Cooling Towers Market Size, Industry Share and Growth Rate 2027
The global cooling towers market size is expected to reach USD 4.63 billion in 2027. Fortune Business Insights™ published this in a new study, titled, “Cooling Towers Market, 2020-2027.” The study further mentions that the market stood at USD 3.50 billion in 2019. It would show a CAGR of 3.7% between 2020-2027. Manufacturers of cooling towers are nowadays focusing on the development of eco-friendly products to increase sustainability. In May 2021, Rosatom, a nuclear energy company headquartered in Russia, for instance, successfully conducted hydrostatic testing of the evaporative cooling tower situated in Leningrad II-2. The tower will maintain nuclear safety and reduce energy consumption.
Cooling towers are devices that are used to regulate temperatures in industrial workplaces as well as manufacturing units. They are used for improving the operational efficacies of the machinery and equipment involved in specific places. The rapid infrastructure development across the world will create several opportunities for the companies operating in the market. Contributions from government as well as private organizations towards the development of newer products will open up a huge potential for market growth. Increasing transport-related infrastructures such as bridges, ports, and airports will create a subsequent demand for cooling towers across the world. The increasing investment in product R&D will help companies generate substantial cooling towers market revenue in the coming years. The growing adoption of HVAC systems will also create several opportunities for cooling tower vendors in the forthcoming years.
Increasing Number of Company Collaborations Will Aid Growth
The report highlights a few of the major industry development of recent times and states their impact on the growth of the market in recent years. Due to the growing demand for cooling towers across the world, several manufacturing industries are looking to collaborate with cooling tower vendors across the world. In September 2019, B&W SPIG announced that it has been awarded a contract for the supply of sea water cooling tower for a large scale projected in Bahrain. The company has previously received several such contracts across the world. Its contract to supply cooling towers to a polypropylene plant in Poland is another example of a major industry development in recent times. B&W’s latest projects will not just help the company grow, but will constitute an increase in the overall market size in the coming years.
Market in Asia Pacific to Emerge Dominant; Growing Demand for Petrochemicals Will Aid Growth
The report analyzes the ongoing cooling tower market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in Asia Pacific will account for the highest market share in the coming years. The rising demand for petrochemicals, coupled with the rising food and beverage industry will bode well for the market in this region. As of 2018, the market in Asia Pacific was worth USD 0.87 billion and this value is likely to increase further in the coming years. Besides Asia Pacific, the market in Europe will hold a considerable market share, driven by the increasing penetration of cooling towers across diverse industry verticals.
List of companies profiled in the report include:
• Delta Cooling Towers, Inc.
• Baltimore Aircoil Company
• Paharpur Group
• SPX Corporation
• Johnson Controls
• Thermax Global
• Hamon & Cie (International) SA
• BELL COOLING TOWERS
• Babcock & Wilcox Enterprises, Inc.
• ENEXIO MANAGEMENT GMBH