Chicago, March 30, 2023 (GLOBE NEWSWIRE) -- The global Cooling Tower Market is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026, as per the recent study by MarketsandMarkets™. Cooling towers are heat exchangers which are used to dissipate unwanted heat to the atmosphere. Cooling towers such as hybrid and dry are majorly available in the market and are utilized in various industries including power generation, chemical, petrochemical and oil & gas, food & beverage, HVACR, and so on. Cooling towers which remove heat from industrial processes or chemical reactions are termed industrial process cooling towers and those which are used for HVACR applications are majorly known as comfort cooling towers.
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Browse in-depth TOC on “Cooling Tower Market”
192 - Market Data Tables
42 - Figures
201 - Pages
List of Key Players in Cooling Tower Market:
- EVAPCO (US)
- Baltimore Aircoil Company Inc. (US)
- SPX Corporation (US)
- Artech Cooling Towers Pvt. Ltd. (India)
- Babcock & Wilcox Enterprises (US)
- Brentwood Industries (US)
- Johnson Controls Inc. (Ireland)
- Paharpur Cooling Tower Ltd. (India)
- Enexio (Germany)
- Hamon & CIE International (Belgium)
- Others
Drivers, Restraints, and Opportunities in Cooling Tower Market:
- Drivers: Rise in HVACR deployments and growth in industrial activities
- Restraints: Sluggish market growth in Europe and North America
- Opportunity: Rising demand from nuclear power generation sector
- Challenge: Frequent corrosion in system results in reduced efficiency
Key Findings of the Study:
- Based on application, the HVACR segment is projected to grow at the highest CAGR during the forecast period.
- Based on type, the evaporative cooling tower is projected to dominate the market between 2021 and 2026.
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Demand for climate control systems such as HVAC is rising significantly owing to the need for comfort, rising disposable income, changes in climate, and awareness about energy efficiency. This development is expected to be further propelled by stringent government regulatory guidelines and incentives to ensure saving energy and the conservation of natural resources. Increasing adoption of HVACR systems is expected to drive the demand for cooling towers globally.
The segment accounted for a share of 55.1% of the overall market in 2020. The market size of the evaporative cooling tower was USD 1,101.9 million in 2020 and is projected to reach USD 1,417.0 million by 2026, at a CAGR of 4.4% between 2021 and 2026. The evaporative cooling tower segment dominates the market due to its high energy efficiency, vast applications in power industries, and high performance over any other cooling tower type.
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Asia Pacific is a key market for the production of cooling towers production and is projected to grow at a CAGR of 5.5% in terms of value during the forecasted period. The availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes the region an attractive investment destination for cooling towers manufacturers. The chemical industry is one of the biggest industries utilizing heat transfer fluids which supports its growth in this region. Urbanization and improvement in the standard of living are propelling the demand for electricity and encouraging the incorporation of renewable energy in power generation.
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