Stringent regulations mandating the installation of cooling towers is analyzed to drive during the forecast period 2020-2025. U.S Cooling Towers Market is expected to reach $844.48 Million by 2025 at a CAGR of 3.17% during the forecast period 2020-2025.
The U.S Cooling towers market is growing at a significant rate, owing to the rapid industrialization, and surge in deployment of various types of equipment for cooling towers to avoid wear and tear is analyzed to drive the market. In addition, cooling towers are being predominantly adopted in industries such as HVAC, manufacturing, renewable energy power plant, cold storage and others. Moreover the need for frequent cooling of industrial equipment and buildings is fuelling the growth of U.S. cooling towers market in the forecast period 2020-2025.
Stringent regulations have been set by the government and regulatory bodies mandating the installation of cooling towers in various industry verticals. The National Emission Standards for Hazardous Air Pollutants (NESHAP) for Industrial Cooling Towers set standards for emissions of chromium compounds, which are released into the atmosphere from the cooling tower during the cooling process. In addition, permanent regulations protecting against Legionella (Part 4 of New York State Sanitary Code) in cooling towers, and at general hospitals and residential healthcare facilities in New York State became effective on July 6, 2016. Moreover the regulations are divided into two subparts, with Subpart 4-1 covering cooling towers and Subpart 4-2 covering the potable water systems of general hospitals and residential health care facilities as defined in Article 28 of the Public Health Law.
Mid-west region holds a prominent share in U.S. cooling towers market. Major industries in the Midwest region are manufacturing, mining and agriculture among others. In April 2020, the Kentucky Association of Manufacturers has entered into a partnership with a newly-created Midwest manufacturing alliance. This alliance will coordinate on reopening their state economies amid the coronavirus pandemic. The latest agreement includes Illinois, Ohio, Michigan, Indiana, Wisconsin, Minnesota and Kentucky. This will create new opportunities for the cooling towers market in this region. Cooling towers are being used in many industries, chief among them being power, commercial, HVAC and industrial. In the industrial setup, the system rejects heat from machinery, heated process material among other sources. Specifically, industrial cooling towers are common in food processing plants, petroleum refineries, natural gas plants and petrochemical plants.
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U.S. Cooling Tower Market Growth Drivers:
- Surge in adoption by various end user verticals
Its introduction in various industries is an important growth factor for the cooling towers. Cooling towers have started to be used as energy-efficient systems, as water-cooled systems, because they provide lower energy consumption than air-cooled alternatives, as most companies have continued to use cooling towers because they oppose heat transfer into the air. Cooling towers are further used in food processing plants, petroleum refineries, natural gas plants and others as cooling towers are designed for cooling the circulating water during the manufacturing process which is further driving the market. This has this great benefit of Cooling towers is that it prevents the other machines from being overheated so that company expenses get minimized and machines get proper power supply to provide break-free output.
- Advent of energy efficient cooling towers
Energy-efficient towers provide optimal cooling while exhibiting eco-friendly properties. These facilitate in water conservation, provide high-efficiency motors in order to cut down on the operating cost, and reduce environmental concerns. These environmental benefits are also expected to drive the demand for the product. Environmental concerns related to cooling towers such as plume, drift, and water contamination are anticipated to moderately hamper the market demand. Nevertheless, the emergence of plume abated towers and drift eliminators is expected to overcome these environmental concerns and drive market growth in the near future.
In April 2020, BASF Antwerp NV invested more than $3M to design and supply two cooling towers for the company in Antwerp. 4 Cooling cells included general cooling water system and two included ethylene oxide plant. These six cooling tower cells are anticipated to be delivered in 2021.
The Major Players in this Market Include
The major companies in the U.S. Cooling Tower include SPX Corporation, Johnson control Inc, Baltimore Aircoil Company, ENEXIO, Hamon Axisparc, B&W SPIG, Samco Technologies, Inc., Brentwood Industries, Inc, Paharpur Cooling Towers Ltd, and Star Cooling Towers among others.
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