Cooling Tower Market Introduction and Overview
According to SPER Market Research, the Global Cooling Tower Market is estimated to reach USD 3.17 billion by 2030 with a CAGR of 4.7%.
The report includes an in-depth analysis of the Global Cooling Tower market, including market size and trends, product mix, distribution channels, and supplier analysis. A cooling tower is an essential component in many industrial processes and large-scale air conditioning systems. Its principal duty is to dissipate excess heat created during these processes by transmitting it to the surrounding atmosphere. This is accomplished by a simple yet effective mechanism: hot water or steam from the industrial process is poured into the cooling tower and disseminated over a network of pipes or surfaces. As air is drawn through the tower by fans or natural convection, it comes into touch with the hot water, causing some of it to evaporate.
- Baltimore Aircoil Company (BAC) will unveil their new TrilliumSeries Adiabatic Cooler in February 2023. This adiabatic cooling tower is perfect for energy-efficient and low-water-use applications. The design maximizes both water and energy efficiency, thus lowering costs. Furthermore, the TrilliumSeries Cooler is designed to make installation and continuing maintenance simple.
- Russia reported the successful completion of a new cooling tower for a nuclear power station in November 2022. The cooling tower was installed in the nuclear power facility Kursk II. With a height of 179 meters, this is Russia's tallest cooling tower. This cooling tower is 8 meters taller than the previous tallest tower in Russian history and is anticipated to endure 100 years.
Market Opportunities and Challenges
The cooling tower business offers both significant opportunities and substantial challenges. On the one hand, various reasons are driving the increasing need for cooling towers. For starters, global industrialization and urbanization are driving an increase in the construction of commercial buildings, data centers, power plants, and manufacturing facilities, all of which require effective cooling solutions. Furthermore, growing awareness of environmental sustainability and energy efficiency supports the use of advanced, eco-friendly cooling tower technology. Furthermore, severe laws on water conservation and emissions reduction further stimulate the industry as firms strive to meet these demands.
However, the cooling tower market confronts a number of challenges. As water scarcity and environmental concerns persist, one important challenge is the need for ongoing innovation to increase energy efficiency and reduce water consumption. Furthermore, shifting raw material prices have an impact on manufacturing costs and, as a result, product pricing. Furthermore, competition is strong, with multiple companies fighting for market share, putting profit margins under strain.
Market Competitive Landscape
The cooling tower market's competitive landscape is marked by fierce rivalry among big players and an increasing number of regional and minor competitors. Several factors contribute to this market's competitiveness. To begin, there are established global players with a significant presence and a wide range of cooling tower solutions catering to many industries, such as SPX Cooling Technologies, Evapco, BAC Cooling Tower, and Baltimore Aircoil Company.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2030 |
| Base year considered | 2021 |
| Forecast period | 2022-2030 |
| Segments covered | By Flow, By Type, By Application
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
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| Companies Covered | Agency Science Tech. & Res., Amcot Cooling Tower Corporation, Artech Cooling Towers Pvt. Ltd., Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Company Inc., Bell Cooling Tower, Brentwood Industries Inc., Donghae, Enexio, Evapco Inc., Hamon & Cie, Johnson Controls, Marley Flow Control Pty. Ltd., Mita Cooling Technologies, Nihon Spindle Manufacturing Co. Ltd., Paharpur Cooling Tower Limited, Perfect Cooling Towers Pvt. Ltd., SPX Corporation, Star Cooling Towers Pvt. Ltd., Thermal Care Inc., Thermax Limited, Tower Thermal Pty. Ltd., United Metal Products.
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COVID-19 Impact on Global Cooling Tower Market
The COVID-19 epidemic had a significant influence on the cooling tower industry. Many construction projects and industrial activity were halted or delayed at first as the pandemic spread and lockdown precautions were enforced. As a result, demand for cooling tower installations fell temporarily, notably in the commercial and industrial sectors. Uncertainty about the economy caused some businesses to postpone or scale back their investment plans, harming the market's growth trajectory.
Key Target Audience:
- Industrial Facilities
- Commercial Buildings
- Data Centers
- Utility Companies
- Engineering and Construction Firms
- Facility Managers
- Others
Our in-depth analysis of the Cooling Tower Market includes the following segments:
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By Type:
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Evaporative Cooling Tower
Dry Cooling Tower
Hybrid Cooling Tower
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By Application:
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Chemicals
Petrochemicals
Power Generation
HVACR
Food and beverages
Other Applications
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Key Topics Covered in the Report:
- Global Cooling Tower Market Size (FY’2022-FY’2030)
- Overview of Global Cooling Tower Market
- Segmentation of Global Cooling Tower Market By Flow (Cross Flow, Counter Flow)
- Segmentation of Global Cooling Tower Market By Type (Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower)
- Segmentation of Global Cooling Tower Market By Application (Chemicals, Petrochemicals, Power Generation, HVACR, Food and beverages, Other Applications.)
- Statistical Snap of Global Cooling Tower Market
- Expansion Analysis of Global Cooling Tower Market
- Problems and Obstacles in Global Cooling Tower Market
- Competitive Landscape in the Global Cooling Tower Market
- Impact of COVID-19 and Demonetization on Global Cooling Tower Market
- Details on Current Investment in Global Cooling Tower Market
- Competitive Analysis of Global Cooling Tower Market
- Prominent Players in the Global Cooling Tower Market
- SWOT Analysis of Global Cooling Tower Market
- Global Cooling Tower Market Future Outlook and Projections (FY’2022-FY’2030)
- Recommendations from Analyst