As indicated by Acumen Research and consulting, the global cooling tower market size is evaluated to reach above USD 3 billion by 2026 and CAGR to develop around 4% over the estimate time frame. Rising demand in the air conditioning, construction, power generation and manufacturing industries, advantages offered by cooling tower, growing technological advancements in the cooling towers and increasing deployment of HVACR systems have boosted the growth of the global cooling tower market. The Asia Pacific market is likely to expand at highest CAGR throughout the forecast period due to increasing growth of construction industry, growing demand for cooling towers and large number of chemicals and pharmaceuticals industries.
Various Industrial Applications of Cooling Towers to Boost the Demand
A number of industrial units experience the necessity to reduce the temperature of the industrial surrounding area, particularly during heavy power operations. Hence, the demand for cooling towers is rapidly increasing from these industrial areas that are focusing on maintaining friendly standards within their property. Furthermore, commercial as well as residential buildings are designed with central cooling systems, and cooling towers significantly facilitate the operations of such systems. This factor is playing a major role in the high growth of the cooling tower market. The multiple numbers of urban projects aimed at reinforcement of residential campuses and industrial areas is anticipated to boost the demand for cooling towers, thereby fueling the growth of overall market. The emergence of new power projects and intensifying demand for electricity are some of the factors responsible for the high growth of the global cooling tower market.
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Design and Efficiency of Cooling Towers to Create Worthwhile Growth Opportunities
Cooling towers, particularly open type cooling towers, are tremendously efficient in dropping the surrounding temperature, and this has produced creditable demand within the global cooling tower market. In addition, the simple and straightforward design of cooling towers supports the easy installation across commercial, industrial, and residential sectors. This factor is expected to drive the growth of the global cooling towers. The easy installation and constant technological advancements in order to remove various biological defects are some of the factors boosting the growth of the market. On the other side, the primitive nature of numerous industrial units, especially in the emerging economies, is anticipated to hamper the growth of the global cooling towers market.
North America to Continue to Grow at Maximum Growth Rate during the Forecast Period
Geographically, the global cooling tower market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to grow at fastest growth rate during the forecast period owing to the increasing growth of construction industry, growing demand for cooling towers and large number of chemicals and pharmaceuticals industries. Rapid growth in the power industry is the primary factor influencing the growth of the regional cooling tower market. Emission regulations in the region are also expected to increase the growth of the regional market. Rising initiatives taken by governments and escalating demand for technologically advanced power devices are supplementing the overall market growth. Rapid expansion of industrial sector, growing number of manufacturing facilities and growing technological advancements in the region are some of the factors responsible for the growth of the regional market. North America is also projected to witness a substantial growth over the forecast period owing to the growing adoption of increasing number of heavy industries and continuous technological advancements. With growing focus toward energy conservation and ongoing technological advancements and healthy growth in the manufacturing sector North America is likely to grow at substantial pace during the forecast period.
Paharpur Cooling, International Cooling, Thermax, Haman and Johnson Controls, are Likely to Continue to Lead the Global Cooling tower Market
The cooling tower market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Paharpur Cooling Tower, ENEXIO, Baltimore, SPIG, Thermax, Haman, Johnson Controls, SPX Cooling, Delta, Thermal Care, ReymsaBERG, Bell Cooling Tower, International Cooling, ENGIE, Brentwood, Star Cooling and Perfect Cooling Tower.
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