Selbyville, Delaware, Jan. 24, 2022 (GLOBE NEWSWIRE) --
The cooling tower market is expected to surpass USD 3.8 billion by 2028, as reported in a research study by Global Market Insights Inc. Growing environmental concerns along with stringent government norms to minimize greenhouse gas emissions have aligned the cooling tower industry toward the integration of renewable power generation systems. In addition, continuous technological advancements coupled with the shifting inclination of end-users toward sustainable technology adoption will augment the business dynamics.
Counter flow cooling systems will witness significant growth on account of reduced noise emission, efficient air-to-water contact due to droplet distribution, and low space requirements. Wide acceptability across power plants, heavy-duty industries, and manufacturing plants will boost industry growth during the forecast timeline. Additionally, low maintenance costs, reduction in noise pollution, and easy maintenance will stimulate product demand.
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Accelerating investments across the oil & gas industry along with developments in new refineries will enhance the demand for cooling towers. For instance, in November 2021, Indian Oil Corporation has planned to expand its crude processing capacity at the Mathura refinery, India by 11 MMTPA. In addition, ADNOC and Saudi Aramco have also signed a contract to invest in a proposed refinery project to be built in Ratnagiri, India with a capacity of 60 million tons.
The Europe cooling tower market is expected to surpass at a rate of over 4% by 2028. Growing utilization of cogeneration technologies along with government subsidies & incentives for the adoption of CHP will boost the cooling tower growth across Europe. Moreover, the introduction of green building standards across the construction industry coupled with emission & environmental compliance will positively influence the production of sustainable & advanced cooling towers.
During the pandemic, global economies witnessed a marginal downfall across the overall cooling tower industry scenario. The impact of the pandemic resulted in a lack of workforce availability and supply chain disruptions. However, the industry is anticipated to rise owing to increasing focus on renewable energy generating resources combined with rising construction activities. In addition, the shifting consumer and regulatory trend toward energy security and sustainable & efficient technologies will fuel the industry scenario.
Some prime findings of the cooling tower market report include:
- A rise in renewable-based power generation in line with effective & sustainable energy utilization norms will propel the industry growth.
- Robust investments across the development and expansion of industrial and manufacturing sectors will positively influence the business outlook.
- Rapid technological enhancements combined with continuous innovations for efficient tower design will encourage product adoption.
- Prominent players functioning across the industry include S.A. HAMON, SPX Cooling Technologies, Baltimore Aircoil Company, Johnson Controls, Thermax Limited, ENGIE Refrigeration GmbH, etc.
- Continuous expansion of industries including refining, thermal power plants, oil & gas, automotive, chemicals, petrochemical, fertilizer, and food & beverage has instituted a favorable business scenario.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Cooling tower industry 3600 synopsis, 2018 – 2028
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Technology trends
2.1.4 Design trends
2.1.5 Build trends
2.1.6 Construction material trends
2.1.7 Flow trends
2.1.8 Application trends
2.1.9 Regional trends
Chapter 3 Cooling Tower Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Innovation & technology landscape
3.4 Regulatory landscape
3.4.1 North America
3.4.2 Europe
3.4.3 Asia Pacific
3.4.4 Middle East & Africa
3.4.5 Latin America
3.5 COVID– 19 impact on the industry outlook
3.5.1 Top 10 countries impacted by COVID- 19
3.5.2 COVID- 19 impact on industry
3.6 Customer requirement
3.7 Customer group requirement
3.8 Entry barriers
3.9 Comparative analysis between counterflow and crossflow cooling tower
3.10 Key upcoming market for cooling tower
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 Competitive landscape, 2021
3.15 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
