Cooling Tower Market Analysis

Cooling Tower Market Analysis

Reduced capital expenditure along with minimal space requirements will propel the growth of evaporative cooling towers. Ongoing technological innovations coupled with the ability of improved efficiency, flexibility, communication capability, and low energy requirement in the evaporation process will accelerate product demand.
 

Rapid developments across Heating, Ventilation, Air-Conditioning and Refrigeration (HVACR) systems along with continuous technological advancements to produce cost-efficient components, drift eliminators, and PVC fills will drive the demand for open-circuit cooling tower systems. Furthermore, easy integration with both wet & dry towers combined with low construction costs and continuous R&D to remove biological contamination will positively fuel the business scenario.
 

The mechanical design-based cooling towers market crossed USD 2.4 billion by 2032. Effective thermal performance, greater stability, and easy airflow are some of the key factors stimulating product demand. Additionally, the ability to build various capacity ranges coupled with the availability in both field erected and packaged builds will encourage mechanical design acceptance.
 

Rising concerns owing to increasing surface temperatures along with focused regulatory policies toward energy efficiency will complement the business spectrum. Furthermore, strong technical capability coupled with low installation costs will support the industry trends.
 

Asia Pacific cooling tower market will reach USD 2 billion by 2028. Surging investments toward generation capacity addition along with robust industrial growth will encourage industry development. Rising electricity demand coupled with the ongoing expansion of various industries including oil refineries, petrochemical plants, and chemical industries, amongst others will lead to large-scale cooling tower deployments.

The COVID-19 crisis impacted the overall global economies owing to the shutting of various industrial and manufacturing facilities. However, the industry is poised to grow led by the growing demand for HVACR applications. Moreover, governments and various manufacturers are engaged in collaborative efforts to compensate for the economic impacts of the pandemic by adopting an innovative approach to increase the overall resilience of the supply chain. In addition, increasing construction activities for new power plants will positively impact the overall industry value.