Cooling Tower Market Report, Global Industry Trends and Future Growth Till 2028
IMARC Group has recently released a new research study titled “Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global cooling tower market growth, drivers, segmentation, opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
Industry Definition and Application:
A cooling tower is a specialized heat exchanger which reduces the temperature by evaporating a small volume of water. It comprises a double-curved shell structure of concrete supported on a series of struts. Cooling towers are generally employed for lowering the temperature in industrial settings, such as cold storage units, heating, ventilation, and air conditioning (HVAC) systems, electric power generation, and food processing plants. They are also used in hotels, schools, and hospitals to provide comfortable cooling.
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Market Trends and Drivers:
The rising demand for energy-efficient cooling systems in industrial and commercial applications is boosting the market growth across the globe. For instance, cooling towers provide a cost-effective method for cooling large commercial spaces and process cooling applications in different industries like chemicals, food processing, and oil and gas.
Furthermore, cooling towers are used on a large scale in thermoelectric power plants to eliminate excess heat. Additionally, the increasing investments by public and private agencies for the development of thermal and nuclear power plants across various countries are expected to aid the demand for cooling towers. The rising electricity consumption, driven by rapid industrialization and population growth, is influencing the construction of new power plants, which, in turn, is projected to fuel the market growth during the forecast period.
Competitive Landscape With Key Players:
The competitive landscape of the cooling tower market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Babcock & Wilcox Enterprises Inc.
- Baltimore Aircoil Company Inc. (Amsted Industries Inc.)
- Brentwood Industries Inc.
- Delta Cooling Towers, Inc.
- ENEXIO Management GmbH
- Hamon Corporation (Hamon & Cie)
- International Cooling Tower Inc.
- Johnson Controls Inc.
- SPX Cooling Technologies Inc.
- Reymsa Cooling Towers Inc.
- Thermal Care Inc. (IPEG Inc.)
- Thermax Limited (RDA Holdings Private Limited)
Key Market Segmentation:
The report has segmented the global cooling tower market based on tower type, flow type, design, construction material, end-user and region.
Breakup by Tower Type:
- Open-Circuit Cooling Towers
- Closed-Circuit Cooling Towers
- Hybrid Cooling Towers
Breakup by Flow Type:
- Cross Flow
- Counter Flow
Breakup by Design:
- Mechanical Draft Cooling Tower
- Natural Draft Cooling Tower
Breakup by Construction Material:
- Fiber-Reinforced Plastic (FRP)
- Steel
- Concrete
- Wood
- High-Density Polyethylene (HDPE)
- Others
Breakup by End-User:
- Chemical
- HVAC
- Petrochemicals and Oil & Gas
- Power Generation
- Food and Beverages
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2309&flag=C
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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