Cooling Tower Market Overview
The Global Cooling Tower Market is estimated to reach at a high CAGR of 4.38% during the forecast period (2024-2031).
A cooling tower is a particular type of heat exchanger that allows water and air to come in direct contact with each other to lower the hot water's temperature. A small water volume is evaporated during the process, reducing the water temperature circulated throughout the cooling tower. Hence, a cooling tower's purpose is to cool down the water heated up during the industrial process as well as by the equipment. It is a cost-effective and energy-efficient systems for cooling.
Cooling towers are primarily used for industrial purposes and heating, ventilation, and air conditioning (HVAC). Moreover, industrial cooling towers are larger than HVAC systems and are used to eliminate heat absorbed in the circulating cooling water systems used in petroleum refineries, power plants, petrochemical plants, natural gas processing plants, food processing plants, and other industries facilities.
Market Scope
| Metrics | Details |
| Market CAGR | 4.38% |
| Segments Covered | By Type, By Water Flows, By Draft, By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Largest Market Share | Asia Pacific |
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Market Dynamics
Growing demand of heating, ventilation, and air conditioning (HVAC) is expected to increase the cooling tower market
Heating, ventilation, and air conditioning (HVAC) are widely used in commercial buildings, homes and even vehicles. As per the Statista study, the projected HVAC market volume worldwide is 151m units and a market size of 367.5 billion USD. Also, Regulations over energy efficiency drive HVAC industry trends. For instance, in the northern US, furnaces must have a 90% efficiency rating.
Moreover, more innovative technologies, such as smartphone apps, allow controlling lighting, ventilation, and other processes with one control point. Henceforth, the increasing HVAC industry is anticipated to drive the cooling water market.
Environmental concern related to disposal of water is expected to hinder its market
Cooling towers contain huge amounts of water and are likely favorable places for Legionella microbes on the off chance that they are not appropriately sanitized and kept up. Water inside cooling towers is warmed through heat trade, which is an ideal climate for Legionella heat-cherishing microscopic organisms to develop. Legionnaires' illness can be procured when an individual takes in water beads containing Legionella microbes. Hence, water from the towers need to be treated properly.
Market Segmentation Analysis
Based on type, cooling tower market is segmented into factory-assembled tower and field erected tower.
Factory-assembled cooling towers come fairly dismantled and are sent in a couple of segments, prepared for conclusive get together or field erection. Although, little production line amassed cooling pinnacles can be transported flawless. FAP cooling pinnacles can be instigated draft, crossflow, constrained draft or counterflow relying upon the application its requirement for. TCIA cooling towers are broadly utilized for light modern applications and HVAC.
Besides, field-erected cooling towers (FEP) are typically developed on the last objective site. The enormous FEP is generally pre-assembled, set apart by piece and transported to the building site for gathering. The cooling tower maker normally handles the entirety of the cooling tower development measure, last gathering, and work included. These kinds of pinnacles can be counterflow or crossflow relying upon the application. For substantial modern applications or more force required, field-raised cooling pinnacles can be worked to your precise particulars, structure, execution, tuft decrease and float.
Market Geographical Share
Asia-Pacific dominates the cooling tower market owing to increased demand from the HVAC application segment. Growth in the HVAC market is likely due to continued growth in construction sector revenues from publicly funded projects. As per the Statista study, the global heating, ventilation, and air conditioning (HVAC) market is projected to reach about 367.5 billion U.S. dollars by 2030.
Moreover, growing population, industrialization, and infrastructure development have significantly increased the region's building & construction industry's growth and demand for the region's cooling tower. As per ADB's Asian Development Outlook 2020 forecasts, the regional economic growth of 2.2% in 2020 is expected to rebound to 6.2% in 2021.
In addition, power generation is also contributing to the growing demand for the cooling tower in Asia-Pacific.
Market Companies and Competitive Landscape
The cooling tower market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include SPX Cooling Technologies, Inc., Classik Cooling Towers, Delta Cooling Towers, Inc., Cooling Tower Products, Inc., ARANER, Brentwood Industries, Inc., BELL COOLING TOWERS, Enexio, Hamon & Cie International SA, SPIG S.p.A. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the cooling tower market globally.
SPX Cooling Technologies, Inc.
Overview: SPX Cooling Technologies, Inc. is a full-line manufacturer of cooling tower and air-cooled heat-exchanger. The company is headquartered in Overland Park, Kansas, United States.
Product Portfolio: The company offers cooling towers, air-cooled heat exchangers, plume abatement, evaporative fluid coolers, evaporative condensers, industrial evaporators, adiabatic cooling, water management, controls, recold products and SGS products.
Key Developments:
- SPX Cooling Technologies, Inc., has launched its new Marley MH Element Fluid Cooler. It is an induced-draft, crossflow closed-circuit cooling tower suitable for HVAC, industrial and process cooling applications.
The global cooling tower market report would provide an access to an approx. 69 market data table, 63 figures and 236 pages.
