The global cooling towers market size is expected to be worth around US$ 10.7 billion by 2030, according to a new report by Vision Research Reports.
The global cooling towers market size was valued at US$ 5.53 billion in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2030.
|Market Size||US$ 10.7 Bn by 2030|
|Growth Rate||CAGR of 5.1% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Type, material, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||SPX Corporation; Babcock & Wilcox Enterprises, Inc; Baltimore Aircoil Company; EVAPCO, Inc.; S.A. Hamon|
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.
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.
By Type Analysis
The open-circuit segment accounted for the largest market share of over 40% in 2020. Open-circuit cooling towers have more surface area exposed to the atmosphere to facilitate rapid evaporation and help in achieving a more significant cooling effect.
On the other hand, the hybrid segment is expected to register a CAGR exceeding 5% over the forecast period. Hybrid cooling towers reduce the steam drift and play a vital role in plume abatement.
By Application Analysis
The power generation segment accounted for the largest market share of over 20% in 2020. New power plants are being established all over the world to cater to the rising demand for power in line with rapid industrialization.
Cooling towers also play a vital role in providing optimal cooling for industrial facilities. As such, incumbents of heavy industries, including chemicals, pulp and paper, cement, and oil and gas, are aggressively adopting cooling towers.
By Material Analysis
The high-density polyethylene (HDPE) segment is expected to register the highest CAGR of more than 5% over the forecast period. HDPE cooling towers cost less and offer high resistance to corrosion.
The fiber-reinforced plastic (FRP) segment accounted for the largest market share in 2020. FRP cooling towers offer various benefits, such as high corrosion resistance and the ability to sustain varying environmental conditions.
The steel segment also accounted for a substantial market share in 2020. Steel cooling towers are made up of galvanized and stainless steel and hence offer high structural strength. These towers also offer good conductivity and enable effective cooling, and are hence ideal for large facilities.
By Regional Analysis
Asia Pacific accounted for the largest revenue share of more than 20% in 2020. Continued industrialization and the increasing number of manufacturing facilities in the Asia Pacific are expected to drive the demand for cooling towers in the regional market.
The growth of the Europe market for the cooling tower can be attributed to the growing number of industrial facilities being established by the incumbents of various heavy industries and the stringent regulations being drafted by the governments in the region to reduce carbon emissions.
Babcock & Wilcox Enterprises, Inc.
Baltimore Aircoil Company
Engie Refrigeration GmbH
Paharpur Cooling Towers
Fiber Reinforced Plastic (FRP)
High-Density Polyethylene (HDPE)
Oil & Gas
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
The Cooling Towers market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Cooling Towers market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Cooling Towers market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cooling Towers market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cooling Towers market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Cooling Towers capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Cooling Towers by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cooling Towers market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cooling Towers market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cooling Towers market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Cooling Towers industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Cooling Towers market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cooling Towers market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cooling Towers market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cooling Towers market. These factors have benefited the growth of the global market for Cooling Towers. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cooling Towers. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Cooling Towers are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
Metaverse Market (By Product: Hardware Software, Services; By Platform: Desktop, Mobile, Headsets; By Technology: Blockchain, VR & AR, MR; By Offering: Virtual Platforms, Asset Marketplaces, Avatars, Financial Services; By Application, By End Use) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030Read more...
Core Banking Software Market (By Solution: Deposits, Loans, Enterprise Customer Solutions; By Service: Professional Service, Managed Service; By Deployment: Cloud, On-premise; By End-use: Banks, Financial Institutions) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Payment Gateway Market (By Type: Hosted, Non-hosted; By Enterprise Size: Large Enterprises, Small & Medium Enterprises; By End-use: BFSI, Media & Entertainment, Retail & E-commerce, Travel & Hospitality) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Smart Pole Market (By Component: Hardware, Software, Service; By Hardware: Lighting Lamp, Pole Bracket & Pole Body, Communication Device, Controller; By Installation Type: New Installation, Retrofit Installation; By Application: Highways & Roadways, Public Places, Railways & Harbors) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...
Mobile Payment Market (By Technology: Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App; By Payment Type: B2B, B2C, B2G; By Location: Remote Payment, Proximity Payment; By End-use: BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2022 – 2030Read more...