Cooling Towers Market, By Type (Open Cooling Tower and Closed Circuit Cooling Tower), By Heat Transfer Method (Evaporative Cooling, Dry Cooling and Plume Abatement (Hybrid)) and By Application (Air-Conditioning, Power Generation Utilities and Manufacturing Industry) and by Region (Western Europe, Eastern Europe, Asia Pacific (Excluding Far East), Southern Africa, North America and RoW) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
A cooling tower is a heat rejection device that rejects waste heat to the atmosphere through the cooling of a water stream to lower temperature. Cooling tower is used to cool the water circulating in the cooling system. It is a heat rejection device that removes unwanted heat from the cooling system in the atmosphere. The circulating water is cooled either by evaporation or by blowing air to the warm water. There are two types of cooling towers namely open cooling towers and closed-circuit cooling towers. Cooling towers are widely used in different industries such as chemical, oil and gas, food processing, power generation plants, and other air-conditioning applications.
Cooling towers are widely used in HVAC systems. The uptake in commercial/infrastructure construction projects worldwide has led to increase in HVAC systems and in-turn has boosted the growth of cooling towers market. With the focus on energy efficiency, developed markets such as the U.S. and Western Europe are anticipated to offer wide opportunities for replacement of legacy cooling towers with the new ones, thus further bolstering the growth of the market. The growth in cooling towers market is majorly fueled by steady economic development, and the rapid pace of industrialization in nations such as India, China, Korea, Taiwan, and Singapore. Therefore, these factors are expected to propel the global cooling towers market growth over the forecast period. Increase in GDP growth rate has led to increase in infrastructural development and subsequently enhanced HVAC deployments. The global market has witnessed increasing output at the end of 2013 with developed countries such as Germany, Japan, and the U.S. being the major contributors. Instead of fears of fiscal budget cuts and government shutdown in 2013, the purchasing managers index (PMI) in the U.S. has observed steady uptake to post gross domestic product (GDP) growth of over 3 % in the second, third and fourth quarter of 2013. Furthermore, emerging economies such as India, China, and Taiwan, Singapore, and South Korea have witnessed constant increase in production, which in turn, is expected to propel the global cooling towers market growth over the forecast period.
This report segments the Global Cooling Towers Market on the basis of Type, Heat Transfer Method, Application and Region. On the basis of Type, Global Cooling Towers Market is segmented into Open Cooling Tower and Closed Circuit Cooling Tower. On the basis of Heat Transfer Method, the Global Cooling Towers Market is segmented into Evaporative Cooling, Dry Cooling and Plume Abatement (Hybrid). On the basis of Application, the Global Cooling Towers Market is segmented into Air-Conditioning, Power Generation Utilities and Manufacturing Industry. On the basis of region, Global Cooling Towers Market is segmented into Western Europe, Eastern Europe, Asia Pacific (Excluding Far East), Southern Africa, North America and RoW
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