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Cooling Tower Market Growth, Growth Demand, Size, Key Drivers, Forecast To 2033
Cooling Tower Market
Cooling Tower Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.27 billion In 2028 At A CAGR Of 5.2% :
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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Cooling Tower Market Major Segments
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
Key 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.
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Prominent Trend - The Installation Of Eco-Friendly Products
The installation of eco-friendly products is a key trend in the cooling tower market. 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 November 2023, Metso, Finland based company focusing on providing technology and services launching to upgraded Evaporative Cooling Tower, an efficient dry gas cleaning solution designed to cool down hot furnace off-gases by means of evaporation. The enhanced Metso Evaporative Cooling Tower. Its unique design enables efficient and even cooling. The advanced model-based automatic control, for instance, allows for accurate control of cooling during startup and varying process conditions.
Cooling Tower Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the cooling tower market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cooling tower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cooling Tower Market Report Structure
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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