Cooling Tower Market is anticipated to expand at a Robust compound annual growth rate (CAGR) from 2021 to 2031

A cooling tower is a heat rejection device that uses the evaporation of water to remove process heat and cool the working fluid of a heat exchanger or cooling tower to the desired temperature. Cooling towers may either use the evaporation of water to remove process heat and cool the working fluid to the desired temperature or, in the case of closed-circuit dry cooling towers, rely solely on air to cool the working fluid to the desired temperature.

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Key Trends:

The key trends in cooling tower technology are increased use of alternative water sources, advanced water treatment methods, and increased use of energy-efficient fans and motors. As water shortages become more common, cooling towers are increasingly turning to alternative water sources such as treated wastewater and greywater. This trend is expected to continue as water becomes more scarce and expensive.

Key Drivers:

The key drivers of the cooling tower market are the increasing demand for cooling towers from the power generation industry and the growing demand for cooling towers from the HVAC industry. The power generation industry is the largest consumer of cooling towers, accounting for more than 50% of the total cooling tower market. The increasing demand for cooling towers from the power generation industry is driven by the increasing demand for electricity. The growing demand for cooling towers from the HVAC industry is driven by the increasing demand for air conditioning and the growing construction industry.

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Market Segments:

The Cooling Tower Market is segmented by product, technology, application, and region. By product, the market is divided into evaporative/wet, dry and hybrid. Based on technology, it is bifurcated into open circuit, closed circuit and hybrid. On the basis of application, it is classified into chemicals & fertilizers, oil & gas and power generation. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.

Key Players:

The Cooling Tower Market includes players such as S.A. HAMON, SPX Cooling Technologies, ENEXIO Management, Baltimore Aircoil Company (BAC), Johnson Controls, Paharpur Cooling Tower, SPIG S.p.A, EVAPCO, Delta Cooling Towers, Thermax, and International Cooling Tower.

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