Market Research Report
Cooling Towers Market - Forecast (2020 - 2025)
|Cooling Towers Market - Forecast (2020 - 2025)|
Published: March 11, 2020
Content info: 105 Pages
Delivery time: 2-3 business days
According to the U.S Energy Information Administration, about 4.18 trillion kWh of electricity was produced at utility-scale electricity generation amenities in the country. Further analysis revealed that 63% of this electricity generation was from plants which use fossil fuels such as coal and natural gas, 20% was from nuclear energy generation plants, and around 17% was from renewable energy plants. Apart from the energy sector, global industrialization has sped up operations in industrial settings such as in oil refineries, manufacturing, petrochemicals, F&B and oil and gas. These developments have augmented numerous adjacent sectors in terms of growth in their industrial infrastructures and plants, with the cooling towers market majorly capitalizing upon product demand for installations in novel industrial spaces. A cooling tower is a heat exchanger which allows water and air to come into direct contact in order to reduce the water's temperature and provide optimal cooling conditions. Abundant demand potential from across sectors owing to the mandatory procedures of optimal cooling and as a supplementary devices enhancing energy efficiency, the global cooling tower market size is propelling and was evaluated to have reached a valuation of $2.3 billion in 2018. Apart from industrial settings, cooling towers employed in HVAC (heating, ventilating, air conditioning) systems of commercial buildings including shopping malls and outsized workplaces is driving market demand at a global compound annual rate of 4.21% during the forecast period 2019 to 2025.
Europe is estimated to be the leading region in terms of the global cooling tower market demand. This region, with enormous industrial hubs in the U.K and Germany, accounted for 34.76% of the global uptake in 2018. Some factors influencing the European cooling tower market demand -
In terms of end-user applications, the market is bifurcated into pharmaceutical and laboratories, F&B, HVAC, process cooling, chemical and petrochemical plants and refineries. HAVC is the fastest growing application segment progressing at a CAGR of 6.1% till 2025. For commercial application, demand for central air conditioners, which installs cooling towers and chillers is moderately higher due to increase in demand from the construction sector and refurbishment processes associated with it. As per the Institution of Civil Engineers, the global construction market is set to grow to $8 trillion by 2030. Considering these rapid strides in the construction industry, the demand for HVAC is all set to add impetus to the global cooling towers market share.
Some of the key players operating in the global cooling towers market are Baltimore, Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Enexio Hamon & Cie International, SA Paharpur Cooling Towers, SPIG S.p.A., SPX Corporation, and Star Cooling Towers Private Ltd.
As the towers finds majority of application in commercial spaces, ROI is a major factor influencing the selection by end-user verticals. Hence the industrial users opt for towers with larger surface areas with higher rate of evaporation (major purpose of installation). As tower fills are the most vital element influencing surface area, major market players are introducing better fills to engage with customers. For example, Brentwood Industries Inc., introduced two new fill media products in 2018, targeting power plants and refineries.
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Cooling Towers Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of trends in global Cooling Towers Market, and their specific advantages to the market.
More than 40 Companies are profiled in this Research Report, Complete List available on Request*
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