Dublin, May 08, 2023 (GLOBE NEWSWIRE) -- The "Cooling Towers: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Cooling Towers Market to Reach $5.4 Billion by 2030
The global market for Cooling Towers estimated at US$3.7 Billion in the year 2022, is projected to reach a revised size of US$5.4 Billion by 2030, growing at a CAGR of 4.9% over the analysis period 2022-2030.
Wet Towers, one of the segments analyzed in the report, is projected to record a 5.4% CAGR and reach US$3.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Dry Towers segment is readjusted to a revised 3.7% CAGR for the next 8-year period.
The U.S. Market is Estimated at $987.4 Million, While China is Forecast to Grow at 6.9% CAGR
The Cooling Towers market in the U.S. is estimated at US$987.4 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$463.2 Million by the year 2030 trailing a CAGR of 6.9% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 4.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.1% CAGR.
What`s New for 2023?
- Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and Research Platform
- Complimentary updates for one year
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 490 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.7 Billion |
| Forecasted Market Value (USD) by 2030 | $5.4 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Artificial Intelligence & Electronification of Controls Make Disruptive Impact on Cooling Tower Performance Monitoring & Operation
- A Popular Type of Heat Exchanger, Cooling Towers Play Key Role in Industrial Process Heat Management
- A Critical Capital Investment for Industries Where Cooling Forms an Important Part of Production/Manufacturing Processes, Cooling Towers Represents One of the Largest Segments of the Heat Exchangers Market
- Growing Prominence of Robotic & Intelligent Process Automation in the Era of Smart Factories to Drive the Commercial Value of Cooling Towers with Electronic Controls
- As Hidden Profit Centers, Energy Efficient Cooling Towers Grow in Prominence
- Energy Efficient Cooling Towers Win the Race Against the Backdrop of Growing Popularity of Energy Audits & the Ensuing Spotlight on Cooling Towers as the Most Neglected Process Equipment With the Potential for Energy Optimization
- Undeniable Productivity Benefits of Industrial Energy Efficiency Measures to Spur the Commercial Value of Energy Efficient Cooling Towers
- Medley of Factors Dole Out Challenges & Opportunities in Equal Measure for Cooling Towers in the Global Oil Refining Market
- With Growth Skewed Towards Alternative Liquid Fuels, Oil Refineries Face a High Risk Exposure as the Oil Shake Up Marks the Transition Towards a Low Carbon Economy
- Cornering a Large Percentage of New Refining Capacity Additions, Developing Regions & the USA Emerge as Lucrative Pockets of Growth for Cooling Towers in the Oil Refining Sector
- Recovery in Construction Activity Spurs Demand for Rooftop Packaged HVAC Cooling Towers
- Steady Gains in Construction Industry & Mandatory Building Energy Efficiency Provisions to Drive Opportunities for HVAC Cooling Towers
- Cooling Towers Emerge Into a More Desirable Solution for HVAC Cooling Needs in Buildings Supported by the Smart Connectivity Benefits Offered by Building Automation Systems (BAS)
- Although Declining in Numbers, the Growing Size of an Average Datacenter Due to the Ongoing Consolidation Trend Will Offer Opportunities for Evaporative Cooling Towers
- Higher Energy Benefits Over & Above Air-Cooled Chiller Plants to Drive Demand for Water Cooled Chillers with Integrated Cooling Towers in Datacenters
- Rising Global Energy Needs Drives Stable Growth of Cooling Towers in the Power Generation/Utilities Sector
- As the Icon of Thermal Energy Generation, Large Cooling Towers Continue to Find Attractive Opportunities in Coal Fired Power Plants
- Robust Outlook for Clean Coal Power to Drive Demand for Power Plant Cooling Towers
- Focus on Renewable Energy: A Double Win for Cooling Towers in the Energy Sector
- Dry Cooling Towers & Hybrid Wet/Dry Cooling Towers Emerge Into the Spotlight as CSPs Boxed In Water Scarcity Issues, Embark on the Quest for Water Conservation
- Robust Outlook for Renewables to Echo Downstream Into the Cooling Towers Market
- Expected Revival of Nuclear Energy to Drive Opportunities in the Cooling Towers Market
- With 507 Operational & Under Construction Nuclear Reactors, Demand for Cooling Towers in Nuclear Power Plants is Poised for Growth in the Medium to Long Term Period
- Nuclear Power to Drive Demand for Cooling Towers
- Evaporative Credits Offered by Utilities Strengthens the Business Case for the Use of Cooling Towers
- As the Costs of Owning & Operating a Plant Becomes Expensive, Cooling Towers with Their Low Water Drainage Loss Emerge Attractive for Obtaining Water Evaporation Credits
- Uncertainties Resurface After Two Years of Recovery in the Mining Industry, Throwing Mine Cooling Towers Back Into Stress
- As Deep Mines Begin to Invade the Earth's Forbidden Zone, Efficient Mine Cooling Towers Will Grow in Prominence Over the Long-Term Period
- With Annualized Exploration Spending Growth Beginning to Recede Tempered Outlook Makes a Comeback for Mine Cooling Towers
- Healthy Outlook for the World Chemical Industry Extends a Fillip to Cooling Towers Demand
- Projected Stability in Capital Spending in the Chemical Industry Provides Opportunities for New and Replacement Demand for Cooling Towers
- Healthy Market for Processed Food to Benefit Demand for Cooling Towers in the Food Processing Sector
- As the Hidden Workhorses of Heating and Cooling in the Food & Beverage Industry, Demand for Cooling Towers Benefits from the Growing Demand for Packaged Food
- Stringent Environmental Norms & Worsening Water Shortages Drive Demand for Closed Circuit Dry Cooling Towers
- Advancements in Water Treatment Processes
- Hybrid Cooling Towers Rise in Importance & Commercial Value
- Growing Popularity of Hybrid Cooling Towers as Measured by their Growing Share in the Cooling Towers Rental Space as an Illustrative Case in Point
- Current State of Hybrid Cooling Towers Market
- Technology Innovations Remain Critical to Growth
- Saving Water Through Vapor-Collection Technology
- Next-generation Factory Assembled Cooling Towers to Positively Impact Bottom Line of HVAC and Industrial Processes
- Advancements in Plume Abatement Technologies and Drift Eliminators to Address Environmental Concerns
- New Design and Material Innovations Increase Cooling Efficiency
- Electric Pulse Technology, an Alternative to Water Treatment Chemicals in Cooling Towers
- A Review of Innovations in Construction Materials for Cooling Towers
- Power Transmission Technologies in Cooling Tower
- Study on Water Efficiency for Cooling Technology
- Research to Overcome the Excessive Water Consumption Barrier
- Changes in Cooling Water Treatment Processes
- Reducing Cooling Tower Maintenance Through Automation
FOCUS ON SELECT PLAYERS (Total 103 Featured)
- Artech Cooling Towers Pvt. Ltd.
- Babcock & Wilcox Enterprises, Inc.
- Baltimore Aircoil Company Inc.
- Bell Cooling Tower
- BERG Chilling Systems, Inc.
- Brentwood Industries, Inc.
- Composite Cooling Solutions L.P
- Cooling Tower Depot, Inc.
- Cooling Tower Systems, Inc.
- Delta Cooling Towers, Inc.
- ENEXIO Management GmbH
- EVAPCO, Inc.
- EWK Equipos de Refrigeracion, S.A.
- FANS a.s.
- Hamon & Cie (International) SA
- ILMED IMPIANTI SRL
- JACIR - GOHL
- JAEGGI Hybridtechnologie AG
- Johnson Controls Inc.
- Kelvion Holding GmbH
- Krones AG
- Liang Chi Industry (THAILAND) Co., Ltd.
- Mastertech Services Inc.
- MESAN Group
- MITA Cooling Technologies Srl
- Paharpur Cooling Tower Limited
- REYMSA COOLING TOWERS, INC.
- Ryowo Holding Co., Ltd.
- SPX Cooling Technologies, Inc.
- Star Cooling Tower Pvt. Ltd.
- Superchill Australia Pty Ltd.
- Thermal Care Inc.
For more information about this report visit https://www.researchandmarkets.com/r/t9pjq0
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