United States/WA: The global Cooling Towers market was valued at US$ 3,015.8 Mn in 2019 and is forecast to reach a value of US$ 4,354.9 Mn by 2027 at a CAGR of 4.7% between 2020 and 2027.

Report Pages:[130 Pages]

Major Key Companies Involving in Cooling Towers Market:
SPIG S.p.A, Absolute Cooling Tower Services Ltd., ESINDUS S.A (Hamon Group), Paharpur Cooling Towers Limited, FANS a.s., LIANG CHI INDUSTRY (THAILAND) CO., LTD., Delta Cooling Towers, Inc., SPX Corporation, Cooling Tower Depot, Inc., and Superchill Australia Pty Ltd.

A cooling tower is basically a building structure made from various building materials used to efficiently cool high-temperature liquids such as steam, air, water, or even water-cooled by mechanical energy. In the earlier days, cooling towers were designed to reduce the temperature of flowing water. However, today, cooling towers are designed to maintain the optimum temperature for several reasons, and these include minimizing energy consumption, reducing noise emissions, and reducing wear and tear on cooling equipment. The cooling tower provides reliable heat transfer. One of the most important advantages of using cooling towers is that it offers a reliable source of heating and cooling system for residential and commercial purposes.

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The global cooling towers market is expected to witness massive growth during the forecast period, owing to increasing electricity consumption worldwide. According to the International Energy Agency (IEA), in 2018, the electricity consumption reached 24,738.9 TWh (Terawatt-hour), increasing from 19,851.8 TWh in 2010. This, in turn, has led to an increased demand for uninterrupted electricity supply thereby increasing electricity generation. Generally, the cooling towers are used in power generation plants to dissipate the heat into the atmosphere. Hence, such factors are expected to drive growth of the global cooling towers market during the forecast period. Furthermore, technological advancements in cooling towers combined with stringent environmental regulations are expected to propel the global cooling towers market growth over the forecast period. For instance, in November 2017, SPX Cooling Technologies showcased its latest Marley cooling tower and component innovations at Power-Gen International.

However, the requirement for a massive quantity of water is expected to propel the global cooling towers market growth in the near future. Besides, increasing demand for nuclear power generation can present lucrative growth opportunities in the global cooling towers market. Furthermore, Asia Pacific to hold a dominant position in the global cooling towers market in the near future. This is owing to growing focus on the construction of nuclear power plants. Furthermore, Europe is expected to register a robust growth rate, owing to increasing number of heavy industries in the region.

For instance, in September 2020, SPX Cooling Technologies introduced Marley BasinGard Filter for cooling towers as part of its MarleyGard Water Management and Tower Protection Tools.

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