The Global Cooling Towers Market is anticipated to witness considerable growth due to its increasing adoption in several heavy industrial applications. Cooling towers are used to remove excess heat from the plant. Cooling towers are usually used across different applications like industrial manufacturing, power generation plants and HVAC (Heating, ventilation, and air conditioning) systems.
Increasing investments toward the growth of industrial sector coupled with ongoing several power projects capacity additions can stimulate the cooling towers market growth. Growing adoption of sustainable energy sources plus cogeneration technologies are driven by increasing consumer awareness will certainly influence business growth. Favorable government policies owing to the development of lower-emission technologies along with the expansion of sustainable cooling network will favor product penetration.
A paradigm shift in the respective government norms is redefining the domestic manufacturing sector which will further boost the industry growth. In addition, a sturdy growth in power generation and continuous dependence on coal-based generation will boost industry growth. The cooling tower is used in various applications, such as chemical, petrochemical and oil & gas, HVAC, food & beverage, and power generation. Factors like high electricity consumption along with a rising need for energy efficiency in several application areas are expected to boost the demand over the forecast period. Moreover, the growing construction activities across the globe are a key driver projected to favorably impact market growth.
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Cooling Towers Market: Type Insights
Based on the type, the cooling tower market is bifurcated into Dry, Evaporative, and Hybrid. Evaporative segment leads the entire cooling tower market owing to the lower maintenance cost, high performance, and energy efficient. Evaporative cooling towers generally cool water to about 85° F, however, could cool as low as 65°F. They are the foremost economical approach to cool massive amounts of water. The growing investments toward technological developments for improvement within the communication capability, efficiency and flexibility in design will encourage product adoption. Dry product segment are anticipated to rise at a significant rate owing to their ability to eliminate water usage, reduces thermal pollution and decreases biological contaminants. These systems work on the principle of automotive radiators that reduces the evaporative losses when compared with other available technologies.
Cooling Towers Market: Material Insights
On the basis of material type, the global cooling tower market is segmented into Concrete, Steel, Wood, and Fiber-Reinforced Plastic (FRP). Fiber-Reinforced Plastic segment dominates the cooling tower market followed by concrete and estimated to lead the market over the forecast period 2019-2025. Benefits like high corrosion resistance, cost-effectiveness, and ease of installation increase the demand of FRP material. The growing use across heavy industrial applications including oil refineries, petrochemical, and fertilizer plants will positively impact industry growth. Constant advancement in production technology and their increasing use in the manufacturing of various components will fuel the market growth. The Concrete segment is the second leading segment after FRP due to its long operating life.
Cooling Towers Market: Application Insights
On the basis of application, the global cooling tower market is segmented into Heating, ventilation, and air conditioning, Power Generation, Oil & Gas, and Industrial. Power generation application holds the largest market share of overall cooling towers market. With the increase in the demand for electricity, the demand for these towers across power plants has also increased in order to remove excess heat generated during electricity production. The rapid expansion of thermal power generating plants coupled with a positive outlook toward the use of sustainable energy resources will boost the product demand. HVAC segment is projected to be the fastest growing segment in cooling tower market. The increasing rate of urbanization and an enhanced standard of living are expected to lead to the large-scale implementation of HVAC systems.
Cooling Towers Market: Regional Insights
Geographically, the cooling tower market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is the leading region of the cooling tower industry during the forecast period 2019-2025 followed by Europe. Due to the rapid industrial growth along with the increasing urbanization rate positively influence the industry outlook. The increasing number of manufacturing facilities along with the expansion of the industrial sector projected to contribute positively to the market demand over the forecast period. In addition, favorable regulatory policies coupled with the development of cross border production networks have provided immense opportunities. Power generation and HVAC are the top two applications contributing to the growing demand for the cooling tower in Asia-Pacific.
Objective of the Study:
• To analyze and forecast market size of the Global Cooling Towers market, in terms of value.
• To examine the careful market segmentation and forecast the market size, in terms value, on the basis of region by segmenting cooling towers market into five regions, namely, North America, Europe, Asia Pacific, Middle East and their leading countries.
• To outline, categorized and forecast the global Cooling Towers market on the basis of type, design, material, and application.
• To examine competitive developments like expansions, technological advancement, services, and regulative framework within the global cooling towers market.
• To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
• To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.
Global Cooling Towers Market: Competitive Landscape
Companies such as SPX Corporation, Baltimore Aircoil Company, Evapco Inc., Bell Cooling Tower, Brentwood Industries Inc., Enexio, Hamon & CIE International SA, Paharpur Cooling Towers, SPIG S.p.A., Star Cooling Towers Private Ltd., Johnson Controls, Delta and Thermax, Star Cooling System Ltd., International Cooling Towers, and Mesan Cooling Towers Inc. are the leading players of Cooling Towers market across the globe.
Key Target Audience:
• Market research and consulting firms
• Industry associations
• Global Cooling Towers manufacturers
• Research organizations and consulting companies
• Organizations, associations and alliances related to Cooling Towers market
• Regulatory bodies
Scope of the Report
• Fiber-Reinforced Plastic (FRP)
• Heating, ventilation, and air conditioning (HVAC)
• Power Generation
• Oil & Gas
Table Of Content
1. Research Framework
2. Research Methodology
3. Executive Summary
4. Industry Insights
5. Global Cooling Towers Market Overview
6. Global Cooling Towers Market, By Type
7. Global Cooling Towers Market, By Design
8. Global Cooling Towers Market, By Material
9. Global Cooling Towers Market, By Application
10. Global Cooling Towers Market, By Region
11. Company Profile
Detailed Analysis of Table of Contents @ https://www.blueweaveconsulting.com/global-cooling-towers-market-bwc19156/#TOC
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