Published: Aug, 2018
Transparency Market Research (TMR), in one of its market research reports, throws light on the key trends, competitive landscape, and opportunities floating in the global cooling towers market. The market players in the global cooling towers market have been on a spree of growth over the past decade, majorly due to the deployment of cooling towers across several industrial units. Although only a handful of vendors are present in the global market for cooling towers, new players are expected to enter the market and pounce onto the lucrative opportunities. It is expected that the current vendors in the global cooling towers market would stay wary of the entry of new players and take adequate counteraction.
Although it is difficult to topple the position of the existing vendors in the global cooling towers market, the smaller market players are still expected to make strategic moves to consolidate their position in the global market. Some of the key players in the global cooling towers market are SPX Corporation, SPIG S.p.A. Hamon Group (Esindus S.A.), and Paharpur Cooling Towers Ltd.
Transparency Market Research (TMR) predicts that the global cooling towers market would touch a value of US$3.1 bn by 2020 from US$2.3 bn in 2013, expanding at a CAGR of 4.70% from 2014 to 2020. Based on the method of heat transfer, the evaporative heat transfer method is in great demand across several industries. On a geographical footing, the market for cooling towers in North America is expected to reap healthy revenues over the forthcoming years.
Industrial Applications of Cooling Towers to Propel Demand
Several industrial units experience the need to bring down the temperature of the industrial vicinity, especially during power-heavy operations. Hence, the demand for cooling towers has flowed in from these industrial units that are focused on maintaining congenial standards within their premises. Furthermore, residential as well as commercial buildings are equipped with central cooling systems, and cooling towers substantially help in running such systems. This has also been a key propeller of demand within the global cooling towers market.
The number of urban projects aimed at setting up better industrial areas and residential campuses is expected to take the demand for cooling towers to unprecedented heights. The rising demand for electricity and emergence of new power projects are amongst other drivers of demand within the global cooling towers market.
Efficiency and Design of Cooling Towers to Create Lucrative Growth Opportunities
Cooling towers, especially open type cooling towers, are extremely efficient in reducing the surrounding temperature, and this has created commendable demand within the global market. Furthermore, the simple design of cooling towers facilitates their installation across industrial, commercial, and residential units. This has also emerged as a key proposition for the growth of the global market for cooling towers. On the flip side, the unsophisticated nature of several industrial units, especially in the emerging economies, is projected to restrain the growth of the global cooling towers market.
The review is based on a report by Transparency Market Research (TMR) titled, “Cooling Towers (Evaporative, Dry, Hybrid) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.
The report segments the global cooling towers market along the following lines:
Cooling Towers Market Revenue, by Type
- Open Cooling Towers
- Closed Circuit Cooling Towers
Global Cooling Towers Market Revenue, By Heat Exchange Method
- 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)
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