Selbyville, Delaware, June 07, 2019 (GLOBE NEWSWIRE) --
The demand for cooling tower market has registered substantial growth on account of increased deployment in thermal power plants as well as in HVAC systems across commercial and residential spaces. Growing applications of cooling towers due to their ecofriendly nature of heat dissipation signals towards immense growth potentials for the cooling tower market over 2019-2025.
According to a report by GMI, the cooling tower market is expanding at 4% CAGR and will exceed USD 3 billion valuation by 2025. It is primarily used to reject heat absorbed in the circulating cooling water systems that are used in petrochemical plants, power plants, food processing plants, natural gas processing plants, semi-conductor plants, and other industries.
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The U.S. cooling tower market in 2018, was valued over USD 250 million. Favorable regulatory norms to accelerate the adoption of sustainable power generation coupled with rapid advancements in the manufacturing sector will increase the product penetration. Paradigm shift in the respective government norms are redefining the domestic manufacturing sector which will further boost the industry growth.
Accelerating investment in the oil & gas sector primarily across the Middle East & Asia Pacific region will boost the market growth. Ongoing development and expansion of new oil refineries will positively influence the business landscape. Accelerating demand for electricity across developing nations is anticipated to drive the Asia Pacific cooling tower market. Rapid industrialization and urbanization is expected to positively influence cooling tower industry outlook. Substantial growth for the cooling tower market is projected to be witnessed across India where the power generation sector is slated to be one of the most diversified industries.
The O&G industry is anticipated to be a viable revenue stream for cooling tower market, given the product demand across refineries. The robust expansion of refineries worldwide and the developments prevalent in the oil exploration sector will thus prove to me a major growth impetus for this industry, specifically across the APAC. Recently, the China-based Zhoushan refinery complex, an upcoming large-scale downstream project for 2019, controlled by Zhejiang Petroleum and Chemical Company, made it to the headlines for announcing that it anticipates commencing its production activities by the third quarter of 2019. When completed, this complex would have a refining capacity of 800,000b/d, and is being constructed in two phases.
Browse key industry insights spread across 450 pages with 684 market data tables & 4 figures & charts from the report, “Cooling Tower Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cooling-tower-market
With sustainable electricity generation becoming a mantra for the future, the demand for the establishment of power plants is certain to augment cooling tower industry share. The ability of cooling towers to minimize energy loss and lower energy consumption is certain to fuel cooling tower market from power generation applications. Another factor that would extensively propel cooling tower market share from power generation is the robust increase in the number of sustainable power plants across the globe.
Major players in the cooling towers market includes Thermal Care, Haman, Reymsa, SPX Cooling, BERG, ENEXIO, Bell Cooling Tower, Baltimore, Mesan, Johnson Controls, Star Cooling, Paharpur Cooling Tower, Perfect Cooling, SPIG, Brentwood, Evapco, ENGIE, Delta and Thermax, International Cooling.
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Cooling tower market research report includes an in-depth coverage of the industry with estimates & forecast in terms of USD from 2014 to 2025, for the following segments:
Cooling Tower Market, By Product
- Evaporative/Wet
- Dry
- Hybrid
Cooling Tower Industry, By Technology
- Open circuit
- Closed circuit
- Hybrid
Cooling Towers Market, By Design
- Mechanical
- Natural
Cooling Towers Industry, By Build
- Field erection
- Package
By Construction Material
- Concrete
- Steel
- FRP
- Wood
- Others
Industry, By Flow
- Counterflow
- Crossflow
By Application
- Chemical & Fertilizers
- Oil & Gas
- Power Generation
- HVACR
- Others
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