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Cooling Tower Market Size to Surpass 5.3%+ CAGR by 2031 | Market.us

Cooling Tower Market Size to Surpass 5.3%+ CAGR by 2031 Market.us

A cooling tower is a device that cools a stream or liquid, which is basically water, to lower temperatures. It rejects heat from the environment. These towers can use the evaporation water to heat the working fluid and cool it to the desired temperature. Drying towers, on the other hand, rely solely on air to cool their working liquid and adjust the temperature later with radiators.

Global cooling towers Market sales were estimated to reach USD 3,557 millions by 2021. The market is expected to grow at a steady rate of 5.3% per annum between 2022 and 2032.

Over the forecast period of 2022-2032, the market is expected to grow due to the growing demand for energy efficient cooling systems in industrial and commercial applications. Cooling towers are in high demand due to rising demand from emerging markets, strict environmental regulations, increased HVACR deployments, technological advances, and increasing demand. Cooling towers are a cost-effective way to cool large commercial spaces or process cooling applications in a variety of industries and verticals such as oil and chemical, food processing, and other sectors. Get a comprehensive report summary that describes the market size and forecast along with research methodology. The sample report is available in PDF format

Due to rising disposable incomes, increased electrification in different sectors, and increasing sales of electronic consumer goods, the demand for electricity is steadily increasing around the globe. This is one of the main factors driving global cooling tower market growth. Additionally, increasing environmental regulations are being implemented by many countries, which is driving market growth.

Cooling Tower Market Drivers

Rapid industrialization and a tremendous rise in construction activity

These towers are in high demand due to the rapid development of infrastructure worldwide. Global construction activity in both advanced and developing countries is driving the market for heating, ventilation cooling and refrigeration equipment. The market will continue to grow due to the development of transport infrastructure such as bridges, airports, and ports.

Product demand is expected to rise due to the increasing number of residential and commercial construction projects in this region. The US spent $1.3 trillion on construction in 2018. Construction is a major contributor to the U.S. economic growth. The rise in construction activity has resulted in increased use of industrial equipment that requires frequent cooling. Therefore, the future forecasts for cooling towers demand is expected to grow.

Increase in adoption by different end-user verticals

Market.us reports that cooling towers are a key growth area for many industries. Cooling towers can also be used in petroleum refineries, food processing plants, natural gas plants, and other industries. This is a great advantage of Cooling towers because it keeps other machines from overheating. Companies can save money and ensure that machines have the proper power supply to produce uninterrupted output.

Global Cooling Tower Market Restrictions:

The North American and European cooling tower market has reached maturity. This is causing slow growth. These regions will see a greater focus on energy efficiency and complying with environmental regulations. Due to the presence of international and regional market players, the global cooling towers market market is fragmented. Europe and the United States are encouraging the use of closed circuit cooling towers and dry and hybrid cooling to replace open circuit evaporative cooling. Closed-circuit cooling towers are also being promoted by the U.S. Environmental Protection Agency. They offer superior performance and lower water consumption than open-circuit cooling towers. These factors will likely limit market growth in the future.

Cooling towers require large amounts of water. This can be difficult to manage for small or medium-sized businesses. A large amount of water can also lead to high costs, which can impact a company’s budget. These factors will likely limit the growth of the global cooling towers industry during the forecast period 2022-2032.

Global Cooling Tower Market Trends:

One of the emerging trends is the shift towards eco-friendly products as a result of growing environmental concerns. The government’s evolving initiatives have also led to the development of sustainable products. Manufacturers are now focusing on eco-friendly products. SPX Cooling Technology Inc designed the Marley NC Everest Cooling Tower. The product offers enhanced energy savings,i.e.,-35%,and also has less piping and electric connection along with the lowest drift rate of circulating water flow.

Key Companies Insights:

SPX Corporation

Babcock & Wilcox Enterprises, Inc.

Baltimore Aircoil Company

EVAPCO, Inc.

A. Hamon

Engie Refrigeration GmbH

Paharpur Cooling Towers

Other Key Players

Global Cooling Tower Market Key Developments

1. Babcock & Wilcox Enterprises, Inc. purchased Fossil Energy Systems, Inc. in February 2022. According to the company the acquisition will be a step forward in the strategic growth and development of B&W’s environmentally-sustainable technologies and solutions.

2.Baltimore Aircoil Company purchased Eurocoil SPA, an Italian-based heat exchanger manufacturer serving the European refrigeration and commercial industries, in July 2021. The acquisition has allowed the company to increase its heat exchanger capabilities for BAC’s existing evaporative and adiabatic cooling products.

3. November 2020, Linde GmbH picked HAMON&CIE(INTERNATIONAL)S.A. to install & design an 18-cell cooling tower for Amur CGG i.e.,Amur Gas Chemical Complex located in Russia.The crucial tower is made of Fiberglass Reinforced Plastic(GRP)and has an automatic louver system for the nonstop process at very low temperatures.

Key Market Segments
Type Insights:

Open-circuit

Closed-circuit

Hybrid

By Material

Fiber Reinforced Plastic (FRP)

Steel

Concrete

Wood

High-Density Polyethylene (HDPE)

Application Insights

Power Generation

Oil & Gas

Industrial

By Region

North America (US, Canada)

Europe (Germany, UK, France, Italy, rest of Europe)

Asia-Pacific (China, Japan, India, Australia, rest of Asia-Pacific)

LAMEA (Latin America, Middle East, Africa)

Frequently Asked Questions

Q1. How big was the cooling tower market in 2022?

Q2. How big is the cooling tower market expected to be by 2032?

Q3. How much growth is the cooling tower market expecting in terms of CAGR?

Q4. What are the key factors driving the cooling tower market?

Q5. Which end-use industry of the cooling tower market holds largest share?

Q6. Which region is more attractive for vendors in the cooling tower market?

Q7. Who are the prominent players in the cooling tower market?

Q8. What is the degree of competition in the industry?

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