DALLAS, June 19, 2015 /PRNewswire/ --
The report, "Cooling Towers Market by Type (Dry, Evaporative, Hybrid), by Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation), and Region - Trends & Forecast to 2020" published by MarketsandMarkets, The Cooling Towers Market is projected to reach $3.25 Billion by 2020 signifying firm annualized growth rate of 4.90% from 2015 to 2020.
Browse 51 market data Tables and 48 Figures spread through 150 Pages and in-depth TOC on "Cooling Towers Market"
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The market report defines and segments the global cooling towers market with analysis and forecasting of the global consumption revenue.
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Europe - the biggest market for cooling towers
Europe has always been a strong market for cooling towers. Globally this market has been a leader for cooling towers with respect to demand as well as production capacity. The region has the presence of most of the global leaders in cooling towers manufacturing. Cooling towers consumption in the region is estimated to grow at a CAGR of around 3.00% from 2015 to 2020. This region has a relatively slow growth rate as a result of its dominant market size and slow economic activity as compared to the other regions. The demand in this region is boosted mainly due to increasing focus on improving energy efficiency and reducing environmental pollution by restricting CO2 emissions in the end-user industries.
"Asia-Pacific - the fastest growing" cooling towers market
Asia-Pacific, being the fastest growing cooling towers market globally, is estimated to grow at a CAGR of around 5.00% for the next five years. Asia-Pacific is witnessing high industrial growth rate, which hints at an ever-increasing demand of cooling towers for its diverse applications. China and India are expected to witness strong growth in its cooling towers market due to increasing demand from chemical, food & beverage, and oil & gas industry. Chemicals and Power generation segment are growing at a very rapid pace. China dominates the cooling towers market in Asia-Pacific region, being a major consumer and a fast growing country in terms of cooling towers demand. The demand for cooling towers from chemical industry is expected to grow at a rapid pace in the next five years from 2015 to 2020. After China, countries, including India, Japan and other Asian countries, are showing increasing growth in demand for cooling towers. Moreover, increasing number of cooling towers manufacturers from Asian countries are putting vigorous efforts for developing a strong base of cooling towers market, with a target of reducing cooling towers imports.
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