Location: Home » Posting » Wire News » Global Cooling Towers Market Estimated at USD 3,557 Mn In 2021, Likely To Surge At 5.3% CAGR During 2022 – 2032
The global cooling towers market was accounted for USD 3,557 million by 2021. This market is expected to register steady revenue at a compound annual growth rate of 5.3% between 2022-2032.
A cooling tower is an apparatus that reduces the heat loss to the environment. This cooling tower cools a stream, which is essentially water, to a lower temperature. These towers can either use the evaporation to expel heat and cool the fluid to reach the wet-bulb temperature. Or, in the case of drying towers rely on air to cool liquid so that it can be adjusted with radiators.
Over the forecast period of 2022-2032, the market is expected to grow due to the growing demand for energy-efficient cooling systems in industrial and commercial applications. Cooling towers are in high demand due to rising demand from emerging markets, strict environmental regulations, increased HVACR deployments, technological advances, and increasing demand. Cooling towers are a cost-effective way to cool large commercial spaces or process cooling applications in various industries and verticals such as oil and chemical, food processing, and other sectors.
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Globally, the demand is increasing for electricity due to an increase in disposable incomes and electrification of various sectors. This is one of many factors that has driven global cooling tower market expansion. In addition, many countries are increasing their adoption of nuclear power plants as a result of stringent environmental regulations. This is further fueling the market growth.
The incredible rise in construction activities and rapid industrialization
The rapid infrastructure development worldwide is increasing the demand for these towers. Global construction activity in advanced and developing countries is driving the market for heating, ventilation, cooling and refrigeration equipment. The market will continue to grow due to the development of transport infrastructures like bridges, airports, and ports.
It is expected that product demand will rise because of the rising number in construction activities in both residential and commercial sectors. Construction spending in America reached $1.3 trillion last year. Furthermore, construction is a key contributor to the U.S. economy. Construction activities have increased, resulting in more industrial equipment that needs frequent cooling. This will lead to an increase in cooling tower demand in the years ahead.
Increase in adoption by different end-user verticals
Market.us reports that cooling towers are a key growth area for many industries. Cooling towers can also be used in petroleum refineries, food processing plants, natural gas plants, and other industries. This is a great advantage of Cooling towers because it keeps other machines from overheating. Companies can save money and ensure that machines have the proper power supply to produce uninterrupted output.
Global Cooling Tower Market Restraint:
The North American market for cooling towers has reached maturity in Europe and North America. However, the market is still experiencing slow growth. This is due to a stronger focus on energy efficiency as well as complying with environmental regulations. Due to both international and regional market players the global cooling-towers market is highly fragmented. Europe and the U.S. promote closed-circuit cooling, dry, and hybrid cooling towers in comparison to open-circuit evaporative cool towers. Closed-circuit towers are being encouraged by the U.S. Environmental Protection Agency. This is due to their superior performance and water savings compared to open-circuit cooling. These factors are expected not to be favourable for the market in the near future.
Cooling towers requires large quantities of water. This makes it difficult for small and medium-sized businesses to manage. Additionally, the large volume of water results in high costs that can compromise a business’ budget. These factors will likely limit growth in the global cooling towers marketplace during the forecast period of 2022-2032.
Global Cooling Tower Market Trends:
One of the emerging trends is the shift towards eco-friendly products as a result of growing environmental concerns. The government’s evolving initiatives have also led to the development of sustainable products. Manufacturers are now focusing on eco-friendly products. SPX Cooling Technology Inc designed the Marley NC Everest Cooling Tower. The product offers enhanced energy savings, i.e. -35%, and also has less piping and electric connection along with the lowest drift rate of circulating water flow.
Key Developments in Global Cooling Tower Market:
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