Pune, March 13, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider's report, the Cooling Tower Market was valued at USD 1.99 billion in 2022 and is projected to reach USD 2.92 billion by 2030, exhibiting a CAGR of 4.9% during the forecast period from 2023 to 2030.
Market Overview:
A cooling tower is a specialized type of heat exchanger used to cool hot water by mixing it with cooler air. As the hot water passes through the cooling tower, its temperature gradually decreases, causing a small amount of water to evaporate. With the industrial sector producing more goods each day, the amount of heat generated during manufacturing has also increased. As a result, there is a growing need for effective cooling solutions to prevent equipment from overheating and malfunctioning.
Market Analysis:
The cooling tower market is experiencing significant growth due to several driving factors. One of these factors is the increasing construction of residential and commercial areas in developing countries, which has led to a higher demand for cooling systems. Another major driver of the market is the rising demand for electricity, which has led to the construction of numerous power plants worldwide. With the growing demand for power, the need for effective cooling solutions becomes critical to ensure that these power plants operate efficiently and effectively. As more and more industries are established, the demand for cooling systems to maintain the optimal temperature for various industrial processes is increasing.
Key Company Profiles Listed in this Report Are:
- SPIG S.p.A
- Absolute Cooling Tower Services Ltd.
- ESINDUS S.A (Hamon Group)
- Paharpur Cooling Towers Limited
- FANS a.s.
- LIANG CHI INDUSTRY (THAILAND) CO., LTD.
- Delta Cooling Towers, Inc.
- SPX Corporation
- Cooling Tower Depot, Inc.
- Superchill Australia Pty Ltd.
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Impact of Recession on Cooling Tower Market Growth
During a recession, businesses may face challenges in securing financing for new cooling tower projects. Financing can become more expensive, and lenders may be more risk-averse, making it harder to obtain loans. This can further hamper the growth of the cooling tower market. However, it is important to note that not all segments of the market are equally affected by a recession. Some industries, such as power generation and HVAC, are considered essential services and may continue to require cooling tower installations and maintenance despite economic downturns.
Key Regional Developments
The cooling tower market is poised for remarkable growth in the Asia Pacific region, fueled by the robust industrialization and escalating need for cooling towers for diverse applications. As the demand for cooling solutions surges, the market is expected to witness a substantial uptick in the region. On the other hand, North America, with the US and Canada at the forefront, held a substantial share of the global market owing to the presence of intelligent buildings, extensive data centers, and leading building automation vendors.
Cooling Tower Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.99 Bn |
| Market Size by 2030 | US$ 2.92 Bn |
| CAGR | CAGR of 4.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Product (Evaporative/Wet, Dry, Hybrid) • By Application (Chemicals & Fertilizers, Oil & Gas, Power Generation, HVACR) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
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Key Takeaway from Cooling Tower Market Study
- The HVAC system has accounted for the largest share in market. In modern times, HVAC systems have become an essential part of commercial, residential, and industrial buildings.
- The market is witnessing a significant contribution from the power generation segment, which holds the largest share in the industry. Governments and private organizations alike are investing heavily in the development of new power plants, particularly in emerging economies.
Recent Developments Related to Cooling Tower Market
- Delta Cooling Towers has announced its plans to expand its operations in Barbour County, with a significant investment of $6.7 million. The move comes as a part of the company's commitment to enhancing its manufacturing capabilities and meeting the growing demand for cooling towers. The expansion will enable the company to better serve its customers and strengthen its position as a leading manufacturer of cooling towers.
- Amazon, the e-commerce giant, has recently stepped into the CPU cooling market with a new product - the Basic RGB Cooling Tower. This product is designed to offer efficient cooling to CPUs while also adding a bit of flair with its RGB lighting. In terms of performance, the Basic RGB Cooling Tower is a competent cooler that performs well under heavy loads. It is easy to install and comes with all the necessary mounting hardware and thermal paste, making the installation process hassle-free.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Cooling Tower Market Segmentation, By Product
9. Global Cooling Tower Market Segmentation, By Application
10. Global Cooling Tower Market, By Region/ Country
11. Company Profiles
12. Competitive Landscape
13. Conclusion
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