Cooling Tower Market Size, Share, Industry Trends and Forecast 2023-2028

The latest report published by IMARC Group, titled "Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global cooling tower market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

Download a free sample report to get a detailed overview of the market: https://www.imarcgroup.com/cooling-tower-market/requestsample

Cooling Tower Market Trends:

The increasing demand for cooling towers in various industries, such as power generation, manufacturing, petrochemical, and HVAC represents one of the key factors driving the growth of the market across the globe. These sectors rely on cooling towers to maintain equipment temperature, efficiency, and safety which is boosting the growth of the market. The market is also driven by innovations in design, materials, and energy efficiency contributing to the growing adoption of cooling towers. More efficient towers offer cost savings and environmental benefits, appealing to a broader range of customers, which is driving the market growth.

Governments and regulatory bodies are imposing stricter environmental regulations which are contributing to the growth of the market. Water conservation and emissions controls often require the adoption of cooling technologies, including cooling towers, that are more environmentally friendly which is boosting the demand for cooling towers. The growth in urban areas, along with the development of commercial and residential buildings, is fueling the demand for air conditioning systems, which often incorporate cooling towers, thus propelling the growth of the market. In addition to this, energy efficiency is a priority for many organizations which is bolstering the growth of the market.

Cooling Tower Market 2023-2028 Competitive Analysis and Segmentation:

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 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

Speak to an Analyst: https://www.imarcgroup.com/request?type=report&id=2309&flag=C

Industry Definition and Application:

A cooling tower is a specialized heat exchanger that brings air and water into direct contact to reduce the temperature of the water. By evaporating a portion of the water, the cooling tower dissipates heat into the atmosphere and cools the remaining water. In various industrial processes, such as power plants, manufacturing, and air-conditioning systems, the machinery generates heat that needs to be removed for efficiency and safety reasons. This is where cooling towers play a vital role. Inside the cooling tower, hot water is sprayed into a chamber, where it meets a flow of cooler air. This air is either drawn in by fans or enters naturally. As the air and water interact, a portion of the water evaporates, cooling the rest of the water. The cooled water is then collected and recirculated through the system, while the warm, moist air is vented out of the tower. Cooling towers can vary in size, design, and material, and they may be used in different configurations depending on the specific requirements of a system. They represent an essential component in many industrial applications, providing an efficient solution to manage and reduce excessive heat.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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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This release was published on openPR.