+1-518-618-1030 866 - 552 - 3453 USA-Canada Toll Free

Global Cooling Towers Market: Accelerating Spending on Infrastructural and Construction Projects across Developing Countries to Fuel Deployment of Cooling Towers, Says TMR

Posted on Oct 28, 2016

The presence of a large number of international and regional players has rendered the vendor landscape of the global cooling towers market highly fragmented. To attract customers, prominent companies in the market such as GEA Heat Exchangers Group, Baltimore Aircoil Company, Hamon Group (Esindus S.A.), SPIG S.p.A., SPX Corporation, Evapco, Inc., and Paharpur Cooling Towers Limited are capitalizing on their brand image, states Transparency Market Research (TMR) in a new study. The leading companies in the global cooling towers market are also investing in product differentiation and product innovation to gain competitive advantage. 

According to TMR, the global cooling tower market stood at US$2.3 bn in 2013. Rising at a CAGR of 4.7% between 2014 and 2020, the market is expected to reach US$3.16 bn by the end of 2020. Regionally, growth exhibited by the Rest of the World (RoW) has been exponential. It is also expected to exhibit the leading CAGR of 5.5% during the aforementioned forecast period. Application-wise the market was dominated by the manufacturing industry with a share of 46.2% in 2013.

Demand for Cooling Towers to Rise Following Increasing Deployment of HVAC Units 

Cooling towers help in optimizing the use of energy in cooling systems. However, this is achieved at the cost of surplus water usage compared to traditional cooling systems.  Nevertheless, with cooling towers getting deployed across HVAC units, manufacturing industries, and power generation utilities there is scope for conserving water through proper maintenance and continuous monitoring. “With an increasing number of industries seeking energy efficient cooling towers, there is considerable scope of curbing water usage in excess,” said a lead TMR analyst. “The increasing uptake of construction and infrastructural projects, which require high deployment of HVAC systems, will translate into lucrative sales opportunities for the global cooling towers market,” he added.   

Growth witnessed in the global cooling towers market is primarily fuelled by steady economic development and rapid industrialization across nations such as India, China, Taiwan, Korea, and Singapore. The rising GDP demonstrated by these nations, is a result of accelerating spending in infrastructural development and the subsequently augmented HVAC deployment. This will result in high demand for cooling towers in the forthcoming years. Besides this, globally surging demand for electricity as the most affordable source of non-renewable source of energy has bolstered the usage of cooling towers. 

With Developed Countries Struggling to Stage Economic Rebound, Negative Demand is Likely for Cooling Towers 

Despite witnessing lucrative prospects in emerging economies across Asia Pacific and Rest the World, vendors operating in the cooling towers market do not have much to expect from developed economies. Economic recession witnessed in 2009 has been tremendous setback for the global economy. Industries in Europe are still struggling to cope with funding concerns. This has decelerated government funding for infrastructural projects, which did not bode well for the cooling towers market in the region. 

Furthermore, regional players make their products available at a relatively cheaper cost, which is eating away the profitability of large companies in the market. This stiffens opportunities for the leading players to penetrate into, thus creating bottlenecks for the overall growth of the market.   

Deployment of Plume Abatement Towers to Drive Market in Near Future 

To counter the challenges, intrinsic to cooling towers, industries have been looking to replace the conventional cooling towers with their hybrid counterparts. Open circuit cooling towers emit a high volume of plumes, which visibly may not cause any adverse environment impact, but concerns arise when plume builds causing safety hazards. Governments in Western Europe have recently imposed regulations to control the release of plume. This is expected to bolster demand for plume abatement towers, thus fuelling growth opportunities for the global cooling towers market. 

This review is based on information published by TMR in a report, titled “Cooling Towers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” 

The report segments the global cooling towers market as: 

Cooling Towers Market Revenue, by Type

  • Open Cooling Towers
  • Closed Circuit Cooling Towers

Global Cooling Towers Market Revenue, By Heat Exchange Method

  • Evaporative
  • Dry Cooling Towers
  • Plume Abatement (Hybrid)

Global Cooling Towers Market Revenue, By Application

  • Air Conditioning
  • Power Generation Utilities
  • Manufacturing Industry

Global Cooling Towers Market Revenue, By Geography

  • Western Europe
  • Eastern Europe
  • Asia Pacific (Excluding Far East)
  • Southern Africa 
  • North America 
  • Rest of the World (Middle East, South America, North Africa and Far East)

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

US Office Contact

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com

Back To Top