The global cooling tower market is expected to grow at a CAGR of around 5% during 2021-2026.
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A cooling tower is a heat removal device that relies on water for transferring the waste heat into the atmosphere. It offers various advantages, such as water conservation, optimal cooling, cost-effectiveness, energy efficiency, resistance against corrosion, ease of installation, longer service life, high structural strength and reduced noise pollution. As a result, it finds extensive applications in heating, ventilation, and air conditioning (HVAC) systems, petroleum refineries, cold storage units, electric power generation and food processing plants. Besides this, it is also used to provide comfort cooling in large commercial buildings, such as airports, schools, hospitals and hotels, etc.
Cooling Tower Market Drivers: The demand for electricity is steadily escalating around the world, owing to inflating disposable incomes, increasing electrification in various sectors and rising sales of consumer electronics. This represents one of the major factors impelling the global cooling tower market growth. Moreover, as governments of numerous countries are implementing stringent environmental regulations, there is an increase in the adoption of nuclear power plants, which, in turn, is further driving the market growth. Apart from this, the rising utilization of HVAC systems on account of the upcoming construction activities is positively influencing the demand for cooling towers. Furthermore, the incorporation of 3D TRASAR technology to detect, determine and deliver improved scale, corrosion and microbiological performance of the cooling tower systems, is expected to expand their applications across various industries in the coming years. The market was adversely impacted in 2020 due to the spread of the coronavirus disease (COVID-19) that led to the temporary shutdown of manufacturing and industrial plants as well as construction activities, however, the market is expected to exhibit moderate growth in the coming years.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global cooling tower market, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on tower type, flow type, design, construction material, end user and region.
Breakup by Construction Material: Fiber-Reinforced Plastic (FRP) Steel Concrete Wood High-Density Polyethylene (HDPE) Others
Breakup by End-User: Chemical HVAC Petrochemicals and Oil & Gas Power Generation Food and Beverages Others
Breakup by Region: North America United States Canada Asia Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The report has also analysed the competitive landscape of the market with some of the key players being Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Company Inc. (Amsted Industries Inc.), Brentwood Industries Inc., Delta Cooling Towers, Inc., ENEXIO Management GmbH, Hamon Corporation (Hamon & Cie), International Cooling Tower Inc., Johnson Controls Inc., SPX Cooling Technologies Inc., Reymsa Cooling Towers Inc., Thermal Care Inc. (IPEG Inc.), Thermax Limited (RDA Holdings Private Limited), etc. Key Questions Answered in This Report:
How has the global cooling tower market performed so far and how will it perform in the coming years? What are the key regional markets? What has been the impact of COVID-19 on the global cooling tower market? What is the breakup of the market based on the tower type? What is the breakup of the market based on the flow type? What is the breakup of the market based on the design? What is the breakup of the market based on the construction material? What is the breakup of the market based on the end-user? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global cooling tower market and who are the key players? What is the degree of competition in the industry?
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