CHICAGO, July 5, 2024
/PRNewswire/ -- The report "Cooling Tower Market by Type
(Evaporative, Dry, Hybrid), Design (Natural, Mechanical),
Construction Material (Concrete, Steel, FRP, Wood), Flow Type,
Technology, Application (Power Generation, HVACR, Food &
Beverage), & Region - Global Forecast to 2029", Cooling
Tower Market size is projected to grow from USD 3.0 billion in 2024 to USD 3.9 billion by 2029, registering a CAGR of
5.3% during the forecast period.
The cooling tower market is experiencing significant growth due
to increasing industrialization, urbanization, and the subsequent
rise in demand for energy-efficient cooling solutions across
various sectors such as power generation, HVAC (heating,
ventilation, and air conditioning), and manufacturing. Stricter
environmental regulations and the need for sustainable practices
are driving industries to adopt advanced cooling technologies to
reduce water and energy consumption. Additionally, the rapid
expansion of data centers, which require efficient thermal
management systems to prevent overheating, is further propelling
the market. Innovations in cooling tower designs and materials,
aimed at improving performance and reducing maintenance costs, are
also contributing to the market's expansion.
Browse in-depth TOC on "Cooling Tower Market".
298 – Tables
54 – Figures
250 –
Pages
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Dry cooling tower segment, by type, is expected to be the
second largest segment during the forecast period.
Dry cooling towers utilize air to cool and condense the process
fluid, eliminating the need for water evaporation. This makes them
highly suitable for arid and semi-arid regions, as well as for
industries prioritizing water conservation and compliance with
stringent environmental regulations. Additionally, dry cooling
towers are less prone to issues like water contamination,
corrosion, and scaling, leading to reduced maintenance requirements
and operational costs. The growing focus on sustainability, energy
efficiency, and advancements in cooling technology further bolster
the adoption of dry cooling towers across various industries,
including power generation, petrochemical, and manufacturing
sectors.
Natural draft is anticipated to be the second largest
segment, by design, during the forecast period.
Natural draft towers leverage the natural buoyancy of heated air
to induce airflow, eliminating the need for mechanical fans and
thereby reducing energy consumption and operational costs.
Characterized by their tall, hyperbolic structures, natural draft
cooling towers are highly effective in dissipating large quantities
of heat, making them ideal for power plants and heavy industries.
Their low maintenance requirements and long operational life
further enhance their appeal.
Power generation is anticipated to be the largest segment, by
application, during the forecast period.
The cooling towers market is experiencing its largest growth in
the power generation sector due to the critical role these towers
play in enhancing thermal efficiency and ensuring optimal
performance of power plants. As global energy demand surges, power
plants, especially those based on fossil fuels and nuclear energy,
rely heavily on efficient cooling systems to dissipate excess heat
produced during electricity generation. Cooling towers help
maintain safe operational temperatures and improve overall plant
efficiency. Additionally, the shift towards more sustainable and
energy-efficient power generation practices, coupled with stringent
environmental regulations on heat and water discharge, is
propelling the adoption of advanced cooling technologies.
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Middle East &
Africa is expected to be the
second fastest-growing region in the global cooling tower market,
by region, during the forecast period.
The Middle East and
Africa region is experiencing
growth in the cooling towers market due to rapid industrialization,
urbanization, and infrastructure development. The region's hot and
arid climate necessitates efficient cooling solutions for both
industrial processes and residential/commercial buildings, driving
demand for advanced cooling towers. Additionally, significant
investments in power generation projects, including the expansion
of both conventional and renewable energy plants, are boosting the
need for effective thermal management systems. The adoption of
stricter environmental regulations and a growing focus on
sustainable water and energy use are also encouraging the
deployment of innovative cooling technologies. These factors,
combined with economic growth and increasing foreign investments in
industrial and construction sectors, contribute to the rising
demand for cooling towers in the Middle
East and Africa.
To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top
players in the cooling tower market. These are Baltimore Aircoil
Company Inc. (US), John Cockerill
(Belgium), SPX Technologies (US),
Ebara Corporation (Japan), Evapco,
Inc. (US), Krones AG (Germany),
Babcock & Wilcox Enterprises Inc. (US), Seagull Cooling Tower
Co., Ltd (Malaysia), Enexio
(Germany), and Paharpur Cooling
Tower Limited (India).
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