Pune India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the cooling tower market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the cooling tower market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, construction material, end-user, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global cooling tower market are Perfect, SPX Corporation, Johnson Controls Inc., Paharpur Cooling Tower Ltd., BELL COOLING TOWERS, NALCO India, MESAN Group, Delta Cooling Towers, Cannon Water Technology, International Cooling Towers, Star Cooling Towers, EVAPCO among others. To achieve a substantial market share in the worldwide cooling tower market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A cooling tower is a device that uses water to transfer heat to the atmosphere. It is a concrete structure supported by struts and is used to cool industrial processes. Enhanced cooling capacity, improved installation and energy savings, low maintenance costs, and other technological advancements are expected to further boost market growth in the foreseeable future. Cooling towers enhance energy efficiency in cooling systems, but at the cost of excessive water usage compared to conventional cooling systems, which will drive the market growth of cooling towers. A key factor positively impacting the market is the escalating demand for electricity due to the growing global population. As a result of these factors and the increasing electrification across different industry verticals, cooling tower demand across the globe is increasing. Further, the demand for this product is expected to increase due to an increase in construction activity across the residential and commercial sectors in rising countries. As another important driver, rapid global industrialization is expected to positively impact cooling towers market growth during the forecast period. There are some factors which are hampering the growth of the market such as large volume of water requirement and rising corrosion issues.
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Scope of Cooling Tower Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Construction Material, End-User, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Perfect, SPX Corporation, Johnson Controls Inc., Paharpur Cooling Tower Ltd., BELL COOLING TOWERS, NALCO India, MESAN Group, Delta Cooling Towers, Cannon Water Technology, International Cooling Towers, Star Cooling Towers, EVAPCO among others |
Segmentation Analysis
Open-circuit cooling tower is expected to be the fastest-growing segment in 2022.
The type segment includes hybrid cooling towers, open-circuit cooling towers and closed-circuit cooling towers. The open-circuit cooling tower segment is expected to witness the highest growth rate during the forecast period. The open-circuit cooling tower has a larger surface area exposed to the atmosphere, so evaporation occurs more quickly, resulting in a greater cooling effect. Cooling towers of this type are ideal for cooling large facilities due to their high heat rejection capability. However, they also require high installation and maintenance costs, as well as requiring higher energy consumption.
High-density polyethylene is expected to be the fastest-growing segment in 2022.
The construction material segment includes high-density polyethylene, wood, steel, concrete and others. The high-density polyethylene is expected to witness the highest growth rate during the forecast period. Cooling towers made from HDPE are less expensive and offer higher corrosion resistance. These towers can be easily transported and installed, and they provide better corrosion and leakage protection.
Power generation is expected to be the fastest-growing segment in 2022.
The end-user segment includes power generation, food & beverages, HVAC, chemical, petrochemicals and oil & gas, and others. The power generation is expected to witness the highest growth rate during the forecast period. The rapid industrialization has led to the establishment of new power plants throughout the world to cater to the increasing demand for power. The demand for cooling towers will also continue to increase in accordance with the continued establishment of new power plants, since they remove excess heat from power plants.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the cooling tower market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. A large share of the market is held by the Asia-Pacific region due to the increasing demand for end-use industries, such as water and wastewater treatment, pipeline coatings for oil and gas, and pipeline coatings for oil and gas pipelines. A growing environmental regulation system, an increasing demand for water, and a shortage of fresh water supply have also contributed to the development of more water treatment facilities in the region.
Country Analysis
- Germany
Germany's cooling tower market size was valued at USD 0.16 billion in 2022 and is expected to reach USD 0.23 billion by 2030, at a CAGR of 4.7% from 2023 to 2030.
As a result, having a large presence of chemical companies in the manufacturing sector is expected to drive market growth. Chemical companies are one of the main users of water cooling towers in the country, accounting for about 7.5% of the country's manufacturing turnover.
- China
China’s cooling tower market size was valued at USD 0.21 billion in 2022 and is expected to reach USD 0.30 billion by 2030, at a CAGR of 4.9% from 2023 to 2030.
The cooling towers market in China is projected to grow rapidly due to the growing manufacturing facilities and infrastructure investment in the country. A primary factor predicting that the market will remain positive over the forecast period is the growing number of data centers across the country, as well as the high demand for power generation to meet growing energy demands.
- India
India's cooling tower market size was valued at USD 0.16 billion in 2022 and is expected to reach USD 0.23 billion by 2030, at a CAGR of 4.8% from 2023 to 2030.
India is expected to see a significant growth in cooling tower demand due to government policies that limit the amount of water being used in power plants and cooling machinery.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand from the power generation plants.
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