FELTON, Calif., July 27, 2020 /PRNewswire/ -- The global cooling tower market size is projected to value at USD 4.85 billion by 2025, according to a new report published by Million Insights. Cooling towers have applications in power plants, especially, in thermoelectric power plants, to prevent excess heat generation from the plant. On account of the rising demand for electricity, the power plant sector is expected to expand thus, boosting the market growth.
Moreover, the rising number of construction activities across the commercial and residential sectors in emerging economies is anticipated to drive product demand. Further, the surging industrialization is a major driver which is likely to augment the demand for cooling towers in the near future.
Technological upgradations are anticipated to offer better cooling capacity, installation & energy savings, reduced maintenance cost, and minimum components, which is expected to accelerate market growth over the forecast period. Additionally, various government regulations regarding the adoption of cooling towers among different regions are predicted to have a favorable impact on market growth.
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On the other hand, environmental awareness regarding cooling towers like drift, water contamination, and plume are expected to hinder market demand. However, the deployment of drift eliminators and plume abated towers is poised to combat the environmental concerns and accelerate market growth over the projected period.
Energy-efficient towers offer ideal cooling along with other eco-friendly characteristics. These provide for high-efficiency motors to reduce operational costs and lower environmental concerns. These benefits are predicted to drive product demand in the upcoming years.
HVAC systems are mostly used in large offices, shopping malls, and commercial spaces. Cooling towers are an essential component of an HVAC system, which removes the excess heat from the building. Rapid urbanization and higher standards of living are predicted to result in a wider implementation of HVAC systems, thus, boosting the global cooling towers market growth.
Further key findings from the report suggest:
- Based on type, the closed-circuit segment held a share of more than 30% based on global revenue in 2016. However, the hybrid type is expected to register a considerable growth with a CAGR exceeding 4% over the forecast period due to its increasing use among end-use industries.
- The Fiber-Reinforced Plastic (FRP) segment held a market share above 20% in 2016 while the High-Density Polyethylene (HDPE) segment is expected to register a CAGR over 5.0% over the forecast period due to its advantages such as low maintenance cost, long service life, and high corrosion resistance.
- Cooling towers have higher applications in power plants and HVAC equipment owing to their ability to prevent excess heat. Therefore, the HVAC division is expected to acquire a significant market share from 2018 to 2025.
- Construction companies and agricultural firms are anticipated to enhance the abilities of aerial surveillance via drones on industries in the next few years.
- Asia Pacific has accounted for the fastest growth and is projected to register a CAGR of more than 5.0% due to industrialization in the region.
- The key players include Evapco, SPX Corporation, Hamon & CIE International SA, B&W SPIG (Babcock & Wilcox), Paharpur Cooling Towers, Baltimore Aircoil Company, and Enexio.
Browse 90 page research report with TOC on "Global Cooling Tower Market" at: https://www.millioninsights.com/industry-reports/global-cooling-tower-market
Million Insights has segmented the global cooling towers market on the basis of types, materials, applications, and regions:
- Cooling Towers Type Outlook (Revenue, USD Million; 2014 - 2025)
- Cooling Towers Material Outlook (Revenue, USD Million; 2014 - 2025)
- Fiber-Reinforced Plastic (FRP)
- High-Density Polyethylene (HDPE)
- Cooling Towers Application Outlook (Revenue, USD Million; 2014 - 2025)
- Power Generation
- Oil & Gas
- Cooling Towers Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
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SOURCE Million Insights