The global Cooling Towers Market is expected to reach USD 4.75 billion by 2028, according to a new report conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2021 to 2028. SPX Corporation, Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, EVAPCO, Inc. are some of the key players in this industry. Cooling towers are used in power plants, particularly in thermoelectric power plants, to remove excess heat from the plant. With the rising global demand for electricity, the number of power plants is also expected to increase, thereby driving growth of this market.
Furthermore, a tremendous rise in the number of
construction activities across the residential and commercial sectors in
developing countries is expected to boost the demand for this product.
Additionally, rapid global industrialization is also a key driver expected to
favorably impact the cooling towers market growth over the forecast period.
Technological advancements are expected to provide
improved cooling capacity, minimum components, improved installation &
energy savings, and low maintenance cost, which is further anticipated to
escalate market growth in the near future. Moreover, stringent government
regulations relating to the use of cooling towers across different regions is
also expected to positively impact market growth.
However, environmental concerns related to cooling
towers such as plume, drift, and water contamination are anticipated to
moderately hamper the market demand. Nevertheless, the emergence of plume
abated towers and drift eliminators is expected to overcome these environmental
concerns and drive market growth in the near future.
Energy-efficient towers provide optimal cooling while
exhibiting eco-friendly properties. These facilitate in water conservation,
provide high-efficiency motors in order to cut down on the operating cost, and
reduce environmental concerns. These environmental benefits are also expected
to drive the demand for the product.
HVAC systems are generally implemented in commercial
spaces, large offices, and shopping malls. Cooling towers are a mandatory
component of an HVAC system, which is used to remove excess heat from the
building. The increasing rate of urbanization and enhanced standard of living
are expected to lead to the large-scale implementation of HVAC systems, thereby
driving the market growth globally.
Related Press Release@ Cooling Towers Market Report
Cooling Towers Market Report
Highlights
- The closed-circuit type segment captured over 30% of the total
revenue in 2016; however, hybrid type is anticipated to exhibit a
substantial growth at a CAGR exceeding 4% from 2017 to 2025. This growth
is attributed to their increasing adoption across various end-use
industries.
- The Fiber-Reinforced Plastic (FRP) material segment accounted for
over 20% of the total market share in 2016. However, High-Density
Polyethylene (HDPE) material segment is projected to register a
significant CAGR exceeding 5.0% from 2017 to 2025, owing to various
benefits including high corrosion resistance, low maintenance cost, and
long service life.
- Cooling towers have a wide scope for application in HVAC equipment
and power plants due to their ability to remove excess heat. As a result,
the HVAC segment is anticipated to capture a sizeable market share over
the forecast period.
- Asia Pacific has emerged as the fastest-growing market and is
expected to witness a healthy CAGR of over 5.0%, which is primarily
accredited to the rapid industrialization in this region.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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