Cooling Tower Market worth $2.6 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 18, 2022 /PRNewswire/ -- According to the new market research report "Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages) and Region - Global Forecast Till 2026", published by MarketsandMarkets™, the market size is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026.
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Cooling towers are heat exchangers which are used to dissipate unwanted heat to the atmosphere. Cooling towers such as hybrid and dry are majorly available in the market and are utilized in various industries including power generation, chemical, petrochemical and oil & gas, food & beverage, HVACR, and so on. Cooling towers which remove heat from industrial processes or chemical reactions are termed industrial process cooling towers and those which are used for HVACR applications are majorly known as comfort cooling towers.
The power generation application segment is estimated to lead the cooling tower market during the forecast period.
Power generation is the largest application of cooling towers, projected to grow at a CAGR of 4.8% during the forecast period. Cooling towers are utilized by almost every industry for cooling requirements and find the highest usage in the power generation application segment owing to high demand. Cooling towers are extensively utilized in thermal and nuclear power plants for controlling and maintaining temperature and pressure conditions.
The dry cooling tower is expected to have the fastest growth in the cooling tower market during the forecast period.
Dry cooling towers do not use water and the evaporation process to meet the cooling requirements of industrial processes. These towers are capable of serving smaller temperature variations (approximately 10°C). The dry cooling tower offers various advantages such as the elimination of fog, mist, and icing. It also provides a definitive solution to water problems by avoiding use of water, evaporative losses, and thermal pollution. The dry cooling tower has a significant demand in HVACR systems and food & beverage application segments.
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Asia Pacific is expected to be the largest market for cooling tower market during the forecast period.
Power generation is the largest application of cooling towers in the Asia Pacific. The availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes Asia Pacific an attractive investment destination for cooling tower manufacturers. The rising population, urbanization, and industrialization along with rising concerns related to infrastructure development in China and India are some of the factors expected to drive the market in this region.
The key players in this market are EVAPCO (US), Baltimore Aircoil Company Inc. (US), SPX Corporation (US), Artech Cooling Towers Pvt. Ltd. (India), Babcock & Wilcox Enterprises (US), Brentwood Industries (US), Johnson Controls Inc. (Ireland), Paharpur Cooling Tower Ltd. (India), Enexio (Germany), and Hamon & CIE International (Belgium).
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