Cooling Tower Market Status, Key Vendors Analysis and Regional Outlook 2021-2025
The global Cooling Tower Market size is projected to value at USD 4.85 billion by 2025, according to a new report published by Million Insights. Cooling towers have applications in power plants, especially, in thermoelectric power plants, to prevent excess heat generation from the plant. On account of the rising demand for electricity, the power plant sector is expected to expand thus, boosting the market growth.
Moreover, the rising
number of construction activities across the commercial and residential sectors
in emerging economies is anticipated to drive product demand. Further, the
surging industrialization is a major driver which is likely to augment the
demand for cooling towers in the near future.
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Technological
upgradations are anticipated to offer better cooling capacity, installation
& energy savings, reduced maintenance cost, and minimum components, which
is expected to accelerate market growth over the forecast period. Additionally,
various government regulations regarding the adoption of cooling towers among
different regions are predicted to have a favorable impact on market growth.
On the other hand,
environmental awareness regarding cooling towers like drift, water
contamination, and plume are expected to hinder market demand. However, the
deployment of drift eliminators and plume abated towers is poised to combat the
environmental concerns and accelerate market growth over the projected period.
Energy-efficient towers
offer ideal cooling along with other eco-friendly characteristics. These
provide for high-efficiency motors to reduce operational costs and lower
environmental concerns. These benefits are predicted to drive product demand in
the upcoming years.
HVAC systems are mostly
used in large offices, shopping malls, and commercial spaces. Cooling towers
are an essential component of an HVAC system, which removes the excess heat
from the building. Rapid urbanization and higher standards of living are
predicted to result in a wider implementation of HVAC systems, thus, boosting
the global cooling towers market growth.
The key players include Evapco, SPX
Corporation, Hamon & CIE International SA, B&W SPIG (Babcock &
Wilcox), Paharpur Cooling Towers, Baltimore Aircoil Company, and Enexio.
Cooling Towers Application Outlook (Revenue, USD Million; 2014 - 2025)
• HVAC
•
Power Generation
• Oil & Gas
• Industrial
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Cooling Towers Type Outlook (Revenue, USD Million; 2014 - 2025)
• Open-circuit
• Closed-circuit
• Hybrid
Cooling Towers Material Outlook (Revenue, USD Million; 2014 - 2025)
• Fiber-Reinforced Plastic (FRP)
• Steel
• Concrete
• Wood
• High-Density Polyethylene (HDPE)
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