USD 3243.1 million
Report ID: SQMIG10B2017 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 63 | Figures: 75
Global Cooling Towers Market size was valued at USD 3243.1 million in 2021 and is poised to grow from USD 3420.24 million in 2022 to USD 5334.2 million by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
Rising construction activities with advanced technologies are the major driver for global cooling tower market as the number of constructions is increasing it is developing a subsequent demand for heating, ventilation, cooling, and refrigeration (HVAC) equipment which is driving the growth of the market. Also, the new technologies in cooling like crossflow designs which allow an adjustable flow of operation are ultimately reducing the water flow rate as well as energy consumption rate in the cool months.
Cooling tower refers to a heat exchanger that lowers the temperature of the water by pushing air and water into direct contact. A small amount of water evaporates throughout the colling tower operation, lowering the water level that is pumped throughout the tower. Industrial cooling towers are used to remove heat from the circulating cooling water systems used in power plants, oil refineries, petrochemical plants, natural gas processing plants, food processing plants, and other industrial facilities. They are larger than HVAC systems.
It is used to maintain the temperature in the chillers for several industrial applications and is mainly used in the manufacturing and power industries to keep the environment cool. With the use of cooling tower heat regulation can be done easily by maintaining an air conditioning system. The cooling tower is an important factor of a nuclear reactor. The performance properties of a cooling tower have a significant impact on the overall efficiency and power output of a nuclear power plant. Cooling towers used in nuclear power plants are mainly based on hybrid or wet technology. They are used for high-pressure and temperature applications and various manufacturing processes where process cooling is required. These are used in different nuclear processes such as closed-loop system cooling, central cooling, moisture separator heating, and various others. As nuclear energy is one of the most emerging future energy sources, it presents many opportunities for the cooling tower market.
US Cooling Towers Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 3243.1 million
Closed Circuit Cooling Towers
Closed Circuit Cooling Towers
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Global cooling towers market is segmented based on the Type, Application, and region. Based on the Types Open-Circuit Cooling Towers, Closed-Circuit Cooling Towers, Hybrid Cooling Towers. Based On Application, Global Cooling Towers Market is segmented as Chemical, HVAC, Petrochemicals and Oil and Gas, Power Generation, Food and Beverages, and Others. Based on Region Cooling Towers Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cooling Towers Market Analysis by Type
The highest CAGR in the projection period is 7.52 % for hybrid cooling. These cooling towers exceed stringent environmental requirements and offer an excellent balance of wet and dry cooling with a positive environmental impact. They enable the reduction of steam drift, or the "steam plume," which is particularly noticeable in cold, rainy weather and during the winter when it might cause icing. In cities, industrial locations, and adjacent to potentially freezing roadways, the elimination of the steam plume is very advantageous. The hybrid cooling towers also use less water and deliver total heat rate according to customer needs. Utilizing the airflow, this module will also lower the cooling water's temperature before it enters the wet area. The steam plume is eliminated when hot air from dry cooling is combined with saturated air from the wet section. Energy, petrochemical, chemical, metallurgy, plastic and rubber, paper, and manufacturing are among the industries that use hybrid cooling technology. These industries are examined to determine the market's growth drivers throughout the forecast period.
Cooling Towers Market Analysis by Application
Based on the application, the Cooling Towers Market is divided into segments for chemicals and petrochemicals, pharmaceuticals, power generation, HVAC, food and beverage, and others based on the applications. Due to the growing industrialization of major nations, including the United States, China, Germany, the United Kingdom, and others, the HVAC segment currently controls the largest share of the market. Additionally, the installation of such towers in the HVAC sectors results in lower energy consumption, simple operation, low maintenance costs, and excellent performance.
With the growing government attempts to minimize energy consumption, provide maximum efficiency, and lessen environmental pollution, the penetration of these towers throughout the chemicals and petrochemicals, power generating, and pharmaceutical industries are projected to be moderate after HVAC.
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North America has held the largest share in the cooling tower market in 2021 and is expected to dominate the Cooling Towers Market during the forecast period. Due to the rising growth of the petroleum, gas, and oil sector in this region. The United States economy is expected to rise.
Asia Pacific region is also expected to grow in the forecast period with owning key players operating under this segment. Also, the countries like China, Japan, and India are upscaling by industrialization and infrastructure development. Furthermore, the newer constructions of nuclear and power generation plants and water consumption norms create a potential impact on the growth of the market.
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Cooling Towers Market Driver
Cooling Towers Market Restraint
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Global cooling towers market is highly fragmented, with a high level of competition. The key Cooling Towers Market players are constantly focused on R&D to supply industries with the most efficient and cost-effective solutions. Applications for digital payment and security are also being equipped with technologies like Near-Field Communication (NFC) and Radio Frequency Identification (RFID) to make them more secure. For instance, Al-based interactive machines that immediately bill the customer when the items are selected from merchandising shelves were announced by ViaTouch Media. Major players in cooling tower market are SPX Corporation, Baltimore Aircoil Company, Evapco Inc, Baltimore Aircoil Company (BAC), Hamon andamp; Cie International SA, Johnson Controls, Perfect Cooling Towers et Thermal Care.
Cooling Towers Market Top Player's Company Profiles
Cooling Towers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our cooling towers market Analysis, in terms of types, design, construction material, and end-user, market size can be analyzed. The growth of these segments provides a valuable overview of the overall market and also helps to understand the core Cooling Towers Market applications. Furthermore, increased technological advancement across almost every sector will create a wide scope for the growth of the market.
|Market size value in 2021||USD 3243.1 million|
|Market size value in 2030||USD 3420.24 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Cooling Towers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cooling Towers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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