Cooling Towers Market Size, Share, and COVID-19 Impact Analysis, By Type (Open-circuit, Closed-circuit, Hybrid), By Material (Fiber Reinforced Plastic (FRP), Steel, Concrete, Wood and High-Density Polyethylene (HDPE)), By Application (HVAC, Chemicals, Pharmaceutical, Power Generation, Food & Beverages & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Cooling Towers Market was valued at USD 4.53 Billion in 2021. The market is projected to grow USD 5.23 Bn in 2030, at a CAGR of 4.6%.

The cooling tower is a heat-elimination device that removes heat from the system by lowering the temperature of the water stream. With benefits and drawbacks for a variety of industrial materials, including oil & gas, power generation, HVAC, pharmaceuticals, and others, these devices are designed and produced. In many different industries and industrial verticals, including oil and gas, chemicals, and food processing, cooling towers provide an efficient way to cool big steel buildings and process cooling materials. To remove the extra heat, cooling towers are also widely used in thermoelectric power facilities. New power plants are being built as a result of rising electricity demand, which is anticipated to drive market expansion.

COVID-19 ANALYSIS

The COVID-19 pandemic outbreak, which was followed by supply chain disruptions and temporary halts in numerous industries and industrial verticals, had a devastating impact on the market. Following the pandemic's onset, several end-use sectors and industry verticals that depend on cooling towers had to deal with decreases.

Surging Construction Activities Across the World

The demand for cooling towers is anticipated to increase dramatically as development activity in the residential and commercial sectors soar in developing nations. Rapid global industrialization is another important factor that is anticipated to favorably influence cooling tower market growth throughout the forecast period.

Rapid Industrialization and Establishment of New Data Centers

The relevance of cooling in data centers is predicted to increase, leading to market expansion. Since the IT technology contained in data centers generates a lot of heat, adequate cooling is essential. Data centers can benefit from cooling towers’ ability to maintain ideal temperatures while using less energy. With multiple forthcoming hyper-scale constructions, the data center sector is booming, which is good news for the cooling tower market's expansion.

Concerns Pertaining to Rising Corrosion

Customers continue to express serious concerns about the rising corrosion of these towers, which is affecting the market's expansion. Corrosion is caused by the thick chemicals in the water supply, endangering the equipment's effectiveness and safety. Additionally, a significant barrier impeding market expansion is the high cost of installation, repairs, and regular maintenance.

SEGMENTATION INSIGHT

The global cooling towers market is segmented By Type (Open-circuit, Closed-circuit, and Hybrid), By Material (Fiber Reinforced Plastic (FRP), Steel, Concrete, Wood, and High-Density Polyethylene (HDPE)), By Application (HVAC, Chemicals, Pharmaceutical, Power Generation, Food & Beverages & Others and Region. Based on the type, the market is categorized as open-circuit, closed-circuit, and hybrid. Based on material, the market is categorized into fiber-reinforced plastic (FRP), steel, concrete, wood, and high-density polyethylene (HDPE). Based on application, the market is categorized into HVAC, chemicals, pharmaceutical, power generation, food & beverages, and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

REGIONAL INSIGHTS

The global cooling towers market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region is dominating the market share of the global cooling towers market owing to the strict government limits on water use, dangerous environmental pollution from towers, and increased infrastructure development, this dominance has developed. Furthermore, the presence of significant manufacturers and the quick uptake of cutting-edge technology throughout this region is a key drivers fueling the key market growth.

However, the Asia Pacific region is anticipated to grow over the next few years of the global cooling towers market owing to the existence of both legitimate and illegal local players functioning inside this industry. The penetration of these towers is also increasing, supported by the expansion of infrastructure and rising industry in nations like China, Japan, and India. Additionally, the development of nuclear and power generation facilities, strict pollution standards, and water use guidelines all have the potential to affect the market.

LIST OF KEY COMPANIES PROFILED:

• Artech Cooling Towers Pvt. Ltd.
• Babcock & Wilcox Enterprises, Inc.
• Baltimore Aircoil Company
• Delta Cooling Towers, Inc.
• Enexio
• Engie Refrigeration GmbH
• EVAPCO, Inc.
• Hamon & CIE International
• Johnson Controls Inc.
• Paharpur Cooling Towers
• S.A. Hamon
• SPX Corporation
• Thermax Limited
• Others

Key Developments:

• February 2020- SPX Cooling Technologies has launched ‘Marley BasinGard Filter’ which maintains the hot water basin flow by capturing pipe rust, mineral scale, debris, and fibers for new and existing factory-assembled, crossflow cooling towers.

SEGMENTATION

By Type

• Open-circuit
• Closed-circuit
• Hybrid

By Material

• Fiber Reinforced Plastic (FRP)
• Steel
• Concrete
• Wood
• High-Density Polyethylene (HDPE)

By Application

• HVAC
• Chemicals
• Pharmaceutical
• Power Generation
• Food & Beverages
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of the Middle East & Africa