May 05, 2020
As per the report titled ‘Cooling Tower Market Size By Product, By Technology, By Design, By Build, By Construction, By Flow, By Application Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025’, available with Market Study Report LLC, global cooling tower market is projected to surpass USD 3 billion by the year 2025.
Increasing investments for the expansion of industrial sector in emerging economies coupled with ongoing advancements in conventional technologies of thermal power plants is driving the growth of global cooling tower market. Consumer inclination towards sustainable cogeneration technologies is expected to boost the demand for cooling towers in the coming years.
Based on the product type, dry segment is expected to witness considerable growth during the forecast period. Reduced thermal pollution, lower biological contaminants and minimal water usage through integrated connective heat transfer are major factors encouraging the adoption of dry cooling towers.
In terms of design, natural segment is poised to see modest growth during the study period, on account of expanding industrial infrastructure. Adoption of natural cooling towards is favored by reduced noise emissions, low energy consumption, less maintenance cost and extended lifespan.
Speaking of the build, package segment is estimated to witness a growth of 5% by 2025. Flexible site replacement and ease of installation are the key advantages favoring the product adoption. Moreover, rising investments in textile, automotive, and food processing industries are expected to bolster the product penetration in the forthcoming years.
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Elaborating on the material type, fiber reinforced plastics (FRP) segment is projected to grow moderately through 2026. Several favorable characteristics including non-corrosiveness, rigidity, easy installation, economic viability and ability to withstand adverse climatic conditions are supporting the use of fiber reinforced plastics in production of various components of a cooling tower.
Based on the flow pattern, counterflow segment is slated to observe decent growth throughout the forecast duration. Counterflow cooling towers are being deployed extensively across manufacturing, power generation, and heavy industries owing to their high air to water contact flow area, low space requirements and reduced noise pollution.
Considering the geographical landscape, U.S. cooling tower market was worth USD 250 million in 2018 and is predicted to record a healthy growth during 2019-2025. Favorable regulation and policies promoting the adoption of sustainable power generation solutions coupled with rapid advancements in the manufacturing industry is driving the growth of cooling tower market in the U.S.
Meanwhile, APAC cooling tower industry is predicted to grow substantially over 2019-2025, pertaining to ongoing expansion and modernization of existing oil refineries in the region. Citing an instance, in September 2017, Reliance Industry announced its plan to amplify Jamnagar (India) oil refinery capacity by 30 million tons per year.
Major players operating in global cooling tower market are Hamon & Cie (International) SA, Reymsa Cooling Towers Inc., International Cooling Towers, BERG Chilling Systems, Bell Cooling Tower, Evapco Inc., Mesan Cooling Towers Inc., ENGIE Refrigeration GmbH, SPIG S.P.A, Paharpur Cooling Towers Ltd., Star Cooling Tower Pvt. Ltd., SPX Cooling Technologies, and Perfect Cooling Towers Inc. among others.