Dublin, Feb. 02, 2024 (GLOBE NEWSWIRE) -- The "Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global cooling tower market has achieved a significant milestone, reaching a robust market size of US$ 2.9 Billion in 2022. As industries worldwide continue to seek sustainable and efficient cooling methods, this report anticipates the market to further expand to an impressive US$ 3.8 Billion by 2028, flourishing at a compound annual growth rate (CAGR) of 4.6% over the forecast period from 2023 to 2028.
The market's growth trajectory is attributed to several factors, including the soaring demand for electricity coupled with the global rise in population. The trend is particularly noticeable amidst the continuous infrastructural developments propelling the use of HVAC systems. Furthermore, increased electrification across industry verticals and a surge in consumer electronics sales are bolstering the need for cooling towers globally.
Technological advancements such as the implementation of 3D TRASAR technology for enhancing cooling tower system performance further contribute to the market expansion. Alongside technology, investments in thermal and nuclear power plant developments also play a pivotal role in stimulating market growth.
With regards to market segmentation, open-circuit cooling towers are leading the pack due to their cost-effectiveness and simpler maintenance regimes. In terms of flow type, crossflow designs are preferred for their capabilities in managing water contamination effectively. 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 is leading the market charge, with factors such as increased energy consumption, population growth, and rapid industrialization propelling 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 introduce more efficient solutions to meet the evolving needs of various end-users. These companies are at the forefront of designing cooling towers that promise not only superior performance but also align with the global shift towards sustainable industrial practices.
This comprehensive market study delves into the industry dynamics, offering insightful analysis and detailed segmentation based on tower type, flow type, design, construction material, and end-user. It explores the intricate workings of the value chain and addresses the challenges and drivers influencing the cooling tower industry.
The key regional markets are thoroughly assessed, shedding light on the impact of COVID-19 on the global market while providing valuable forward-looking statements and trend analyses.
With an aim to demystify the cooling tower market's landscape, the report identifies and profiles the key market participants, discussing the competitive degree within the industry and offering strategic insights into overcoming potential market challenges.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022-2028 |
| Estimated Market Value (USD) in 2022 | $2.9 Billion |
| Forecasted Market Value (USD) by 2028 | $3.8 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions 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
- Hamon Corporation (Hamon & Cie)
- International Cooling Tower Inc.
- Johnson Controls Inc.
- SPX Cooling Technologies Inc.
- Reymsa Cooling Towers Inc.
- Thermal Care Inc. (IPEG Inc.)
- Thermax Limited (RDA Holdings Private Limited)
For more information about this report visit https://www.researchandmarkets.com/r/ehu6x8
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