The Cooling Towers Market size was estimated at USD 2.1 Billion in 2021 and is expected to hit around USD 3 Bn by 2030 and grow at a CAGR of 4.8% from 2022 to 2030.
Cooling water stream to a lower temperature, a cooling tower rejects waste heat to the atmosphere. The cooling system's water circulation is cooled using cooling towers. It is a heat rejection tool that eliminates extra heat from the atmosphere's cooling system. Evaporation or air injection into the warm water are the two methods used to cool the flowing water.
Cooling towers come in two varieties: open cooling towers and closed-circuit cooling towers. Numerous sectors, including those that deal with chemicals, oil and gas, food processing, power plants, and other air-conditioning applications, employ cooling towers extensively.
Market Dynamics
Drivers:
The demand for cooling towers has increased due to the moderate global growth of the commercial construction sector and the rising industrialization and urbanisation in emerging economies. Increased government spending in this sector and a rise in HVACR deployments are both contributing to the market's growth. In building HVACR systems, cooling towers are frequently utilized to remove extra heat from chillers. The cooling tower market is thus anticipated to be driven globally by the soaring demand for HVACR equipment in buildings and industrial applications. Climate change and technical advancements have accelerated the deployment of HVACR equipment. The demand for cooling towers has increased as a result of the unpredictable and changing weather brought on by global warming.
Restraints:
The cooling tower market in Europe and North America is at a mature stage and growing slowly as a result. Despite having a sizable market share, these areas' growth during the projected period is anticipated to be less rapid than that of the emerging ones. The increased emphasis on environmental compliance and energy efficiency is anticipated to be a major driver of demand in these regions. In these areas, there will likely be a greater demand for cooling tower replacements than for new installations. As a result, there is less room for new installations in the cooling towers market in Europe and North America, which leads to a slower growth rate overall.
Opportunity:
An integral part of a nuclear reactor is the cooling tower. The efficiency and power output of a nuclear power plant are significantly impacted by the cooling tower's performance characteristics. Nuclear power stations typically use hybrid or wet technology for their cooling towers. They are used in high pressure, high temperature, and a variety of manufacturing processes where process cooling is necessary. These are used in a variety of nuclear operations, including reheating, closed loop system cooling, central cooling, and many more. As one of the most promising future energy sources, nuclear energy offers a variety of options for the cooling towers market.
Key players:
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SPX corporation
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Hamon axisparc
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Enexio
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SPIG SPA
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Baltimore Aircoil Company
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Samco
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Nalco
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American water treatment
Market Segmentation:
Cooling Towers Market, By Type
Cooling Towers Market, By Application
Cooling Towers Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
The Asia Pacific region provides access to cheap labour and raw commodities. Additionally, the area sees an increase in domestic demand, which attracts producers of cooling towers as an investment location. The cooling tower market in this region will be influenced by a number of variables, including China and India's developing infrastructure concerns, urbanization, industrialization, and rising population. A significant cooling towers market production is Asia Pacific.
Scope of the Report:
Report Coverage |
Details |
Base year |
2021 |
Forecast period |
2030 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.8% |
YoY growth (%) |
XX% |
Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
Current Market size |
USD 2.1 Billion |
Forecast market growth |
USD 3 Billion |
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