San Francisco, 26 December 2018, Cooling Towers Market Analysis By Type
(Open-Circuit, Closed-Circuit, Hybrid), By Material (FRP, Concrete, Steel,
Wood, HDPE), By Application, By Region, And Segment Forecasts, 2018 – 2025
The global cooling towers market is expected to reach USD
4.85 billion by 2025, according to a new report conducted by Grand View
Research, Inc. Cooling towers are used in power plants, particularly in
thermoelectric power plants, to remove excess heat from the plant. With the
rising global demand for electricity, the number of power plants is also
expected to increase, thereby driving growth of this market.
Furthermore, a tremendous rise
in the number of construction activities across the residential and commercial
sectors in developing countries is expected to boost the demand for this
product. Additionally, rapid global industrialization is also a key driver
expected to favorably impact the cooling towers market growth over the forecast
period.
Technological advancements \
are expected to provide improved cooling capacity, minimum components, improved
installation & energy savings, and low maintenance cost, which is further
anticipated to escalate market growth in the near future. Moreover, stringent
government regulations relating to the use of cooling towers across different
regions is also expected to positively impact market growth.
However, environmental concerns
related to cooling towers such as plume, drift, and water contamination are
anticipated to moderately hamper the market demand. Nevertheless, the emergence
of plume abated towers and drift eliminators is expected to overcome these
environmental concerns and drive market growth in the near future.
Energy-efficient towers provide
optimal cooling while exhibiting eco-friendly properties. These facilitate in
water conservation, provide high-efficiency motors in order to cut down on the
operating cost, and reduce environmental concerns. These environmental benefits
are also expected to drive the demand for the product.
HVAC systems are generally
implemented in commercial spaces, large offices, and shopping malls. Cooling
towers are a mandatory component of an HVAC system, which is used to remove
excess heat from the building. The increasing rate of urbanization and enhanced
standard of living are expected to lead to the large-scale implementation of
HVAC systems, thereby driving the market growth globally.
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Report On Cooling Towers Market Analysis:
Further key findings from the report suggest:
·
The closed-circuit type segment
captured over 30% of the total revenue in 2016; however, hybrid type is
anticipated to exhibit a substantial growth at a CAGR exceeding 4% from 2017 to
2025. This growth is attributed to their increasing adoption across various
end-use industries.
·
The Fiber-Reinforced Plastic
(FRP) material segment accounted for over 20% of the total market share in
2016. However,High-Density Polyethylene (HDPE) material segment is projected to
register a significant CAGR exceeding 5.0% from 2017 to 2025, owing to various
benefits including high corrosion resistance, low maintenance cost, and long
service life.
·
Cooling towers have a wide
scope for application in HVAC equipment and power plants due to their ability
to remove excess heat. As a result, the HVAC segment is anticipated to capture
a sizeable market share over the forecast period.
·
Asia Pacific has emerged as the
fastest growing market and is expected to witness a healthy CAGR of over 5.0%,
which is primarily accredited to the rapid industrialization in this region.
·
Key players in this industry
include SPX Corporation, Evapco, Hamon & CIE International SA, Paharpur
Cooling Towers, B&W SPIG (Babcock & Wilcox), Enexio, and Baltimore
Aircoil Company.
Browse More Reports Of This Category By
Grand View Research At: www.grandviewresearch.com/industry/hvac-and-construction-technologies
Grand View Research has segmented the cooling
towers market on the basis of types, materials, applications, and regions:
Cooling Towers Type Outlook
(Revenue, USD Million; 2014 - 2025)
·
Open-Circuit
·
Closed-Circuit
·
Hybrid
Cooling Towers Material Outlook
(Revenue, USD Million; 2014 - 2025)
·
FRP
·
Steel
·
Concrete
·
Wood
·
HDPE
Cooling Towers Application
Outlook (Revenue, USD Million; 2014 - 2025)
·
HVAC
·
Power Generation
·
Oil & Gas
·
Industrial
Cooling Towers Regional Outlook
(Revenue, USD Million; 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
UK
o
Germany
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-cooling-towers-market
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: www.grandviewresearch.com/