DUBLIN, Feb. 20, 2024 /PRNewswire/ — The “Cooling Towers – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Cooling Towers Market to Reach $5.2 Billion by 2030
The global market for Cooling Towers estimated at US$3.6 Billion in the year 2022, is projected to reach a revised size of US$5.2 Billion by 2030, growing at a CAGR of 4.6% over the analysis period 2022-2030. Wet Towers, one of the segments analyzed in the report, is projected to record a 5.2% CAGR and reach US$3.3 Billion by the end of the analysis period. Growth in the Dry Towers segment is estimated at 3.4% CAGR for the next 8-year period.
The global economic update indicates a weak environment, particularly during the pandemic years, which has hindered market growth. Despite this, several innovations and advancements have emerged in various industries. The competitive scenario is diverse, with 118 players worldwide exhibiting varying levels of market presence in 2023.
Cooling towers, a popular type of heat exchanger, play a pivotal role in managing industrial process heat. They represent a critical capital investment for industries where cooling is integral to production processes. However, challenges such as corrosion and scaling have constrained growth in the cooling towers market. Regulations also impact the industry landscape. Recent market activity reflects ongoing developments among global brands in this sector.
The U.S. Market is Estimated at $983.3 Million, While China is Forecast to Grow at 6.7% CAGR
The Cooling Towers market in the U.S. is estimated at US$983.3 Million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$453.1 Million by the year 2030 trailing a CAGR of 6.7% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4.7% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR.
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
- Machine Learning Techniques Improve Efficiency of Cooling Towers
- 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
- COVID-19 Impact on the Oil & Gas Industry
- 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)
- 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
- Focus on Renewable Energy: A Double Win for Cooling Towers in the Energy Sector
- Expected Revival of Nuclear Energy to Drive Opportunities in the Cooling Towers Market
- Nuclear Power to Drive Demand for Cooling Towers
- Evaporative Credits Offered by Utilities Strengthens the Business Case for the Use of Cooling Towers
- 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
- Healthy Outlook for the World Chemical Industry Extends a Fillip to Cooling Towers Demand
- Healthy Market for Processed Food to Benefit Demand for Cooling Towers in the Food Processing Sector
- Food Processing Cooling Tower: A Review of Recent Advancements
- Stringent Environmental Norms & Worsening Water Shortages Drive Demand for Closed Circuit Dry Cooling Towers
- Advancements in Water Treatment Processes
- Effective Use of New Technologies for Cooling Towers’ Optimal Operation
- Cooling Tower Rental Market on a Growth Path
- Hybrid Cooling Towers Rise in Importance & Commercial Value
- 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
- Modular Cooling Towers for Use Across Industries: Krones VapoChill, A Case in Point
- 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 118 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/qsxnc3
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