Cooling Tower Market | Key players: Baltimore Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Enexio, Hamon & Cie International SA, Paharpur Cooling Towers, SPIG S.p.A., SPX Corporation, and Star Cooling Towers Private Ltd.

According to recent research "Cooling Tower Market by Type (Dry, Evaporative, Hybrid), by Design (Natural, Mechanical), by Construction Material (Concrete, Steel, FRP, Others), by Application (Power, HVACR, Food & Beverages, Others), by Region - Trends & Forecasts to 2020", published by MarketsandMarkets™, The market size of cooling tower is estimated to grow from USD 2.34 Billion in 2015 to USD 2.88 Billion by 2020, at a CAGR of 4.2%. The market is driven by the rising HVACR deployments, increasing power generation capacities, and rise in technological advances in cooling towers. Asia-Pacific and RoW are estimated to witness a strong growth in the next five years. The demand across these regions is reinforced by the emerging markets, namely, China and India.

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Cooling towers find high acceptance in applications, such as chemical, petrochemical and oil & gas, HVACR, food & beverage, power generation, and others. The market for cooling tower grew moderately in the past three years (2012–2015), which is attributed to increase in the manufacturing industry, growing building & construction industry in Asia-Pacific, and food & beverage industry worldwide. Growing population, urbanization, and growth in the building & construction industry increase the need for HVACR deployments, thus driving the growth of the cooling tower market.

The market players are projected to employ organic growth strategies, such as regional expansion and new product developments, to expand their overall business worldwide. The main companies operating in these markets are striving to make their products innovative as well as enhancing their presence in the emerging markets. They are constantly striving to strengthen R&D to provide a cost-effective product line. These products are manufactured by adhering to the regulations set by associations and governments. All such developments are estimated to lead to sustainable growth in the cooling tower market in the next five years.

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New product launches, expansions, and agreements & contracts were the key strategies adopted by the industry players to achieve growth in the cooling tower market between 2012 and 2015. Cooling tower is an integral part of any refrigeration system, used for heat dissipation into the atmosphere through the evaporative process. These towers are used in industries, such as chemical, petrochemical and oil & gas, HVACR, food & beverage, and power generation. They are also used in different manufacturing processes industries, where cooling process is required.
Increasing government regulations, technological advances, and the demand for efficient use of energy have led various end-use industries to focus on energy saving, thus leading to an increase in the demand for cooling tower. These aspects have encouraged companies to adopt strategies, such as new product launches, expansions, and agreements & contracts. Some of the major players, such as Baltimore Aircoil Company (U.S.), Hamon & Cie International (Belgium), and SPX Corporation (U.S.) have adopted this strategy to develop their businesses globally.

Besides new product launches and expansions, the companies have adopted of joint ventures and acquisitions to expand their market share and distribution network. These strategies also accounted for a significant share of the overall growth strategies adopted by the players in the cooling tower market between 2012 and 2015.

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Baltimore Aircoil Company Inc. (U.S.) develops and manufactures evaporative cooling tower, thermal storage, and heat transfer equipment. It offers a wide range of cooling tower, such as, closed circuit cooling tower and evaporative cooling tower. The company’s cooling tower are used in applications, such as district cooling plants, HVACR, light/industrial manufacturing, and chemical & petroleum processing. The company follows strategies, including new product development, to increase its global market share. The company is launching numerous products to increase its product portfolio and provide improved services to its end users. Its products are designed for applications requiring high energy efficiency, increased thermal performance, and minimal sound.

Enexio (Germany) offers cooling tower under its dry cooling and wet cooling systems. It is a standalone company, which branched out from the heat exchanger segment of the GEA Group AG (Germany). The company has a huge geographic reach and serves international markets and clients through its subsidiaries. The power cooling solutions division of GEA Group AG (Germany) will appear separately and independently under the new name ENEXIO (Germany), which will help the company expand its services to the current customer base. Such developments are a part of strategies adopted by the company to consolidate and optimize its production network.

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