GlobalCooling Tower Market was valued $3015.8 Mn in 2019 and is expected to reach$xx Mn by 2026, at a CAGR of xx% during the forecast period.
Global Cooling Tower MarketIntroduction
Cooling towers are used to keepchiller temperatures stable in a variety of industrial applications. The gadgetis mostly used to keep the atmosphere cold in the industrial and powergenerating industries. Cooling towers' primary function is to remove heat andmaintain a cool temperature. Cooling towers can help maintain heat control inair conditioning systems. They are used in a wide range of industries,including power production, manufacturing, HVACR, food and beverage, andothers.
Global Cooling Tower MarketDynamics
Cooling towers maximize theutilization of energy in cooling systems. However, this energy efficiency isaccomplished at the price of extra water use over typical cooling systems.Furthermore, cooling towers are commonly used in power production utilities,industrial businesses, and HVAC systems, and they provide a wide range of waterconservation opportunities through proper maintenance and monitoring. Coolingtower use is increasing as a result of technological developments such asintegrated axial fans and enhanced heat transmission. For example, NovoNordisk, a global pharmaceutical firm based in Kalundborg, Denmark saved about5 million kWh per year by adding four additional cooling towers to its existingcooling tower system and streamlining insulin production procedures. As aresult, these factors are expected to fuel the global cooling market's growththroughout the forecast period.
Increased GDP growth has resultedin more infrastructure construction and, as a result, more HVAC deployments. Atthe end of 2013, the world market saw an increase in output, withindustrialized nations like as Germany, Japan, and the United States playing alarge role. In addition, growing economies such as India, China, Taiwan,Singapore, and South Korea have seen consistent increases in output, which islikely to drive the global cooling towers market growth throughout the forecastperiod.
On the other hand, environmentalissues with cooling towers, such as plume and drift, are expected to hampertheir development to a degree. The introduction of the plume attenuated towersand drift eliminators, on the other hand, is anticipated to alleviate theseproblems and promote demand for hybrid towers in the future. Over the forecastperiod, technological improvements that assist boost energy efficiency andlessen environmental problems connected with traditional cooling systems arelikely to create new doors for industry growth.
The COVID-19 pandemic has had aglobal impact on the industrial and energy sectors. The market was impacted byabrupt shutdowns in the industrial sectors, where the major share of coolingtowers are placed, and a decrease in demand for oil and gas. Following theCOVID-19 effects, the growth in industrial activities that require coolingtowers, such as petroleum refineries, petrochemical plants, and othermanufacturing industries, as well as stringent environmental regulations, areexpected to drive the global demand for field-erected cooling towers.
Global Cooling Tower MarketSegment Analysis
In 2019, the closed-circuit typecategory had the biggest market share of xx %. Hybrid towers, on the otherhand, are predicted to take a significant part of the market throughout the forecastperiod. The benefits of hybrid towers, such as plume abatement, water savings,and effective cooling, are attributed to this. Open-circuit type, on the otherhand, resulted in a considerable share in 2019 due to the excellent coolingthey give. Due to environmental issues such as drift, plume, and watercontamination, the segment is likely to increase at a modest rate throughoutthe forecast period.
Global Cooling Tower Market
To know about the ResearchMethodology :- Request Free Sample Report
Fiber-Reinforced Plastic (FRP),steel, concrete, wood, and High-Density Polyethylene (HDPE) are some of thematerials used in cooling towers (HDPE). Due to many features such as excellentcorrosion resistance, cost-effectiveness, and ease of installation, the FRPmaterial segment accounted for the highest percentage in 2019. Steel towers,which are comprised of galvanized and stainless steel, also claimed asignificant portion of the market in 2019, owing to their excellent corrosionresistance and structural strength. Following this section is the concretematerial section, which is expected to develop considerably due to its extendedworking life.
Global Cooling Tower MarketRegional Insights
Global Cooling Tower Market 1
In 2019, Asia Pacific had the greatestmarket share, accounting for more than xx% of total sales, closely followed byEurope. Furthermore, from 2020 to 2026, the region is expected to be thefastest-growing market for cooling towers, with a CAGR of over xx%. The demandfor these towers in Asia Pacific is likely to be driven by the growing numberof manufacturing facilities and the growth of the industrial sector.Furthermore, the Asia Pacific region's increasing emphasis on nuclear powerplant building is likely to boost market demand throughout the forecast period.
In the Asia-Pacific area, forexample, there were around 135 operational nuclear power reactors as ofSeptember 2020. Furthermore, around 35 nuclear reactor facilities are now underconstruction, with plans to develop a further 60-70 nuclear reactor facilitiesthroughout the Asia-Pacific area. As a result, the market for field-erectedcooling towers is expected to grow.
The European market's rise, on theother hand, maybe attributed to strict government rules surrounding the use ofthese towers as well as the region's growing number of heavy enterprises. Thegrowing presence of the oil and gas sectors in the Middle East and Africa areexpected to boost the market growth in the region.
Global Cooling Tower Market ReportScope: Inquire before buying
Global Cooling Tower Market 2
Global Cooling Tower Market, byRegion
• North America
• Europe
• South America
• MEA
• Asia Pacific
Global Cooling Tower Market KeyPlayers
• B&W SPIG (Babcock &Wilcox)
• Baltimore Aircoil Company (BAC)
• Cenk Industrial PlantsManufacturing and Contracting
• Cooling Towers Systems; Inc.
• Delta Cooling Towers
• Engie Refrigeration GmbH
• Hamon & CIE SA
• Johnson Controls Inc
• Mesan Cooling Towers Ltd
• Bell Cooling Tower
• Brentwood Industries Inc.
• Enexio
• Hamon & Cie International SA
• Paharpur Cooling Towers
• SPIG S.p.A
• Star Cooling Towers Private Ltd
About This Report
For More Information Vist : https://www.maximizemarketresearch.com/market-report/global-cooling-tower-market/107699/
Report Is Submitted By : MaximizeMarket Research Company
Customization of the report:
Maximize Market Research ofreports as per your demand. This report can be personalized to meet yourrequirements. Get in touch with us and our sales team will guarantee provideyou to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research providesB2B and B2C research on 20,000 high growth emerging opportunities &technologies as well as threats to the companies across the Healthcare,Pharmaceuticals, Electronics & Communications, Internet of Things, Food andBeverages, Aerospace and Defense and other manufacturing sectors.
GlobalCooling Tower Market was valued $3015.8 Mn in 2019 and is expected to reach$xx Mn by 2026, at a CAGR of xx% during the forecast period.
