Wilmington, Delaware, United States, July 15, 2022 (GLOBE NEWSWIRE) — The global cooling tower market is estimated to register growth at a CAGR of 3.4% during the forecast period from 2022 to 2031, states a review by Transparency Market Research (TMR).
The report by TMR offers 360-degree analysis of the cooling tower market. Hence, readers gain access to study of the growth drivers, expansion avenues, challenges, and future scope of cooling tower systems across different end-use industries.
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The popularity of factory-assembled cooling towers, also known as “modular” or “package” cooling towers, is being increasing across different factory set-ups owing to their energy-efficiency, comparatively compact size, cost-effectiveness, and less time required for their manufacturing. Rise in the product demand from smaller industrial plants from across the globe is propelling the global cooling tower market.
Major cooling tower companies are focusing on the development of next-gen products by investing in R&Ds. Moreover, several enterprises are launching different types of cooling tower systems in order to expand their product portfolios. Such initiatives are estimated to help in the cooling tower market share to reach a value of US$ 5.1 Bn by 2031.
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Cooling Tower Market: Key Findings
- The government authorities of several nations globally are increasing investments in oil & gas projects in order to cater to the rising demands for oil and gas. This factor is resulting into surge in the demand for cooling towers around the world. According to the IEA, the oil & gas upstream capital expenditure in 2016 was US$ 434.0 Bn. This spending had risen in 2018 at a CAGR of 4.6% in order to reach a value of US$ 472.0 Bn. The projected capital spending on upstream oil and gas projects globally was anticipated to gain a valuation of US$ 310 Bn in 2021. Hence, increase in the capital expenditure in the oil & gas industry globally and surge in number of oil & gas as well as HVAC equipment production units are fueling the sales growth in the cooling tower market.
- Field-erected cooling towers are being utilized in heavy industrial areas. These types of towers utilize huge volumes of water in order to carry out the cooling process. These structure are manufactured using fiber reinforced plastic (FRP), concrete, and wood so as to sustain in critical weathers. These type of towers are generally used in heavy industrial areas where field-erected cooling towers utilize large volumes of water to perform the cooling process. Players in the cooling tower market are likely to gain sizable business opportunities during the forecast period owing to surge in the demand for field-erected cooling towers from across the globe.
Cooling Tower Market: Growth Boosters
- Increase in number of new power plants projects is boosting the demand for cooling towers globally
- Surge in investments in oil and gas capital expenditures is resulting into profitable prospects in the cooling tower market
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Cooling Tower Market: Regional Analysis
- The cooling tower market in Europe is estimated to maintain leading position during the forecast period. Moreover, Germany is prognosticated to contribute sizable revenue growth in the regional market owing to the presence of numerous manufacturing power houses in the nation.
- The Asia Pacific cooling tower market is expected to expand at profitable pace in the forthcoming years with China as a key growth contributor for the regional market. The growth of the market in Asia Pacific is ascribed to the presence of many gas-based power plants, nuclear power plants, and thermal power plants across many regional nations.
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Cooling Tower Market: Key Players
Some of the key players profiled in the report are:
- Bell Cooling Tower
- Baltimore Aircoil Company Inc.
- ENEXIO Management Gmbh
- Brentwood Industries, Inc.
- Johnson Controls Inc.
- Hamon & Cie (International) SA
- Spig S.P.A.
- Paharpur Cooling Tower Limited
- Star Cooling Tower Pvt. Ltd.
- SPX Cooling Technologies, Inc.
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Cooling Tower Market Segmentation
- Construction Type
- Field-erected Products (FEP)
- Factory-assembled Products (FAP)
- Draft Type
- Induced Draft
- Natural Draft
- Forced Draft
- Heat Transfer
- End-use Industry
Regions Covered
- North America
- Europe
- Asia Pacific
- MEA
- South America
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