Cooling Towers market is anticipated to worth USD 2,471 million in 2019
Published | April 2019
According to BlueWeave Consulting, the Global Cooling Towers market is anticipated to worth USD 2,471 million by 2019, with a CAGR of 4.59% during 2019-2025. The Cooling Towers Market presents promising growth prospects and expected to have an upward trend over the forecast period 2019-2025.
Cooling towers are used for upholding temperatures in the chillers for several industrial applications. The cooling system is employed in numerous applications, such as chemical, petrochemical and oil & gas, HVAC, food & beverage, and power generation, which are expected to drive the global cooling towers market. Growing population, industrialization, and rising concerns related to infrastructure development have significantly increased the growth of the region’s building & construction industry, which consequently has triggered the demand for cooling towers.
Favorable government policies owing to the development of lower-emission technologies, along with the expansion of the sustainable cooling network, will favor product penetration. Robust growth within the manufacturing sector, along with favorable regulatory policies toward sustainable power generation, will foster product adoption. Additionally, the growing adoption of sustainable energy sources, including cogeneration technologies driven by increasing consumer awareness, will positively influence business growth. Propelled by the expansion of the industrial sector and the hefty adoption of sustainable resources, the global cooling towers market is likely to boost over the forecast period.
Fiber-Reinforced Plastic material segment holds the largest market share of the cooling towers market during the forecast period.
Among material types, Fiber-Reinforced Plastic is the leading segment of the entire cooling tower market on account of their high corrosion resistance, cost-effectiveness, and ease of installation increase the demand of FRP material. Ongoing advancement in production technology and their growing use in the manufacturing of several components will boost the market growth. The rapid expansion of thermal power generating plants coupled with a positive outlook toward the use of sustainable energy resources will boost the demand. FRP offers enough constructional power to stand firm against vibration and high wind velocity. Technological advancements to assist upsurge energy efficiency and cut back environmental anxieties related to conventional cooling systems are expected to open new avenues for industry growth over the forecast period.
The Asia Pacific accounts for the largest market size in the global cooling towers market during the forecast period.
Geographically, Asia-Pacific dominated the overall cooling towers market and projected to lead the market over the forecast period. The rapid industrialization, power generation plants, and rising demands of the increasing population upsurge the demand for cooling towers in this region. The favorable regulatory policies, coupled with the development of cross border production networks, have provided immense opportunities. Additionally, accelerating investment in the nuclear power plant construction, oil & gas sector primarily across the Middle East & Asia Pacific region will boost the market growth.
Global Cooling Towers Market: Competitive Landscape
Companies such as SPX Corporation, Baltimore Aircoil Company, Evapco Inc., Bell Cooling Tower, Brentwood Industries Inc., Enexio, Hamon & CIE International SA, Paharpur Cooling Towers, SPIG S.p.A., Star Cooling Towers Private Ltd., Johnson Controls, Delta and Thermax, Star Cooling System Ltd., International Cooling Towers, and Mesan Cooling Towers Inc. are the leading players of Cooling Towers market across the globe.
Explore full report with detailed TOC, “Global Cooling Towers Market By Type (Dry, Evaporative, and Hybrid), By Design (Mechanical and Natural), By Material (Concrete, Steel, Wood, and Fiber-Reinforced Plastic (FRP)), By Application (Heating, ventilation, and air conditioning (HVAC), Power Generation, Oil & Gas, and Industrial), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Trend Analysis, Competitive Market Share and Forecast, 2015-2025”