Cooling Towers Market By Product Open Circuit Cooling Towers, Closed-circuit Cooling Towers), Heat Exchange (Wet Cooling (Evaporative), Dry Cooling, Hybrid), Design (Natural & Mechanical Draft), Application (Industrial Manufacturing/Processing, Power Generation Plants, Air Conditioning Systems) - Growth, Share, Opportunities, Pipeline Analysis, Competitive Analysis, and Forecast, 2016 - 2023

Cooling towers refer to heat rejection devices designed to reject the excessive heat from the cooling water stream used in various industrial and air-conditioning processes. Instead, the circulating water is cooled using blowing air or an evaporative heat exchange method. This cooled water can be reused for cooling purposes across different processes. Thus, the prime objective behind using cooling towers is to minimize water usage, thereby raising water efficiency. The most common applications of cooling towers are found in industrial manufacturing, power generation plants, and air conditioning systems. In addition, industrial sectors such as chemical processing, food processing, and oil & gas are among the most popular consumers of cooling towers.

The most prominent factor fueling the cooling tower market's growth is the strong industrial growth across the world. In addition, due to rising water scarcity issues, minimizing water usage across different applications has become essential. Using cooling towers reduces overall water wastage, achieving higher efficiency and reusability. This has led to the development of cooling towers based upon different principles that offer high water efficiency along with the minimal generation of contaminated water. Further, increasing power plants worldwide is another major factor supporting the market's growth. However, a major challenge for the market is high fragmentation at the regional level. Additionally, regulations regarding external water contamination are another challenge for the small manufacturers of cooling towers.

The "global cooling Towers Market-Growth, Share, Opportunities, and Competitive Analysis, 2016–2023" offers strategic insights into the global cooling towers market along with the market size and estimates for 2014 to 2023. The said research study covers an in-depth analysis of multiple market segments based on product types, applications, and cross-sectional studies across different geographies. In addition, the study covers the comparative analysis of different segments for 2015 and 2023. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities.

In order to help strategic decision-makers, the report also includes competitive profiling of the leading cooling tower manufacturers, their SCOT (Strengths, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Some of the major players profiled in the report are Baltimore Aircoil Company, GEA Heat Exchangers Group, Hamon Group (Esindus S.A.), FANS, a.s., SPIG S.p.A. (Babcock & Wilcox Enterprises), EVAPCO-BLCT Dry Cooling, Inc. (EVAPCOGroup), Paharpur Cooling Towers Ltd., SPX Technologies, Inc. (acquired by Paharpur Cooling Towers Ltd.), Delta Cooling Towers, Inc., Inc., Inc.), Kimre, Inc., EvapTech, Inc., and others.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to support the cooling towers industry's attractive markets
  • market fuelers, market impediments, and their impact on the market's growth 
  • In-depth examination of the competitive environment
  • Market size data for the previous two years (2014-2015)
  • SRC (Segment-Region-Country) Analysis.

Overall, the research study provides the following:

  • A holistic view of the global cooling tower market.
  • Offering market size and estimates for the period from 2016 to 2023.
  • Keeping in mind the abovementioned factors.

Heat Exchange Segmentation Analysis

The global cooling towers market is segmented, based on the heat exchange method, into the following categories

  • Wet Cooling (Evaporative)
  • Dry Cooling
  • Hybrid

The global cooling towers market is led by the dry cooling heat exchange method as of 2014. The cooling towers based on the principle of dry cooling require less maintenance and have high life. As a result, cooling towers based upon the dry cooling principle enjoy high penetration in the market. However, the hybrid cooling towers segment is expected to witness the highest growth in the market during the forecast period. Cooling towers based upon hybrid (dry as well as evaporative) heat exchange methods incorporate the pros and cons of dry and wet cooling methods. This results in better water efficiency along with longer life and minimal maintenance. Consequently, the segment is expected to expand with the highest CAGR from 2016 to 2022.

On the basis of application, the cooling tower market is segmented into the following categories:

  • Industrial Manufacturing/Processing
  • Power Generation Plants
  • Air Conditioning Systems

As of 2014, the global cooling tower market was dominated by the industrial manufacturing and processing segment. The segment comprises industrial applications such as chemical processing, oil & gas, food & beverages, and other manufacturing segments. These are among the largest water users for cooling purposes; hence, water reusability is one of the most serious concerns in the segment. Due to strong anticipated growth in the overall industrial manufacturing and processing sector, the segment is expected to retain its dominant position throughout the forecast period.

The air conditioning segment is estimated to register the highest growth in the coming years. The segment is driven by the rising deployment of air conditioning systems worldwide. Further, the power generation plants segment is estimated to register strong growth in the market during the forecast period. In countries such as China, India, Japan, and others, the number of power plants is expected to rise significantly in the coming years. This is the prime factor bolstering the segment's growth.

The global cooling tower market has been segmented based on geographical regions as per the following regions and countries:

  • North America
  • U.S.
  • The remainder of North America
  • Europe
  • EU7
  • CIS
  • The rest of Europe
  • Asia Pacific
  • Japan
  • China
  • South Asia
  • Australasia
  • Asia Pacific as a whole
  • MEA (Middle East and Africa)
  • GCC countries
  • North Africa
  • Southern Africa
  • MEA in its entirety
  • Latin America
  • Brazil
  • Mexico
  • The Rest of Latin America

As of 2014, the Asia-Pacific region dominated the cooling tower market worldwide. The segment contributed to more than one-third of the total revenue generated in 2014. The major factor fueling the market growth here is the rising industrialization coupled with the growing number of regional power plant projects. Countries such as China, India, and Japan are the primary contributors to the Asia-Pacific cooling tower market. With the further industrial development in the area, the Asia-Pacific segment is expected to remain the fastest-growing market for cooling towers during the forecast period.

Frequently asked questions :

The market for Cooling Towers Market is expected to reach US$ XX Bn in 2023.

The Cooling Towers Market is expected to see significant CAGR growth over the coming years, at 4.6%.

The report is forecasted from 2016-2023.

The base year of this report is 2021.

Baltimore Aircoil Company, GEA Heat Exchangers Group, Hamon Group, FANS, a.s.,SPIG S.p.A. (Babcock & Wilcox Enterprises), Paharpur Cooling Towers Ltd., are some of the major players in the global market.

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Published Date:  Jun 2016
Category:  Technology & Media
Report ID:   57890
Report Format:   PDF
Pages:   120
Rating:    4.4 (40)
Delivery Time: 24 Hours to 48 Hours   
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