USD 3243.1 million
Cooling Towers Market Size, Share, Growth Analysis, By Type(Closed Circuit Cooling Towers, Open Cooling Towers, Hybrid Cooling Towers), By Application(Industry, Power Generation Utilities, Air Conditioning), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2017 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|Tables:
63
|Figures:
75
Cooling Towers Market Insights
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).
Rising construction activities with advanced technologies are the major driver for global cooling tower market as the number of constructions is increasing it is developing a subsequent demand for heating, ventilation, cooling, and refrigeration (HVAC) equipment which is driving the growth of the market. Also, the new technologies in cooling like crossflow designs which allow an adjustable flow of operation are ultimately reducing the water flow rate as well as energy consumption rate in the cool months.
Cooling tower refers to a heat exchanger that lowers the temperature of the water by pushing air and water into direct contact. A small amount of water evaporates throughout the colling tower operation, lowering the water level that is pumped throughout the tower. Industrial cooling towers are used to remove heat from the circulating cooling water systems used in power plants, oil refineries, petrochemical plants, natural gas processing plants, food processing plants, and other industrial facilities. They are larger than HVAC systems.
It is used to maintain the temperature in the chillers for several industrial applications and is mainly used in the manufacturing and power industries to keep the environment cool. With the use of cooling tower heat regulation can be done easily by maintaining an air conditioning system. The cooling tower is an important factor of a nuclear reactor. The performance properties of a cooling tower have a significant impact on the overall efficiency and power output of a nuclear power plant. Cooling towers used in nuclear power plants are mainly based on hybrid or wet technology. They are used for high-pressure and temperature applications and various manufacturing processes where process cooling is required. These are used in different nuclear processes such as closed-loop system cooling, central cooling, moisture separator heating, and various others. As nuclear energy is one of the most emerging future energy sources, it presents many opportunities for the cooling tower market.
US Cooling Towers Market is poised to grow at a sustainable CAGR for the next forcast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Closed Circuit Cooling Towers
Fastest Growth
Closed Circuit Cooling Towers
Growth Rate
5.6% CAGR
Global Cooling Towers Market, 2021-2028($ Bn)
Country Share for North America Region- 2021 (%)
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Cooling Towers Market Segmental Analysis
Global cooling towers market is segmented based on the Type, Application, and region. Based on the Types Open-Circuit Cooling Towers, Closed-Circuit Cooling Towers, Hybrid Cooling Towers. Based On Application, Global Cooling Towers Market is segmented as Chemical, HVAC, Petrochemicals and Oil and Gas, Power Generation, Food and Beverages, and Others. Based on Region Cooling Towers Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Cooling Towers Market Analysis by Type
The highest CAGR in the projection period is 7.52 % for hybrid cooling. These cooling towers exceed stringent environmental requirements and offer an excellent balance of wet and dry cooling with a positive environmental impact. They enable the reduction of steam drift, or the "steam plume," which is particularly noticeable in cold, rainy weather and during the winter when it might cause icing. In cities, industrial locations, and adjacent to potentially freezing roadways, the elimination of the steam plume is very advantageous. The hybrid cooling towers also use less water and deliver total heat rate according to customer needs. Utilizing the airflow, this module will also lower the cooling water's temperature before it enters the wet area. The steam plume is eliminated when hot air from dry cooling is combined with saturated air from the wet section. Energy, petrochemical, chemical, metallurgy, plastic and rubber, paper, and manufacturing are among the industries that use hybrid cooling technology. These industries are examined to determine the market's growth drivers throughout the forecast period.
Cooling Towers Market Analysis by Application
Based on the application, the Cooling Towers Market is divided into segments for chemicals and petrochemicals, pharmaceuticals, power generation, HVAC, food and beverage, and others based on the applications. Due to the growing industrialization of major nations, including the United States, China, Germany, the United Kingdom, and others, the HVAC segment currently controls the largest share of the market. Additionally, the installation of such towers in the HVAC sectors results in lower energy consumption, simple operation, low maintenance costs, and excellent performance.
With the growing government attempts to minimize energy consumption, provide maximum efficiency, and lessen environmental pollution, the penetration of these towers throughout the chemicals and petrochemicals, power generating, and pharmaceutical industries are projected to be moderate after HVAC.
Global Cooling Towers Market By Type , 2021(%)
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Cooling Towers Market Regional Insights
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.
Asia Pacific region is also expected to grow in the forecast period with owning key players operating under this segment. Also, the countries like China, Japan, and India are upscaling by industrialization and infrastructure development. Furthermore, the newer constructions of nuclear and power generation plants and water consumption norms create a potential impact on the growth of the market.
Global Cooling Towers Market By Geography, 2021 - 2028
- Largest
- Fastest
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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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Cooling Towers Market Competitive Landscape
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.
Cooling Towers Market Top Player's Company Profiles
- 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.
Cooling Towers Market Recent Developments
- On April 2022, SPX CORPORATION announces acquisition of International Tower Lighting, LLC (“ITL”), a private company headquartered in La Vergne, Tennessee. ITL is a leader in the design and manufacture of highly-engineered Aids-to-Navigation, or “AtoN” systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other structures. ITL also hosts monitoring and support services for its customers.
- On May 2022, EVAPCO Select Technologies, following the acquisition of Select Technologies, Inc. EVAPCO Select Tech will pursue an expanding market demand for sophisticated control systems for Food Processing and Cold Storage facilities to optimize performance and improve system reliability
Cooling Towers Key Market Trends
- 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.
Cooling Towers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our cooling towers market Analysis, in terms of types, design, construction material, and end-user, market size can be analyzed. The growth of these segments provides a valuable overview of the overall market and also helps to understand the core Cooling Towers Market applications. Furthermore, increased technological advancement across almost every sector will create a wide scope for the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 3243.1 million |
| Market size value in 2031 | USD 5334.2 million |
| Growth Rate | 5.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cooling Towers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cooling Towers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cooling Towers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cooling Towers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cooling Towers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cooling Towers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Cooling Towers Market Report Snapshots
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