Cooling Tower Market: Global Industry Outlook, Size (US$ 3.6 Billion), Share, Growth (CAGR of 4.73%), Top Companies Analysis, Report 2022-2027

According to IMARC Group's latest report, titled "Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the global cooling tower market size reached US$ 2.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2027, exhibiting a CAGR of 4.73% during 2022-2027.

Cooling Tower Market Trends:

The global cooling tower market is primarily driven by the ongoing construction of various transportation infrastructures, including airports, bridges, and ports, and the growing need for heating, ventilation, air conditioning, and refrigeration (HVACR) equipment. Moreover, the rising environmental concerns and enforcement of green initiatives by governments have supplemented the demand for cooling towers in the nuclear power generation sector. Such heat-exchange devices find extensive applications in closed loop, moisture separator reheating, and central cooling systems to improve a nuclear power plant's overall efficiency and power production. Furthermore, the widespread adoption of high-density polyethylene (HDPE) towers over metal-clad devices due to their antimicrobial properties and improved water conservation features is favoring the market growth. Besides this, growing consumer awareness regarding the multiple product benefits, including increased cooling capacity, improved installation and energy savings, and low maintenance costs is supporting the market growth.

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Year Considered to Estimate the Market Size:

Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027

Competitive Landscape With Key Players:

The competitive landscape of the cooling tower market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Babcock & Wilcox Enterprises Inc.
• Baltimore Aircoil Company Inc. (Amsted Industries Inc.)
• Brentwood Industries Inc.
• Delta Cooling Towers, Inc.
• ENEXIO Management GmbH
• Hamon Corporation (Hamon & Cie)
• International Cooling Tower Inc.
• Johnson Controls Inc.
• SPX Cooling Technologies Inc.
• Reymsa Cooling Towers Inc.
• Thermal Care Inc. (IPEG Inc.)
• Thermax Limited (RDA Holdings Private Limited)

Key Market Segmentation:

The report has segmented the global cooling tower market based on tower type, flow type, design, construction material, end user industry and region.

Breakup by Tower Type:

• Open-Circuit Cooling Towers
• Closed-Circuit Cooling Towers
• Hybrid Cooling Towers

Breakup by Flow Type:

• Cross Flow
• Counter Flow

Breakup by Design:

• Mechanical Draft Cooling Tower
• Natural Draft Cooling Tower

Breakup by Construction Material:

• Fiber-Reinforced Plastic (FRP)
• Steel
• Concrete
• Wood
• High-Density Polyethylene (HDPE)
• Others

Breakup by End-User:

• Chemical
• HVAC
• Petrochemicals and Oil & Gas
• Power Generation
• Food and Beverages
• Others

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Industry Definition and Application:

A cooling tower is an advanced heat-exchange device that employs water to transfer and remove unwarranted heat from residential areas into the atmosphere. It usually relies on the evaporative cooling principle, in which water and air come into direct contact to provide a cooling effect while lowering the temperature of the water. A cooling tower is cost-effective, energy-efficient, easily installable, corrosion-resistant, and offers high structural strength, prolonged service life, and reduced noise pollution. As a result, a cooling tower is used in heating, ventilation, and air conditioning (HVAC) systems, power production, petroleum refineries, cold storage units, and the food processing industries.

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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