Cooling Towers Market Size shall reach a value of $xx Million in 2028, growing with a CAGR of 9.1% during the forecast period of 2021 to 2028.
Cooling Tower Market Market Growth and Trends
The global cooling towers market currently holds a market share of US$ 2.88 billion in 2020 and is expected to grow at a CAGR of 4.32% to a projected market value of US$ 3.79 billion by 2026. The increasing industrialization is the major driving factor behind the growth of the cooling towers market.
The increasing globalization has resulted in emerging economies with higher disposable incomes. The rising industrialization globally has propelled the growth of the cooling towers. The wide range of industry verticals, the cooling towers finds use in is the major contributing factor towards the market growth. The increasing need for cooling towers in air conditioning, construction, power generation, and manufacturing sectors has fueled the rise of the cooling towers market. The HVACR segment is found to hold a major market share of the cooling towers market.
The power generation segment is forecasted to account for the largest market share by 2025. The growing chemical industries are significantly altering the growth curve of the cooling towers market upwards by requiring cooling towers for exothermic reaction-based products. The increasing and advancing food and beverages industry has also bolstered the growth of the cooling towers market. The increasing construction industry owing to the increasing urbanization and globalization has significantly impacted the growth of the cooling towers market positively.
The rising trend of nuclear technology has lead to the establishment of an increased number of nuclear power generation plants globally. The need for cooling towers to negate and prevent the overheating of nuclear core reactors from breaking down and emitting lethal radiation waves has boosted the growth of the cooling towers market markedly.
The increasing innovation in the technology of cooling towers and the application-technologies is projecting a promising future for the cooling towers market growth. The Government initiated projects requiring cooling towers are expected to promote market growth. High investments from both public and private sectors and strategic marketing employed by the top market players are forecasted to deliver the market growth curve higher.
Cooling Tower Market Industry Regional Analysis
Cooling Tower Market Market Research Report Scope/Definition
Cooling Tower Market Market Share and Competition Key companies operating in this industry are: Cooling Technology Institute (CTI), American Society of Mechanical Engineers (ASME), Securities And Exchange Commission (SEC), American National Standards Institute (ANSI).
Cooling Tower Market Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2021 - 2028)
• Evaporative Cooling Tower
• Dry Cooling Tower
• Hybrid Cooling Tower
Construction Material and Design Analysis (Revenue, USD Million, 2021 - 2028)
• Cooling Tower Market, By Construction Material
• Cooling Tower Market, By Design
• Mechanical Draft Cooling Tower
• Natural Draft Cooling Tower
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Petrochemicals and oil & gas
• Food & beverages
• Power generation
Region Analasis (Revenue, USD Million, 2021 - 2028)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Cooling Tower Market Industry Companies
• Cooling Technology Institute (CTI),
• American Society of Mechanical Engineers (ASME),
• Securities And Exchange Commission (SEC),
• American National Standards Institute (ANSI)
Available Versions of Cooling Tower Market Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report