Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Cooling Tower Market Size is Expected to Grow from USD 3.75 Billion in 2023 to USD 5.78 Billion by 2033, at a CAGR of 4.42% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Cooling Tower Market Size, Share, and COVID-19 Impact Analysis, By Product (Open Circuit, Closed Circuit, and Hybrid), By Material (Fiberglass reinforced plastic (FRP), Steel, Concrete, Wood, and HDPE), Application (HVAC, Power Generation, Oil & Gas, and Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
A cooling tower is a heat exchanger device that dissipates heat from recirculating water to cool chillers, air conditioners, or other process equipment to the ambient air. Effective and reliable cooling systems are required for nuclear power station expansion to handle the significant heat produced during power generation. To keep nuclear reactors functioning at their ideal temperatures and guarantee efficiency and safety, cooling towers are crucial parts. The upsurging need for cooling towers in the nuclear power generation industry is offering lucrative market opportunities. With the increasing urbanization and industrial expansion, investments in infrastructure projects such as power plants, manufacturing facilities, and commercial complexes are driving market growth. The steady increase in commercial construction projects worldwide and a slow rise in HVAC installations are expected to propel the market. On the contrary, the high water consumption requirements in large-scale industries for efficient operation are challenging market expansion.
The open circuit segment dominated the market with the largest market share in 2023.
Based on the product, the cooling tower market is classified into open circuit, closed circuit, and hybrid. Among these, the open circuit segment dominated the market with the largest market share in 2023. The increased adoption of open-circuit cooling towers in cement, chemicals, commercial and real estate, pharmaceuticals, and power generation industries owing to their superior cooling, reduced process temperature, and small carbon footprints is driving the market in the open-circuit segment.
The fiberglass reinforced plastic (FRP) segment held the largest share of the cooling tower market in 2023.
Based on the material, the cooling tower market is classified into fiberglass reinforced plastic (FRP), steel, concrete, wood, and HDPE. Among these, the fiberglass reinforced plastic (FRP) segment held the largest share of the cooling tower market in 2023. FRP cooling towers are medium-sized easy-to-install towers that can resist weather, and withstand corrosion, waterborne bacteria, and organisms. Further, the low maintenance costs and suitability for dry and wet operations are responsible for driving the market in the FRP segment.
The industrial segment is anticipated to dominate the market during the forecast period.
Based on the application, the cooling tower market is classified into HVAC, power generation, oil & gas, and industrial. Among these, the industrial segment is anticipated to dominate the market during the forecast period. Cooling towers are commonly used in food processing plants, petroleum refineries, natural gas plants, and petrochemical plants industries. They are used to remove heat from various sources including machinery or heated process material.
North America is estimated to hold the largest share of the cooling tower market over the forecast period.
North America is estimated to hold the largest share of the cooling tower market over the forecast period. The extensive regional presence of large-scale data centers, intelligent buildings, and building automation vendors are significantly contributing to driving the market for cooling towers. Data centers use less energy when cooling towers are used to maintain the ideal temperature. Thus, the increasing focus on data center space owing to the significance of cloud computing is driving the market demand.
Asia Pacific is predicted to grow at the highest CAGR in the cooling tower market over the forecast period. The region’s substantial economic growth and rising domestic demand are significantly responsible for driving the market for cooling towers. Further, the expanding population, urbanization, industrialization, and concerns about infrastructure development in countries like China and India are expected to bolster the market in the region.
Competitive Analysis
Major key players in the global cooling tower market include Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, Cooling Tower Systems, Inc., Delta Cooling Towers Inc., Engie Refrigeration GmbH, EVAPCO, Inc., S.A. Hamon, Johnson Controls International Plc., Kelvion Holdings GmbH, Liang Chi Industry Co. Ltd., Mesan Group, Paharpur Cooling Towers Ltd., SPX Corporation, Torraval Cooling S.L., and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the cooling tower market based on the below-mentioned segments:
Global Cooling Tower Market, By Product
Global Cooling Tower Market, By Material
Global Cooling Tower Market, By Application
Global Cooling Tower Market, By Regional Analysis
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