The global cooling tower market size is expected to grow from $2.97 billion in 2021 to $3.14 billion in 2022 at a compound annual growth rate (CAGR) of 5.67%. The global cooling tower market size is expected to reach $3.76 billion in 2026 at a CAGR of 4.63%.
What is the Global Cooling Tower Market?
The cooling tower market consists of sales of the cooling tower by entities (organizations, sole traders, partnerships) that refers to specialized heat exchanger, in which air and water are forced into a direct contact to reduce the water’s temperature. During the colling tower process, small quantity of water evaporates and lowers the water, which is being circulated throughout the tower.
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What drives the Global Cooling Tower Market?
Rising demand for cooling towers from the developing markets of Asia-Pacific is expected to drive the cooling tower market. Cooling towers are used to remove heat from industry which includes nuclear & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR. There has been high growth in the commercial building & construction industry, high-end real estate, and energy-saving policies, which contributed to growth in the use of cooling towers in these developing regions. For instance, in February 2022, according to World Nuclear Association, a UK based international organization that promotes nuclear power and supports the companies that comprise the global nuclear industry in Asia there are about 135-140 operable nuclear power reactors. About 35 reactors are under construction, and 50 – 60 are in the proposal or planning stage. These development activities across developing regions are expected to increase for cooling towers during the forecast period.
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Global Cooling Tower Market Segments
The global cooling tower market is segmented:
By Type: Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower
By Flow: Cross Flow, Counter Flow
By Application: Chemicals, Petrochemicals, Power Generation, HVACR, Food & Beverages, Other Applications
By Geography: The regions covered in the cooling tower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Cooling Tower Global Market Report 2022provides market size and growth forecasts for the global cooling tower market, global cooling tower market share, cooling tower market segments and geographies, cooling tower market competitive landscape including leading competitors’ revenues, profiles and market shares. The cooling tower market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Cooling Tower Industry Playersinclude SPX Corporation, Baltimore Aircoil Company, Evapco Inc, Bell Cooling Tower, Brentwood Industries Inc., Enexio, Paharpur Cooling Towers, ENEXIO Management, Baltimore Aircoil Company (BAC), Hamon & Cie International SA, Johnson Controls, Perfect Cooling Towers, and Thermal Care. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
