The global cooling towers market size is expected to reach USD 4.63 billion in 2027. Fortune Business Insights™ published this in a new study, titled, “Cooling Towers Market, 2020-2027.” The study further mentions that the market stood at USD 3.50 billion in 2019. It would show a CAGR of 3.7% between 2020-2027. Manufacturers of cooling towers are nowadays focusing on the development of eco-friendly products to increase sustainability. In May 2021, Rosatom, a nuclear energy company headquartered in Russia, for instance, successfully conducted hydrostatic testing of the evaporative cooling tower situated in Leningrad II-2. The tower will maintain nuclear safety and reduce energy consumption.
Report Coverage-
We follow an innovative research methodology that includes data triangulation on the basis of bottom-up and top-down approaches. We conduct extensive primary research to validate the upcoming numbers. The information used to estimate the forecast for several segments at the country, regional, and global levels is gathered through interviews with renowned stakeholders. Also, we derive data from paid industry journals, SEC filings, databases, and other accurate resources. The report includes numerous other details, such as drivers, opportunities, challenges, and dynamics of the market.
Drivers-
Fortune Business Insights™ Says Expansion of Construction Industry to Bolster Growth
Nowadays, government agencies are investing huge sums in the development of transport infrastructures, especially ports, bridges, and airports. The John F. Kennedy International Airport, for instance, is planning to add two international terminal complexes. It is anticipated to be done by the end of 2025. Such upcoming projects would help the construction industry to flourish, which, in turn, would propel the demand for HVAC systems. These factors are likely to aid the cooling towers market growth in the near future.
Segments-
Dry Towers Segment to Grow Moderately Backed by Requirement of Less Operating Cost
We have divided the global market into type and application. By application, it is fragmented into food & beverages, HVAC, chemicals & petrochemicals, power generation, pharmaceutical, and others. Below is the segmentation of the market on the basis of type:
By Type: Based on type, the market is segregated into hybrid towers, dry towers, and wet towers. Amongst them, the dry towers segment procured 13.0% in terms of the cooling towers market share in 2019. These towers require very less maintenance and operating cost. But, it will be overtaken by the wet towers segment as the latter provides reliable operations under hot climatic conditions.
Regional Insights-
North America to Lead; Rising Power Generation Plants to Boost Growth in Asia Pacific
· North America: The region is projected to retain its dominant position throughout the forthcoming years backed by the increasing adoption of advanced technologies, as well as the presence of reputed manufacturers. It stood at USD 1.51 billion in 2019.
· Asia Pacific: The surging development of infrastructure and construction of power generation & nuclear plants, especially in India, Japan, and China, would propel growth in this region.
Fortune Business Insights™ lists out the names of prominent cooling tower manufacturers operating in the global market. They are as follows:
· Krones AG (Germany)
· SPX CORPORATION (United States)
· Babcock & Wilcox Enterprises, Inc. (United States)
· EWK (Spain)
· Kelvion Holding GmbH (Germany)
· HAMON & CIE (INTERNATIONAL) S.A. (Belgium)
· MITA Cooling Technologies Srl (Italy)
· Johnson Controls (Ireland)
· Paharpur Cooling Towers Ltd (India)
· Baltimore Aircoil Company (United States)
· EVAPCO, Inc. (United States)
The global Field Erected Cooling Towers Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the field-erected cooling towers market include Benchmarking, SPX, Enexio, Hamon & Cie, Baltimore Aircoil, Paharpur, Babcock & Wilcox (B), Brentwood Industries, Delta Cooling Towers, Evapco, International Cooling Tower, Mesan, Star Cooling Towers.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Field-Erected Cooling Towers Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/field-erected-cooling-towers-market/download-sampleMarket DynamicsGrowing industrial activities and stringent environmental rules & regulations are the key factors driving the global field-erected cooling towers market.
The other factors that are fuelling the global market include augmenting power generation capacities across the globe, increasing the power sector, growing energy generation from nuclear power plants, increasing iron steel and metallurgy industry, and rising heavy industries.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.Additionally, these tools also give inclusive assessment of each application/product segment in the global market of field-erected cooling towers.
According to the new market research report by IndustryARC titled “Cooling Towers Market: By Type (Natural, Mechanical, Hybrid); By Construction (Field Erected, Factory Assembled); By Method of Heat Transfer (Evaporative, Dry, Plume Abatement, Others); By Application (Pharmaceutical & Laboratories, Food & Beverages, Others); By Geography - (2015-2021)”, the market is driven by the increasing demand for electricity coupled with rising industrial investments.APAC held the largest market share and Growth Rate in the Cooling Towers Market:Asia Pacific region holds the largest market share in the Cooling Towers Market and is anticipated to reach $1.01 billion by 2023 at a CAGR of 8.73%.
The market is mainly driven by the regulatory restrictions on discharge of heat water in waterways.
Other factors such as increasing demand for electricity and power along with growing industrialization also influences the buyer inclination.
The key applications in this region includes Pharmaceutical and Laboratories, HVAC, Food and Beverages, Process Cooling, Chemical and Petrochemical Plant, Refineries among others.Selected Value Chain Analysis done in the full report:• Firstly, the value addition starts from raw material suppliers, namely the suppliers of wood, plastic, graphite and others.
These parts include nozzles, fans, drift eliminators, gear reducers and many more.
The major end users of cooling towers consists of power plants, chemical and petrochemical plants, refineries and pharmaceutical laboratories.
