Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) — The “Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunities and Forecast 2023-2028” report has been added to researchandmarkets.com gift.
The global cooling tower market has achieved a significant milestone, reaching a robust market size of US$2.9 billion in 2022. As industries around the world continue to look for sustainable and efficient cooling methods, the market is expected to expand to an impressive US$3.8 billion, the report said. By 2028, Arabia is thriving at a compound annual growth rate (CAGR) of 4.6% over the forecast period 2023 to 2028.
The growth trajectory of the market is attributed to multiple factors, including global growth in population as well as increasing demand for electricity. This trend is particularly noticeable amid continued infrastructure development that promotes the use of HVAC systems. Furthermore, increasing electrification in industry and increasing sales of consumer electronics are driving the need for cooling towers globally.
Technological advancements such as implementation of 3D tracer technology to enhance the performance of cooling tower systems contribute to the expansion of the market. Along with technology, investment in thermal and nuclear power plant development also plays an important role in stimulating the growth of the market.
With regard to market segmentation, open-circuit cooling towers are the leader in this group due to their cost-effectiveness and simple maintenance regime. In terms of flow type, crossflow designs are preferred for their capabilities in effectively managing water pollution. Mechanical draft designs reign supreme in the design category, while fiber-reinforced plastic is a popular construction material choice for its durability and corrosion resistance.
From a regional perspective, the Asia Pacific region is leading the market charge, with factors such as rising energy consumption, population growth and rapid industrialization driving the demand for cooling towers.
The competitive landscape of the cooling tower market is diverse, with key players actively investing in research and development to offer more efficient solutions to meet the growing needs of various end-users. These companies are at the forefront of designing cooling towers that not only promise superior performance but also align with the global shift toward sustainable industrial practices.
This comprehensive market study sheds light on industry dynamics, offering insightful analysis and detailed segmentation based on tower type, flow type, design, construction material and end-user. It explores the complex workings of the value chain and addresses the challenges and drivers impacting the cooling tower industry.
Key regional markets are thoroughly evaluated, highlighting the impact of COVID-19 on the global market as well as providing valuable forward-looking statements and trend analysis.
With the aim of highlighting the cooling tower market landscape, the report identifies and profiles key market players, discusses the degree of competition within the industry and provides strategic insights to overcome potential market challenges. .
Main characteristics
| Report Attribute | Description |
| number of pages | 141 |
| forecast period | 2022-2028 |
| Estimated market value in 2022 (USD). | $2.9 billion |
| Estimated market value by 2028 (USD). | $3.8 billion |
| compound annual growth rate | 4.6% |
| Area covered | global |
Companies Mentioned
- Babcock & Wilcox Enterprises Inc.
- Baltimore Aircoil Company Inc. (Amsted Industries Inc.)
- Brentwood Industries Inc.
- Delta Cooling Towers Inc.
- ENEXIO MANAGEMENT GmbH
- Hammon Corporation (Hammon & Cie)
- International Cooling Tower Inc.
- Johnson Controls Inc.
- SPX Cooling Technologies Inc.
- REMSA COOLING TOWERS INC.
- Thermal Care Inc. (IPEG Inc.)
- Thermax Limited (RDA Holdings Private Limited)
For more information on this report visit here
About ResearchandMarkets.com
ResearchandMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and latest trends.
Global Cooling Tower Market
Source: www.globenewswire.com
