According to the report published by IndustryARC titled “Cooling Towers Market: By Form, By Construction, By Application, By End User Industry, By Geography - Forecast(2018-2023),” the Cooling Towers market is forecast to reach $2646.16m by 2023. Rising demand for HVAC systems for smart buildings is the major reason for the growth of the Cooling Towers market.
Browse 31 Market Tables and 94 Figures spread across 142 pages, and go through an in-depth TOC on the "Cooling Towers Market"
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The Cooling Towers market is all set to exhibit robust growth owing to the increasing applications of cooling towers in the chemical and petroleum, dairy product processing, paper manufacturing, and paint manufacturing industries. However, technological innovations in various industries aimed at improving energy efficiency and reducing environmental footprint have restricted the growth of the global Cooling Towers market to a certain extent.
Chemicals and Petrochemicals were the leading end-use segments for Cooling Towers in 2017, with a combined market share of 20%. The HVAC industry will account for 23% share of the Cooling Towers market by 2023.
Europe dominated the cooling Towers market in 2017 owing to the increased focus of European countries on developing and optimizing infrastructures using HVAC systems. Asia-Pacific is expected to be the fastest growing region for the cooling Towers market during the forecast period. The growth of the cooling Towers market in these regions has accelerated due to the increase in construction of power generation plants, which require cooling Towers for heat discharge.
In Asia-Pacific, a growth opportunity for the cooling Towers market is provided by the growing nuclear power generation requirements. The cooling Towers remove the enormous amount of heat dispensed by the nuclear power plants into the condenser water, which is then discharged into the water bodies.
The major players in this market include
- SPX Cooling Technologies Inc.
- SPIG S.p.A
- Baltimore Aircoil Company Inc.
- Hamon Axisparc
Cooling Towers manufacturers have utilized product launch as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets.
The end-user industries covered in the Cooling Towers Market report include:
- Food and Beverage
- Chemical & Petroleum industries
- Dairy product & process industries
- Paper manufacturing industries
- Pharmaceutical industries
The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
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