DUBLIN, Dec. 11, 2023 /PRNewswire/ — The “Cooling Towers – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Cooling Towers Market to Reach $5.4 Billion by 2030
The global market for Cooling Towers estimated at US$3.7 Billion in the year 2022, is projected to reach a revised size of US$5.4 Billion by 2030, growing at a CAGR of 4.8% over the analysis period 2022-2030. Wet Towers, one of the segments analyzed in the report, is projected to record 5.5% CAGR and reach US$3.4 Billion by the end of the analysis period. Growth in the Dry Towers segment is estimated at 3.6% CAGR for the next 8-year period.
The report on cooling towers presents an assessment of competitive market presence, categorizing players as strong, active, niche, or trivial on a global scale in 2023.
Cooling towers are highlighted as a popular type of heat exchanger, playing a key role in managing industrial process heat. They are described as a critical capital investment for industries where cooling is vital for production and manufacturing processes. The percentage share of cooling towers in the global heat exchangers market for 2018 and 2024 is provided.
The report provides an outlook on the global cooling towers market, considering the impact of the pandemic and growth constraints such as corrosion and scaling issues. The report also discusses regulations that impact the cooling tower industry, followed by a summary of recent market activity and select global brands.
The U.S. Market is Estimated at $983 Million, While China is Forecast to Grow at 8% CAGR
Regional analysis is included to offer insights into cooling tower markets in various parts of the world. Cooling towers are introduced with a product overview, classification, and their applications in key end-use segments.
The Cooling Towers market in the U.S. is estimated at US$983 Million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$463.2 Million by the year 2030 trailing a CAGR of 8% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.2% and 5.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4% CAGR.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies – Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
MARKET TRENDS & DRIVERS
- Artificial Intelligence & Electronification of Controls Make Disruptive Impact on Cooling Tower Performance Monitoring & Operation
- Growing Prominence of Robotic & Intelligent Process Automation in the Era of Smart Factories to Drive the Commercial Value of Cooling Towers with Electronic Controls
- As Hidden Profit Centers, Energy Efficient Cooling Towers Grow in Prominence
- Energy Efficient Cooling Towers Win the Race Against the Backdrop of Growing Popularity of Energy Audits & the Ensuing Spotlight on Cooling Towers as the Most Neglected Process Equipment With the Potential for Energy Optimization
- Undeniable Productivity Benefits of Industrial Energy Efficiency Measures to Spur the Commercial Value of Energy Efficient Cooling Towers
- Medley of Factors Dole Out Challenges & Opportunities in Equal Measure for Cooling Towers in the Global Oil Refining Market
- With Growth Skewed Towards Alternative Liquid Fuels, Oil Refineries Face a High Risk Exposure as the Oil Shake Up Marks the Transition Towards a Low Carbon Economy
- Cornering a Large Percentage of New Refining Capacity Additions, Developing Regions & the USA Emerge as Lucrative Pockets of Growth for Cooling Towers in the Oil Refining Sector
- Recovery in Construction Activity Spurs Demand for Rooftop Packaged HVAC Cooling Towers
- Steady Gains in Construction Industry & Mandatory Building Energy Efficiency Provisions to Drive Opportunities for HVAC Cooling Towers
- Cooling Towers Emerge Into a More Desirable Solution for HVAC Cooling Needs in Buildings Supported by the Smart Connectivity Benefits Offered by Building Automation Systems (BAS)
- Although Declining in Numbers, the Growing Size of an Average Datacenter Due to the Ongoing Consolidation Trend Will Offer Opportunities for Evaporative Cooling Towers
- Higher Energy Benefits Over & Above Air-Cooled Chiller Plants to Drive Demand for Water Cooled Chillers with Integrated Cooling Towers in Datacenters: Annual Water & Energy Consumption of Water Cooled Chillers & Air Cooled Chillers (In kW & Gallons Per Year)
- Rising Global Energy Needs Drives Stable Growth of Cooling Towers in the Power Generation/Utilities Sector
- As the Icon of Thermal Energy Generation, Large Cooling Towers Continue to Find Attractive Opportunities in Coal Fired Power Plants
- Robust Outlook for Clean Coal Power to Drive Demand for Power Plant Cooling Towers
- Focus on Renewable Energy: A Double Win for Cooling Towers in the Energy Sector
- Dry Cooling Towers & Hybrid Wet/Dry Cooling Towers Emerge Into the Spotlight as CSPs Boxed In Water Scarcity Issues, Embark on the Quest for Water Conservation
- Robust Outlook for Renewables to Echo Downstream Into the Cooling Towers Market
- Expected Revival of Nuclear Energy to Drive Opportunities in the Cooling Towers Market
- With 507 Operational & Under Construction Nuclear Reactors, Demand for Cooling Towers in Nuclear Power Plants is Poised for Growth in the Medium to Long Term Period: Global Number of Nuclear Reactors in Operation & Under Construction (In Units) by Geographic Region for the Year 2018
- Nuclear Power to Drive Demand for Cooling Towers
- Evaporative Credits Offered by Utilities Strengthens the Business Case for the Use of Cooling Towers
- As the Costs of Owning & Operating a Plant Becomes Expensive, Cooling Towers with Their Low Water Drainage Loss Emerge Attractive for Obtaining Water Evaporation Credits
- Uncertainties Resurface After Two Years of Recovery in the Mining Industry, Throwing Mine Cooling Towers Back Into Stress
- As Deep Mines Begin to Invade the Earth’s Forbidden Zone, Efficient Mine Cooling Towers Will Grow in Prominence Over the Long-Term Period
- With Annualized Exploration Spending Growth Beginning to Recede Tempered Outlook Makes a Comeback for Mine Cooling Towers
- Healthy Outlook for the World Chemical Industry Extends a Fillip to Cooling Towers Demand
- Projected Stability in Capital Spending in the Chemical Industry Provides Opportunities for New and Replacement Demand for Cooling Towers
- Healthy Market for Processed Food to Benefit Demand for Cooling Towers in the Food Processing Sector
- As the Hidden Workhorses of Heating and Cooling in the Food & Beverage Industry, Demand for Cooling Towers Benefits from the Growing Demand for Packaged Food
- Stringent Environmental Norms & Worsening Water Shortages Drive Demand for Closed Circuit Dry Cooling Towers
- Advancements in Water Treatment Processes
- Hybrid Cooling Towers Rise in Importance & Commercial Value
- Growing Popularity of Hybrid Cooling Towers as Measured by their Growing Share in the Cooling Towers Rental Space as an Illustrative Case in Point
- Current State of Hybrid Cooling Towers Market
- Technology Innovations Remain Critical to Growth
- Saving Water Through Vapor-Collection Technology
- Next-generation Factory Assembled Cooling Towers to Positively Impact Bottom Line of HVAC and Industrial Processes
- Advancements in Plume Abatement Technologies and Drift Eliminators to Address Environmental Concerns
- New Design and Material Innovations Increase Cooling Efficiency
- Electric Pulse Technology, an Alternative to Water Treatment Chemicals in Cooling Towers
- A Review of Innovations in Construction Materials for Cooling Towers
- Power Transmission Technologies in Cooling Tower
- Study on Water Efficiency for Cooling Technology
- Research to Overcome the Excessive Water Consumption Barrier
- Changes in Cooling Water Treatment Processes
- Reducing Cooling Tower Maintenance Through Automation
FOCUS ON SELECT PLAYERS (Total 103 Featured)
- Babcock & Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- AEC Group
- BERG Chilling Systems, Inc.
- CASE Group
- Delta Cooling Towers, Inc.
- C. E. Shepherd Company, L.P.
- Aggreko
- Brentwood Industries, Inc.
- Conair Group
- Cooling Tower Depot, Inc.
- Advance Cooling Tower Pvt., Ltd.
- Boldrocchi Srl
- Bell Cooling Towers
- Deltatherm Hirmer GmbH
For more information about this report visit https://www.researchandmarkets.com/r/ecps2m
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