The global cooling tower market size reached US$ 2.9 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
A cooling tower is a heat exchange device that relies on water to transfer the excess heat into the atmosphere. It is a double-curved shell structure of concrete supported on a series of struts and used for reducing the temperature during industrial processes. It is a cost-effective and energy-efficient cooling device that offers ease of installation, longer shelf life, high structural strength, and resistance against corrosion. It is widely used in cold storage units, petroleum refineries, heating, ventilation, and air conditioning (HVAC) systems and electric power generation and food processing plants. Besides this, it finds extensive applications in large buildings, such as hotels, schools, and hospitals, to provide comfortable cooling.
A cooling tower is a heat exchange device that relies on water to transfer the excess heat into the atmosphere. It is a double-curved shell structure of concrete supported on a series of struts and used for reducing the temperature during industrial processes. It is a cost-effective and energy-efficient cooling device that offers ease of installation, longer shelf life, high structural strength, and resistance against corrosion. It is widely used in cold storage units, petroleum refineries, heating, ventilation, and air conditioning (HVAC) systems and electric power generation and food processing plants. Besides this, it finds extensive applications in large buildings, such as hotels, schools, and hospitals, to provide comfortable cooling.
Cooling Tower Market Trends:
At present, the escalating need for electricity on account of the increasing global population represents one of the key factors positively influencing the market. In addition, the rising infrastructural development activities are increasing the usage of heating, ventilation, and air conditioning (HVAC) systems. This, coupled with the increasing electrification across different industry verticals and the rising sales of consumer electronics, is catalyzing the demand for cooling towers across the globe. Furthermore, the development of three-dimensional (3D) TRASAR technology helps detect, determine and improve the corrosion and microbiological performance of the cooling tower systems. Additionally, the growing investments by private and public agencies in the development of thermal and nuclear power plants across numerous countries are supporting the market growth. Moreover, leading market players are continuously financing research and development (R&D) activities to introduce highly efficient cooling towers.Key Market Segmentation
The report provides an analysis of the key trends in each segment of the global cooling tower market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on tower type, flow type, design, construction material and end user.Breakup by Tower Type:
- Open-Circuit Cooling Towers
- Closed-Circuit Cooling Towers
- Hybrid Cooling Towers
Breakup by Flow Type:
- Cross Flow
- Counter Flow
Breakup by Design:
- Mechanical Draft Cooling Tower
- Natural Draft Cooling Tower
Breakup by Construction Material:
- Fiber-Reinforced Plastic (FRP)
- Steel
- Concrete
- Wood
- High-Density Polyethylene (HDPE)
- Others
Breakup by End-User:
- Chemical
- HVAC
- Petrochemicals and Oil & Gas
- Power Generation
- Food and Beverages
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape
The report has also analysed the competitive landscape of the market with some of the key players being Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Company Inc. (Amsted Industries Inc.), Brentwood Industries Inc., Delta Cooling Towers, Inc., ENEXIO Management GmbH, Hamon Corporation (Hamon & Cie), International Cooling Tower Inc., Johnson Controls Inc., SPX Cooling Technologies Inc., Reymsa Cooling Towers Inc., Thermal Care Inc. (IPEG Inc.), Thermax Limited (RDA Holdings Private Limited), etc.Key Questions Answered in This Report:
- How has the global cooling tower market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global cooling tower market?
- What is the breakup of the market based on the tower type?
- What is the breakup of the market based on the flow type?
- What is the breakup of the market based on the design?
- What is the breakup of the market based on the construction material?
- What is the breakup of the market based on the end-user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global cooling tower market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface3 Executive Summary13 Value Chain Analysis15 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Cooling Tower Market
6 Market Breakup by Tower Type
7 Market Breakup by Flow Type
8 Market Breakup by Design
9 Market Breakup by Construction Material
10 Market Breakup by End-User
11 Market Breakup by Region
12 SWOT Analysis
14 Porters Five Forces Analysis
16 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Babcock & Wilcox Enterprises Inc.
- Baltimore Aircoil Company Inc. (Amsted Industries Inc.)
- Brentwood Industries Inc.
- Delta Cooling Towers Inc.
- ENEXIO Management GmbH
- Hamon Corporation (Hamon & Cie)
- International Cooling Tower Inc.
- Johnson Controls Inc.
- SPX Cooling Technologies Inc.
- Reymsa Cooling Towers Inc.
- Thermal Care Inc. (IPEG Inc.)
- Thermax Limited (RDA Holdings Private Limited)
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 141 |
Published | October 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 2.9 Billion |
Forecasted Market Value ( USD | $ 3.8 Billion |
Compound Annual Growth Rate | 4.6% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |