A report by IndustryARC estimates that the global cooling towers market, which was valued at $2.3 billion in 2018, will grow at a CAGR of 4.21% over the forecast period 2019 to 2025. The report titled, ‘Cooling Towers Market: By Form (Nature Draft Cooling Towers, Mechanical Draft Cooling Towers, Cross Towers, Counterflow Towers, Others); By Construction (Factory-assembled, Field-erected); By Application (HVAC, Refrigeration, Chilling Plant, Diesel Engine, Cold Storage); By End User Industry (Petroleum Industry, Paper Manufacturing, Pharmaceutical, Paint Manufacturing, Dairy Product) & By Geography – Forecast (2019-2025)’, outlines recent developments by key market players, forces driving the market, and opportunities that the market can reap.
A multitude of forces have assisted the cooling towers market in attaining substantial growth over the years. One of the primary growth drivers for this market is the regulations imposed on industries, by governments globally, to monitor discharge of heated water into waterways. Another important market driver is the rapid industrialization that is taking place alongside increasing urbanization. The increasing migration of the rural populations towards urban landscapes is elevating energy requirement and exerting pressure on industries to make the energy production process more rapid. All these factors are together impacting the cooling towers market and providing a massive impetus to it.
Europe with countries such as The Netherlands, which is a leader in wind power generation, has dominated the world’s economy with a well-established industrial set up. Automation and energy industries thrive in Europe, which is the reason this region generated maximum revenue in the cooling towers market in 2018, which translated to market a share of 34.76%.
Key companies operating in the cooling towers market are Baltimore Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Enexio Hamon & Cie International SA, Paharpur Cooling Towers, SPIG S.P.A., SPX Corporation, and Star Cooling Towers Private Ltd.
Market players have shifted their focus on innovating in order to reduce installation and maintenance costs of cooling towers. In accordance with eminent industrial organizations such as the Cooling Technology Institute, companies such as SPX Corporation have innovated and manufactured efficient cooling towers. One of the latest technologies by SPX is the Marley NC Everest Cooling Tower which provides higher efficiency in cooling. This particular open cooling tower’s design provides 50% higher cooling capacity per cell, which is a disruptive technology over single-celled cooling towers.
The U.S. based Baltimore Aircoil Company has manufactured different kinds of cooling towers which assist industrial units in saving energy and increasing efficiency of their factory operations.
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1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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