Global Cooling Towers Market

Global Cooling Towers Market Size, Share, Growth Analysis, By Type(Closed Circuit Cooling Towers, Open Cooling Towers), By Application(Industry, Power Generation Utilities) - Industry Forecast 2024-2031

Report ID: SQMIG10B2017 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Cooling Towers Market Dynamics

Cooling Towers Market Driver

  • Rise in the demand for nuclear power generation is the major driver for cooling tower market as cooling tower is an important factor in the nuclear reactor because it directly impacts overall power.
  • These factors will drive Cooling Towers Market expansion while also contributing to the CAGR of the respective sector during the anticipated period. Nuclear power facilities use cooling towers for a variety of industrial operations that require process cooling, including high pressure and temperature applications.
  • In the near future, it is anticipated that technological advancements will lead to increased cooling capacity, fewer components, improved installation & energy savings, and low maintenance costs. And furthermore, strict government regulations governing the use of cooling towers in different regions are expected to have a positive effect on Cooling Towers Market growth.

Cooling Towers Market Restraint

  • Corrosion in the cooling towers remains a major concern among customers which is impacting the growth of the Cooling Towers Market
  • Small and medium-sized enterprises find it challenging to operate cooling towers since they require a substantial amount of water. A company's budget is at risk because of the large volume of water that results in an exorbitant expense. The fragmented industry is expected to hamper the global cooling towers market. These elements are therefore anticipated to restrain the expansion of the worldwide cooling towers market over the course of the projected period.
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FAQs

Global Cooling Towers Market size was valued at USD 3243.1 million in 2019 and is poised to grow from USD 3420.24 million in 2023 to USD 5334.2 million by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

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. 'SPX Cooling Technologies, Inc.', 'Baltimore Aircoil Company', 'Delta Cooling Towers, Inc.', 'Evapco, Inc.', 'Paharpur Cooling Towers', 'GEA Heat Exchangers', 'Johnson Controls, Inc.', 'Hamon Group', 'Enexio Management GmbH', 'Mesan Cooling Towers Inc.', 'Midwest Cooling Towers', 'Bells Power Group', 'SPIG S.p.A.', 'Brentwood Industries, Inc.', 'Berg Chilling Systems Inc.', 'Cooling Tower Depot, Inc.', 'Babcock & Wilcox Enterprises, Inc.', 'Kimre, Inc.', 'Universal Tower Parts', 'Star Cooling Towers Pvt. Ltd.'

Rise in the demand for nuclear power generation is the major driver for cooling tower market as cooling tower is an important factor in the nuclear reactor because it directly impacts overall power.

Installation of Eco-friendly products is the major key trend in Cooling tower market. In Eco- friendly products use water instead of using air to transport heat than air, which is around 3,200 times more effective and also friendly to the environment. For e.g, In September 2020 B&W Environment installed a new cooling tower system for Naturgy Generación’s which combined-cycle natural gas power plant, which helps in decreasing the need for desalination and processing of cooling water.

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.

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Global Cooling Towers Market

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