Cooling Tower Market size is anticipated to surpass USD 3 billion by 2028, as reported in the latest study by Global Market Insights Inc.
A robust increase in manufacturing and industrial activities with promising regulatory policies to develop renewable power generation resources will augment the cooling tower industry growth. Rising consumer inclination toward the adoption of sustainable cooling technologies coupled with stringent government mandates to curb GHG emissions will foster the business spectrum. Moreover, ongoing investments toward the development and expansion of food & beverage, chemical & fertilizer plants, and oil & gas industries, amongst others will propel product deployment.
Growing investments toward capacity addition across power generation
The development of large-scale industries in line with rapid expansion across HVAC, cooling, and refrigeration applications will drive the cooling tower market expansion. On-site construction and prefabrication followed by consumer customization will further support the field-erected cooling tower demand. Accelerating investments for technological enhancements & advancements in FRP, HDPE, and steel as an efficient component & construction material will positively influence the industry landscape.
Rising technological advancements for the development of renewable power resources
Fiber Reinforced Polymer (FRP) is poised to witness growth on account of greater strength, non-corrosive, resistance to microbial attack, easy compatibility with other material, high strength-to-weight ratio, and reduced maintenance characteristics. Additionally, the ability to offer high tolerance levels and molding capabilities for a single & complex design will stimulate product demand. Ongoing advancements in the production and complexity of FRP will further enhance utilization across the industry.
Browse key industry insights spread across 450 pages with 667 market data tables & 39 figures & charts from the report, “Cooling Tower Market Size By Product (Evaporative/Wet, Dry, Hybrid), By Technology (Open Circuit, Closed Circuit, Hybrid), By Design (Mechanical, Natural), By Build (Field Erection, Package), By Construction Material (Concrete, Steel, FRP, Wood), By Flow (Cross Flow, Counter Flow), By Application (Chemicals & Fertilizers, Oil & Gas, Power Generation, HVACR), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Size & Forecast, 2022 – 2028”, in detail along with the table of contents:
Introduction of favorable norms to expand manufacturing capabilities in North America
North America cooling tower market is estimated to grow at over 4% CAGR through 2028. Increasing necessity for sustainable power generation coupled with refurbishment of existing cooling towers will foster the regional market demand. Growing infrastructure development and regulatory policies toward the development of low emission systems will spur the industry outlook. For instance, as per the National Emission Standards for Hazardous Air Pollutants (NESHAP), the U.S. government has set emission standards for chromium compounds, which are released into the atmosphere from the cooling tower during the cooling process.
Rising concerns toward energy security and efficient power generation
The pandemic outbreak has marginally affected the cooling tower market due to lockdown imposition and lack of workforce availability, resulting in a delay of several ongoing construction projects. However, resuming industrial operations in line with government guidelines and safety measures will boost the market revenue. Furthermore, continuous demand for new projects to cater to the crisis including healthcare construction activities will positively influence the market size.
Ongoing joint ventures along with partnerships and agreements among prominent players
Strategic implications including agreements, mergers, partnerships, and acquisitions among prominent players will fuel the industry scenario. For instance, in July 2021, Baltimore Aircoil Company acquired Eurocoil SPA., an Italy-based leading manufacturer of heat exchangers and other products serving the European commercial and refrigeration industries. This acquisition will aid in technology transfer and increase its supply chain & distribution network across Europe. This acquisition will also help the company to expand its product portfolio across cooling equipment range.
Prominent players operating in the cooling tower market include S.A. HAMON, SPX Cooling Technologies, ENEXIO Management, Baltimore Aircoil Company, Johnson Controls, Paharpur Cooling Tower, SPIG S.p.A, EVAPCO, Delta Cooling Towers, Thermax, International Cooling Tower, Brentwood Industries, ENGIE Refrigeration, Perfect Cooling Towers, Star Cooling Towers, Mesan Group, Bell Cooling Tower, BERG Chilling Systems, REYMSA Cooling Towers, and Thermal Care.