According to a new market research report published by Credence Research“Cooling Towers(Evaporative Cooling Towers, Dry Cooling Towers, Hybrid; Natural Draft, Mechanical Draft) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,the global cooling towers market stood at US$2,530.3Mn in 2015and is estimated to expandwith a CAGR of 4.6% from 2016 to 2023.
Market Insights
Cooling towers are among the most important components of various industrial processes. These can be referred to as heat rejection devices used to eliminate waste heat generated to the atmosphere by cooling down the used water. The circulating water in the tower is cooled either by evaporation (wet cooling) or by air cooling (dry cooling) technology. The prime motive of the cooling towers is to cool down the water generated from various industrial processes or HVAC (heating, ventilation and air conditioning) cooling.Cooling towers are commonly used across different applications such as industrial manufacturing, power generation plants and HVAC (air conditioning) systems. The primary types of cooling towers are open circuit and closed circuit cooling towers.
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The most significant factor bolstering the cooling towers market growth is the rising industry worldwide. Similarly, with rising power consumption and demand worldwide, the number of power plants is expected to soar significantly in the coming years. This is another significant factor fueling the market growth. Cooling towers help reducing excessive usage of water as the same water stream is cooled and circulated in the process. This largely helps in reducing the overall water usage. Additionally, cooling towers are available in various designs/configuration,offering higher efficiency, which are in compliance with regulatory norms for these towers. For instance, closed circuit cooling towers offer better efficiency and less water contamination and hence are expected to witness higher adoption in the coming years.
Competitive Insights:
The cooling towers market is highly fragmented in nature with large number of international as well as regional players operating in the market. The manufacturers majorly focus upon developing products that offer high efficiency and lesser external water contamination. Due to stringent regulations over generation of contaminated water in the process, complying with these norms becomes priority for the manufacturers. Some of the major players in the market comprise Baltimore Aircoil Company, SPX Corporation, GEA Heat Exchangers Group, Paharpur Cooling Towers Ltd., EVAPCO Group and others.
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Key Trends:
Development of hybrid cooling towers for better water efficiency
Strengthening global sales channel in order to maintain and expand the sales
Acquisition of other players for strengthening product portfolio as well as global presence
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