According to IMARC Group’s latest report, titled “Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the global cooling tower market reached a value of US$ 2.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2027, exhibiting a CAGR of 4.73% during 2022-2027. A cooling tower stands for a heat removal device that utilizes water for releasing the waste heat into the atmosphere. It provides several benefits, including optimal cooling, water conservation, energy efficiency, corrosion resistance, cost-effectiveness, high durability, easy installation, reduced noise pollution, longer service life, etc. As a result, cooling towers are widely adopted for heating, ventilation and air conditioning (HVAC) systems, cold storage units, food processing plants, petroleum refineries, and electric power generation.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drivers:
The rising demand for electrification, along with the growing number of power generating units, is augmenting the market for cooling towers. Moreover, the introduction of stringent regulations pertaining to the rising global warming is also driving the demand for cooling towers. Additionally, the growing construction industry, along with the increasing installation of HVAC systems, is further catalyzing the market growth. Moreover, the growing adoption of cooling towers for providing comfort cooling across large commercial spaces, such as educational institutes, airports, hotels, hospitals, etc, is also proliferating the global cooling tower market. Several advancements in the sector have led to the rapid integration of 3D TRASAR technology for offering high performance of cooling tower systems.
Cooling Tower Market 2022-2027 Competitive Analysis and Segmentation:
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 tower type, flow type, design, construction material, end user industry 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
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- 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.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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