Cooling Towers Market Size, Trends & Analysis - Forecasts to 2026 By Type (Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower), By Construction Material (Concrete, Steel, FRP, Others), By Design (Natural, Mechanical), By Application (Power Generation, HVACR, Food & Beverage, Chemical, Petrochemical and Oil & Gas, Others), By Region (North America, Europe, Asia Pacific and Rest of the World); Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Cooling Towers Market Insights
The global cooling towers market is estimated to witness a high CAGR during the forecast period (2019-2026). Growing demand from nuclear power generation, and growing technological advancements in the cooling towers are some of the major factors driving the cooling towers market. Also, increasing adoption in various heavy industrial applications, and growing number of construction activities would also drive the demand for cooling towers during the forecast period. Increasing high electricity consumption and growing energy efficiency requirements in a number of application areas is expected to propel the market growth. However, stringent environment norms, high maintenance cost of cooling towers are likely to hamper the market growth during the forecast period.
Cooling towers Market: By Type
On the basis of type, the global cooling towers market is segmented into evaporative cooling tower, dry cooling tower, and hybrid cooling tower. The evaporative cooling tower segment is estimated to grow at the highest CAGR% during the forecast period. Evaporative cooling towers generally use a fan motor in order to use a minimum amount of energy. The hybrid cooling tower market is expected to hold the largest market share during the forecast period.
Cooling towers Market: By Construction Material
On the basis of construction material, the global cooling towers market is segmented into concrete, steel, and FRP among others. The FRP (Fibre- Reinforced Plastic) segment is estimated to grow at the highest CAGR% during the forecast period. Growing ease of installations is expected to fuel the market growth. The concrete segment is expected to grow moderately followed by steel during the forecast period.
Cooling towers Market: By Application
On the basis of application, the global cooling towers market is segmented into power generation, HVACR, food & beverage, chemical, petrochemical and oil & gas, among others. The power generation segment is expected to grow at the largest market share as well as the highest CAGR in terms of revenue during the forecast period. Increasing demand for electricity, and increasing investments for development of commercial and industrial buildings to increase capacity is one of the major factor driving the cooling towers market. Growing demand of HVACR systems in the construction industry is expected to fuel the cooling towers market growth. Furthermore, growing level of construction activities in the commercial and residential construction sectors is projected to boost the market.
Cooling towers Market: By Region
On the basis of region, the market for cooling towers is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America. Asia-Pacific region is expected to witness considerable growth in terms of terms of revenue in the cooling towers market during the forecast period. Significant rise in number of manufacturing activities is expected to drive the market growth in the Asia-Pacific region. Growing concerns regarding infrastructure development and the increasing construction of nuclear power plants in the Asia-Pacific region are propelling the market growth as well. Furthermore, rising investment in coal-based power plants, mainly in China, India and Indonesia, among others, is expected to drive the market growth in the region. The Europe region is expected to grow at a high CAGR as well in terms of revenue during the forecast period. Growing presence of oil & gas industries in the Europe region is expected to propel the market growth.
Cooling towers Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase. The key end-users of the markets are Globalink Manufacturing Solutions, HAMON, and Whaley Products, Inc. among others.
Cooling towers Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the cooling towers market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Cooling towers Market Share & Competitor Analysis
Some of the key players operating in the Cooling towers market are Baltimore Aircoil Company Inc., Enexio, Hamon & CIE International SA, Spig S.P.A., SPX Corporation, Bell Cooling Tower, Brentwood Industries, Inc., Johnson Controls Inc., Paharpur Cooling Tower, and Limited Star Cooling Towers Pvt. Ltd. among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Cooling Towers Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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