The Global Market for Cooling Towers is Projected to Reach US$3 Billion by 2022

Technology Innovation, Stringent Energy Efficiency Norms & Optimistic Outlook for Industrial Recovery Drive the Cooling Towers Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Cooling Towers market. The global market for Cooling Towers is projected to reach US$3 billion by 2022, driven by technology innovations aimed at water conservation; stringent energy efficiency norms that necessitate adoption of better heat transfer practices in industrial plants; recovery in industrial activities in sectors such as power, food processing, semiconductors etc.   

A key innovation of the industrial revolution, cooling towers are today a critical capital investment in industries where cooling forms an important part of production processes. Cooling towers are especially indispensable in thermal & nuclear power plants; oil refineries; chemical/petrochemical plants; and food & beverage, dairy, and paper & pulp processing facilities, where excess heat is generated as a part of the production process. The growing focus on enhancing energy efficiency and reducing environmental pollution by restricting CO2 emissions in these industries is especially benefiting cooling tower installations. Growth in the market in the coming years will be driven by steady demand from the energy sector. The focus on energy infrastructure upgrade and modernization in both developed and developing markets alike is projected to bring in new opportunities for cooling tower replacements.

Despite questions raised on its environmental feasibility and fast depleting fossil fuel resources, nations across the globe are continuing to invest in traditional coal fired power plants which are major end-users of cooling towers. Fossil fuels comprising of coal, oil, petroleum or natural gas, still represent the leading source of energy across the globe, contributing to over 60% of all energy generated. Expansion & maintenance of traditional fossil fuel and nuclear power plants will continue to create demand for cooling towers. A key trend in the market is the growing use of cooling towers in the non-industrial sector. The development and launch of cooling towers in small compact factors coupled with the increase in real estate investments are driving demand for heating, ventilation and air conditioning (HVAC) cooling towers. Roof Top Cooling Towers in this regard are growing in popularity and demand in sync with the focus on building energy management technologies. Steady rise in commercial/infrastructure construction projects across the globe and subsequent rise in HVAC deployments will boost market prospects for cooling towers in the coming years.  

As stated by the new market research report on Cooling Towers, Europe and the United States represent the largest markets worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.1% over the analysis period led by stable economic performance; well established industrial base in countries such as China, India, Korea, Singapore, and Taiwan; massive urbanisation and industrialisation; rapid development of commercial real estate; and replacement of aging cooling towers with new improved technologically advanced cooling towers.     

Key players covered in the report include Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, BERG Chilling Systems Inc., Brentwood Industries Inc., Cooling Tower Depot Inc., Cooling Tower Systems Inc., Delta Cooling Towers Inc., ENGIE Refrigeration GmbH , Evapco Inc., Gactel Turnkey Projects Ltd , HAMON & CIE SA, Ilmed Impianti Srl, Kelvion Holding GmbH , Liang Chi Industry Co. Ltd., Mesan Cooling Tower Ltd., Paharpur Cooling Towers Limited, Ryowo Holding Co. Ltd., SPX Corporation, Star Cooling Towers LP, Thermal Care Inc., and Tower Tech Inc., among others.

The research report titled “Cooling Towers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America  and Rest of World. End Use Industries analysed in the report include Air Conditioning/HVAC, Heavy Industrial & Utility, Chemical & Petrochemicals Industry and Others.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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