DUBLIN--(BUSINESS WIRE)--Dec 19, 2022--

The “Global Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages), and Region - Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global cooling tower market is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026.

HVACR accounted for the fastest growth in the cooling tower market in terms of value

HVACR systems are primarily installed in commercial buildings such as offices, hospitals, and schools. In these commercial buildings, heat is generated by computers, people, and continuous exposure to sunlight. The HVACR systems trap the heat through air handlers and immediately transfer it to refrigerants through the heat exchangers.

The refrigerant condenses the heat into vapor, which is further converted to water. Once the water is warm, it cannot be reused for cooling. Therefore, cooling towers are installed in HVACR systems to convert this water steam to cold water. The towers cool the warm water that returns from the heat exchanger and boosts water reusability.

Evaporative is the largest type of cooling tower

Evaporative cooling towers have the highest demand in industrial processes around the world. These towers are majorly used in industries which have larger cooling requirements such as in electrical power generation.

The market for the evaporative cooling tower is expected to grow at a significant pace over the next five years due to rapid industrialization and surge in the installation of these towers to prevent damage caused due to excessive heating. Evaporative cooling towers are being widely positioned in hot-dry climates to cool outdoor air and circulate it in a building or an area. They are also being used significantly in HVAC systems. The growth of the evaporative cooling tower market is majorly attributed to the rising installation of direct and indirect evaporative cooling systems

North America is estimated to be the second-largest market for cooling tower

North America is the second-largest cooling tower market, which accounted for a share of 25.1%, in terms of value, in 2020. According to ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in North America. According to the Center of Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America.

Market Dynamics

Drivers

• Rising Demand from Emerging Markets in Asia-Pacific
• Stringent Environmental Regulations Driving Demand for Cooling Towers
• Rise in HVACR Deployments and Growth in Industrial Activities
• Technological Advancements in Cooling Tower Market

Restraints

• Sluggish Market Growth in Europe and North America

Opportunities

• Rising Demand from Nuclear Power Generation Sector

Challenges

• Requirement of Large Quantities of Water
• Frequent Corrosion in System Results in Reduced Efficiency

Companies Mentioned

• Agency Science Tech. & Res.
• Amcot Cooling Tower Corporation
• Artech Cooling Towers Pvt. Ltd.
• Babcock & Wilcox Enterprises Inc.
• Baltimore Aircoil Company Inc.
• Bell Cooling Tower
• Boldrocchi T.E. S.r.l.
• Brentwood Industries, Inc.
• Donghae
• Enexio
• Evapco, Inc.
• HACST (Heng An)
• Hamon & Cie
• Jiangsu Seagull Cooling Tower Co. Ltd.
• Johnson Controls
• Marley Flow Control Pty. Ltd.
• Mita Cooling Technologies S.r.l.
• Nihon Spindle Manufacturing Co. Ltd.
• Paharpur Cooling Tower Limited
• Perfect Cooling Towers Pvt. Ltd.
• SPX Corporation
• Star Cooling Towers Pvt. Ltd.
• Thermal Care, Inc.
• Thermax Limited
• Tower Thermal Pty. Ltd.
• United Metal Products
• Zhejiang Aoshuai Refrigeration Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/gdajx6

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KEYWORD:

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY BUILDING SYSTEMS

SOURCE: Research and Markets

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PUB: 12/19/2022 11:12 AM/DISC: 12/19/2022 11:13 AM

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