Press release
Cooling Tower Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Cooling Tower Market
The Business Research Company offers in-depth market insights through Cooling Tower Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cooling tower market size has grown steadily in recent years. It will grow from $3.35 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to power generation expansion, air conditioning adoption, chemical process industries, water conservation, urbanization and infrastructure, globalization of industries.
The cooling tower market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to upgradation of aging infrastructure, stringent energy efficiency standards, data center expansion, economic development, chemical industry evolution, focus on water treatment. Major trends in the forecast period include hybrid cooling systems, smart controls and automation, fiberglass reinforced plastic (FRP) towers, customization for specific industries, dry cooling systems for water-scarce regions, low-noise cooling tower designs.
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Market Segmentation:
The cooling tower market covered in this report is segmented -
1) By Type: Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower
2) By Flow: Cross Flow, Counter Flow
3) By Application: Chemicals, Petrochemicals, Power Generation, HVACR, Food & Beverages, Other Applications
Major Driver - Rising Demand For Cooling Towers
Rising demand for cooling towers from the developing markets is expected to drive the cooling tower market. 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. For instance, in February 2022, according to the World Nuclear Association, a UK-based international organization that promotes nuclear power and supports the companies that comprise the global nuclear industry in Asia, there are about 135-140 operable nuclear power reactors. About 35 reactors are under construction, and 50-60 are in the proposal or planning stage. These development activities across developing regions are expected to increase the demand for cooling towers during the forecast period.
Competitive Landscape:
Major companies operating in the cooling tower market report are Haier Group, Midea Group, Gree Electric Appliances, Johnson Controls, TCL Technology, Hisense Group, SPX Corporation, THERMAX LIMITED, Babcock & Wilcox Enterprises, Hamon & Cie International SA, Evapco Inc, Bell Cooling Tower, Baltimore Aircoil Company, Brentwood Industries Inc., Paharpur Cooling Towers, ENEXIO MANAGEMENT GMBH, Delta Cooling Towers Inc., Thermal Care Inc., UNITED METAL PRODUCTS, Cooling Tower Systems Inc., TOWER THERMAL PTY. LTD., Perfect Cooling Towers, Artech Cooling Towers Pvt. Ltd., STAR COOLING TOWERS PVT. LTD., ZHEJIANG AOSHUAI REFRIGERATION CO. LTD, Cenk Endüstri Tesisleri Imalat Ve Taahhüt A.Åž., Delta Marley Cooling Tower Services, Mesan Cooling Towers Manufacturing and Trade Inc., Liang Chi Industry Co. Ltd., King Sun Industry Co. Ltd.
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Top Trend - Groundbreaking Partnership In The Cooling Tower Market
Major companies operating in cooling tower market are focused on forming strategic alliances to strengthen their position in the market. A business strategic partnership is a collaborative connection between two or more entities, usually business entities, that work together to achieve mutual success through resource pooling. For instance, in November 2023, Hydroleap, Singapore-grown water treatment startup the water technology company, announced a landmark partnership with IX Technology (IXT), Singapore a top-tier provider of data center mechanical and electrical (M&E) infrastructure solutions. This collaboration has the potential to revolutionize water management within cooling towers and enable the data center industry to reduce water and chemical use, diminish their carbon footprint and enhance regulatory compliance.
The Table Of Content For The Market Report 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
…..
27. Cooling Tower Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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