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Cooling Tower Market
Cooling Tower Market Size, Share, Trend, Forecast Analysis & Growth Opportunity: 2023-2028
“The global cooling tower market is expected to grow at a CAGR of 4.4% during the forecast period.”
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A cooling tower is an equipment that is applied in industrial process cooling or HVAC systems to cool water. The tower functions in that it provides means that hot water from the system is exposed to air so that the use of evaporation can cool the water. The water that has been cooled is then pumped back into the system to pick up still more heat.
Cooling towers can be in power stations, chemical industries, oil refineries, or big infrastructures such as hospitals and commercial buildings. Some of the categories of cooling towers are Natural draft cooling towers, Mechanical induced draft cooling towers, Mechanical Forced draft cooling towers, hybrid cooling towers are also available, which can either be an induced draft hybrid cooling tower or forced draft hybrid cooling towers depending on the purpose and environment in which they will be used.
Stringent government environmental regulations, coupled with concerns associated with the plumes generated by power generation and chemical industries, are anticipated to drive demand for cooling towers during the projected timeframe.
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Segmentations |
List of Sub-Segments |
Dominant and Fastest-Growing Segments |
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Type |
Evaporative, Dry, and Hybrid |
Evaporative cooling towers are expected to dominate the market during the forecast period while hybrid cooling towers are expected to grow at the fastest rate. |
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Material Type |
Concrete, Steel, FRP, and Wood |
FRP is expected to hold the largest market share in the market. |
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Design Type |
Natural and Mechanical |
Mechanical is expected to keep the larger market share. |
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Application Type |
Power Generation, HVACR, and Food & Beverages |
HVACR is expected to dominate the market in its segment. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and The Rest of the World |
North America region is expected to hold the majority share in the market during the forecast period. |
“Evaporative cooling towers dominates the market.”
The cooling tower market is segmented into evaporative, dry, and hybrid. In 2023, the segment with the biggest market share was evaporative cooling towers. This type of cooling tower is growing majorly because it is attributed to the rising installation of direct and indirect evaporative cooling systems.
“FRP segment accounted for the largest market share.”
The market is segmented into concrete, steel, FRP, and wood types. The FRP segment is expected to be the dominant segment in material type in the market during the forecast period. The global demand for FRP is rising owing to its high resistance to corrosion, acid rain, and snow. Moreover, it is lightweight, has low maintenance costs, is suitable for dry and wet operations, and can withstand a wide range of environmental conditions.
“Mechanical accounted for the largest market share.”
The market is segmented into natural and mechanical. Among these, Mechanical is anticipated to hold the larger share of the market during the forecast period. This is because effective thermal performance, greater stability, and easy airflow are some of the key factors stimulating product demand.
“HVACR dominates the market.”
The market is segmented into power generation, HVACR, and food & beverages. Among these, HVACR is anticipated to hold the largest share of the market during the forecast period. This is because of the increasing technological advancements.
“North America accounted for the largest market share.”
North America is expected to remain the largest market for cooling towers during the forecast period. The rigorous government regulations in the area are anticipated to drive the market.
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The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.
The following are the key players in the cooling tower market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
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Key questions this report answers |
Relevant contents in the report |
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How big is the sales opportunity? |
In-depth analysis of the Cooling Tower Market |
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How lucrative is the future? |
The market forecast and trend data and emerging trends |
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Which regions offer the best sales opportunities? |
Global, regional, and country-level historical data and forecasts |
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Which are the most attractive market segments? |
Market Segment Analysis and Forecast |
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Who are the top players and their market positioning? |
Competitive landscape analysis, Market share analysis |
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How complex is the business environment? |
Porter’s five forces analysis, PEST analysis, Life cycle analysis |
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What are the factors affecting the market? |
Drivers & challenges |
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Will I get the information on my specific requirements? |
10% free customization |
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s cooling tower market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
A cooling tower is an equipment that is applied in industrial process cooling or HVAC systems to cool water. The tower functions in that it provides means that hot water from the system is exposed to air so that the use of evaporation can cool the water. The water that has been cooled is then pumped back into the system to pick up still more heat. Cooling towers can be in power stations, chemical industries, oil refineries, or big infrastructures such as hospitals and commercial buildings.
The cooling tower market is expected to grow at a CAGR of 4.4% during the forecast period, driven by the development of new technology in HVAC systems and the rise in construction activities.
Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company, Cenk Endustri Tesisleri Imalat Ve Taahhut A.Az., Cooling Tower Systems, Inc., Delta Cooling Towers Inc., Engie Refrigeration GmbH, EVAPCO, Inc., S.A. Hamon, Johnson Controls International Plc., Kelvion Holdings GmbH, Liang Chi Industry Co. Ltd., Mesan Group, Paharpur Cooling Towers Ltd., SPX Corporation, Torraval Cooling S.L.
North America is estimated to remain dominant in the shape memory alloys market in the foreseeable future. The reason is the rigorous regulations implemented by the government in the areas that anticipate the growth of the market.
The FRP segment accounts for the largest market share during the forecast period.
HVACR dominates the cooling tower market during the forecast period.
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