Instructions and Recommendations
- Paharpur Cooling Towers Ltd. Installs Greenpro-Certified Low-Approach Cooling Towers at Taj Palace and Taj Exotica to Lower Energy Consumption
- Realiteq Provides Communication, Integration, and Operating Screens for Remote Monitoring and Control Systems
Companies Featured
- Baltimore Aircoil Company, Inc.
- Spx Technologies
- John Cockerill
- Ebara Corporation
- Evapco, Inc.
- Enexio Management GmbH
- Babcock & Wilcox Enterprises, Inc.
- Krones AG
- Seagull Cooling Tower Co. Ltd.
- Paharpur Cooling Towers Ltd.
- Amcot Cooling Tower Corporation.
- Bellct
- Dongahe Industrial Company Ltd.
- Boldrocchi T.E. Srl.
- Heng an (Hacst)
- Marley Flow
- Mita Cooling Technologies S.R.L.
- Nihon Spindle Manufacturing Co. Ltd.
- Perfect Cooling Towers
- Star Cooling Towers Pvt. Ltd.
- Delta Cooling Towers, Inc.
- National Cooling Towers
- Tower Tech Cooling System Pvt. Ltd
- Watco Group
- Robson Industries Inc.
For more information about this report visit https://www.researchandmarkets.com/r/icyum3
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