Cooling Towers Market Is Expected To Expand At A CAGR Of 4.1% From 2021 To 2028

 Cooling Towers Industry Overview

The global cooling towers market size was valued at USD 3.53 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 4.1% from 2021 to 2028. The growing demand for energy-efficient cooling systems in commercial and industrial applications is anticipated to drive the growth of the market over the forecast period. Cooling towers offer a cost-effective method for cooling large commercial spaces and process cooling applications in various industries and industry verticals, such as oil and gas, chemicals, and food processing. Cooling towers are also deployed on a large scale in thermoelectric power plants to remove the excess heat. Increasing electricity consumption is leading to the construction of new power plants, which is expected to fuel market growth.

The outbreak of the COVID-19 pandemic and the subsequent supply chain disruptions and temporary suspension of production across various industries and industry verticals took a severe toll on the market. Several end-use industries and industry verticals that require cooling towers had to confront declines in the wake of the outbreak of the pandemic. For instance, the production of chemicals plummeted by 3.6%, while the production in the oil and gas industry declined by 6.4% in 2020. The HVAC and the power generation industries also had to confront revenue declines in 2020, thereby affecting the adoption of cooling towers. Nevertheless, the market is poised for a gradual recovery in 2021 as manufacturing units reopen and manufacturing activities resume.

Gather more insights about the market drivers, restrains and growth of the Global Cooling Towers market

The continued establishment of hyper-scale data centers across different parts of the world is expected to drive the adoption of cooling towers over the forecast period. The adoption of cooling towers is particularly expected to gain traction in the Asia Pacific. Rapid industrialization and the establishment of new data centers are the primary factors driving the demand for cooling towers across the Asia Pacific. The data center capacity in the Asia Pacific stood at 3,042 MW in 2020 and is expected to reach 5,880 MW over the next 3 to 5 years, thereby fueling the market growth.

The increasing importance of cooling in data centers is expected to drive market growth. Adequate cooling is vital for data centers as the IT infrastructure housed in data centers generates excessive heat. Cooling towers can help in maintaining optimum temperature in data centers at lower energy consumption. The data center is a booming market with several upcoming hyper-scale constructions, which bodes well for the cooling tower market growth.

However, the environmental concerns associated with cooling towers are anticipated to moderately hinder the adoption of cooling towers. Cooling towers are often blamed for the plume and drift they produce. Nevertheless, the introduction of drift eliminators and plume abated towers can potentially help in overcoming these concerns. While cooling towers consume large volumes of water, plume abated towers are designed to separate water from the vapor and recirculate it. Ultimately, plume abated towers can help in conserving water while driving down operational costs. As such, the growing preference for plume abated towers bode well for the growth of the market.


Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

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Cooling Towers Market Segmentation

Grand View Research has segmented the cooling towers market on the basis of type, material, application, and region:

Cooling Towers Type Outlook (Revenue, USD Million, 2018 - 2028)

  • Open-circuit
  • Closed-circuit
  • Hybrid

 

Cooling Towers Material Outlook (Revenue, USD Million, 2018 - 2028)

  • Fiber Reinforced Plastic (FRP)
  • Steel
  • Concrete
  • Wood
  • High-Density Polyethylene (HDPE)

 

Cooling Towers Application Outlook (Revenue, USD Million, 2018 - 2028)

  • HVAC
  • Power Generation
  • Oil & Gas
  • Industrial

 

Cooling Towers Regional Outlook (Revenue, USD Million, 2018 - 2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies profiled:

Some prominent players in the global Cooling Towers market include

  • SPX Corporation
  • Babcock & Wilcox Enterprises, Inc.
  • Baltimore Aircoil Company
  • EVAPCO, Inc.
  • A. Hamon
  • Engie Refrigeration GmbH
  • Paharpur Cooling Towers

 

Order a free sample PDF of the Cooling Towers Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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