Press release
Cooling Tower Market 2023 - By Size, Share, Trends And Growth Prospects 2032
Cooling Tower Market
The Business Research Company's Cooling Tower Global Market Report 2023 identifies rising demand for cooling towers from the developing markets of Asia-Pacific as the major driver for the Cooling Tower market's growth in the forecast period. Cooling towers are used to remove heat from industry, which includes nuclear and thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR. There has been high growth in the commercial building and construction industry, high-end real estate, and energy-saving policies, which have contributed to growth in the use of cooling towers in these developing regions.
The global cooling tower market size grew from $3.23 billion in 2022 to $3.33 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of the cooling tower is expected to grow to $3.99 billion in 2027 at a CAGR of 4.6%.
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Major competitors in the Cooling Tower market are SPX Corporation, Baltimore Aircoil Company, Evapco Inc., Bell Cooling Tower, Brentwood Industries Inc.
A key trend in the Cooling Tower market includes installation of eco-friendly products. Eco-friendly products use water rather than air to transport heat rather than air, which is roughly 3,200 times more efficient and environmentally friendly. For instance, in September 2020, B&W Environment successfully installed a new cooling tower system for Naturgy Generación's combined-cycle natural gas power plant. B&W Environmental's seawater cooling towers help in decreasing or eliminating the need for desalination and processing of cooling water, which safeguards delicate marine ecosystems and reduces overall environmental impact.
Read More On The Global Cooling Tower Market Report Here:
https://www.thebusinessresearchcompany.com/report/cooling-tower-global-market-report
The Cooling Tower market is segmented -
• By Type: Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower
• By Flow: Cross Flow, Counter Flow
• By Application: Chemicals, Petrochemicals, Power Generation, HVACR, Food & Beverages, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Cooling Tower market.
The Business Research Company's "Global Cooling Tower Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Cooling Tower Market Include:
1. Executive Summary
2. Cooling Tower Market Characteristics
3. Cooling Tower Market Trends And Strategies
4. Cooling Tower Market - Macro Economic Scenario
5. Cooling Tower Market Size And Growth
…………………………….
26. Africa Cooling Tower Market
27. Cooling Tower Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Cooling Tower Market
29. Cooling Tower Market Future Outlook and Potential Analysis
30. Appendix
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