Cooling Tower Market
Global Cooling Tower Market Size, Share & Trends Analysis Report by Type (Wet, Dry, and Hybrid), by Systems (Open Cooling System and Closed Cooling System), by Flow (Cross Flow and Counter Flow), and by Application (Power Generation, HVAC, Oil & Gas, and Others), Forecast 2021-2027 Update Available - Forecast 2024-2030
The global cooling tower market is anticipated to grow at a significant CAGR of 3.2% during the forecast period (2021-2027). One of the major drivers of the cooling tower market is the surge in the application of cooling towers. Many industries have started to introduce cooling towers in their infrastructure which has supplemented the growth of the market. Water cooling towers have started to become a more energy efficient substitute for other air-cooling methods such as air-conditioning, as they require low energy consumption and companies are continuing to use cooling towers because they oppose the heat transfer in the air.
The design of the cooling tower is built for cooling the circulation water during the manufacturing process, which is why the demand for cooling towers is growing in industries such as food processing plants, petroleum refiners, and natural gas plants. Cooling towers have tremendously benefited the industries with heavy machinery by minimizing the over-heating of their heavy equipment and manufacturing machinery. This also reduces the servicing and the breaks that must be taken due to over-heating to provide break-free output.
Despite the driving forces of the cooling tower market, it faces several challenges and issues related to the scaling of a large project and corrosion of cooling water pipes. Cooling towers have to deal with the issue of corrosion, as after the installation, unchecked water runs through the pipes of the cooling tower causing corrosion in the metal pipes which leads to leakage. The water supply contains impurities like sodium, other elements, and chemicals that react with the air causing corrosion. Thus, such factors could hamper the growth of the market.
Impact of COVID-19 Pandemic on Global Cooling Tower Market
The COVID-19 pandemic had major repercussions for most industries including the cooling tower industry. The sudden lockdown imposed by many governments across the globe created many disturbances across the industry. However, the major impact of the lockdown was the lack of labor, which is essential for installing, running, and maintenances of the cooling towers. The COVID-19 pandemic also affected the manufactures as the ban on international trade and local restrictions disrupted the supply chain of many companies. The cooling tower market is expected to make a ‘W’ shaped recovery due to the ongoing lockdowns and restrictions affecting the trade.
Segmental Outlook
The global cooling tower market is segmented based on type, systems, flow, and application. Based on the product type, the market is classified as wet, dry, and hybrid. Based on the systems, the market is augmented as open-circuit and closed-circuit. Based on the flow, the cooling tower market has been segmented into cross flow and counter flow. Further, based on the application, the market has been segmented as power generation, HVAC, oil & gas, and others. The other application includes die casting and anodizing. Among these, the HVAC application segment is anticipated to hold prominent market share among others, due to the rise in utilization of cooling towers across the HVAC industries. The above-mentioned segments can be customized as per the requirements.
Global Cooling Tower Market Share by Product Type, 2020 (%)
The Hybrid Segment is Expected to Drive the Growth of the Global Cooling Tower Market
Among the segments, the hybrid segment is expected to hold the prominent market share of the cooling tower market during the forecast period. The segmental growth is contributed due to the increasing demand for hybrid cooling solutions across the globe. Hybrid cooling tower offers various advantages which includes good mix of wet and dry cooling along with the preferred environmental effect & compliance of the environmental restrictions. Further, hybrid systems minimize the production of steam drift in colder urban areas, which is beneficial in industrial areas, urban cities, and roads near buildings that are prone to icing.
Regional Outlooks
The global cooling tower market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The Asia-Pacific region is expected to grow considerably among the colling tower market over the forecast period, owing to the rise in establishment of several manufacturing facilities across the major economies including India and China. The market can be analyzed for a particular region or country level as per the requirement.
Global Cooling Tower Market Growth, By Region, 2021-2027
The North America Region is Anticipated to Hold the Significant Share of the Cooling Tower Market Globally
North America is expected to dominate the cooling tower market across the globe during the forecast period (2021-2027). Most of the regional shares of the market is held by the US, due to the presence of enormous power plants and heavy industries across the country. Additionally, post COVID-19 pandemic, the key manufacturing firm are adopting various strategic initiatives such as partnerships and collaboration catering to bolster the growth of the market. For instance, in April 2020, a partnership between Mid-West Manufacturing Alliance and Kentucky Association of Manufacturers. This alliance agreed on re-opening their economies to deal with the economic downturn of the COVID-19 pandemic. This agreement included cities like Ohio, Illinois, Michigan, Indiana, Wisconsin, Minnesota, and Kentucky, which created opportunities for the market.
Market Players Outlook
The major companies serving the global cooling tower market include SPX Corp., Baltimore Aircoil Co., EVAPCO, Inc., S.A. HAMON, Paharpur Cooling Towers Ltd., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in 2018, Brentwood Industries launched two new products named Shockwave and Thermacross.. The products launched offers benefits such as cross-fluted high efficiency fills, refineries, and power plants.
The Report Covers
• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global cooling tower market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Cooling Tower Market
• Recovery Scenario of Global Cooling Tower Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. SPX Corp.
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Baltimore Aircoil Co. Inc.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. EVAPCO, Inc.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. S.A. HAMON
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. PaharpurCooling Towers Ltd.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Cooling Tower Market by Type
4.1.1. Wet
4.1.2. Dry
4.1.3. Hybrid
4.2. Global Cooling Tower Market by Systems
4.2.1. Open Cooling System
4.2.2. Closed Cooling System
4.3. Global Cooling Tower Market by Flow
4.3.1. Cross Flow
4.3.2. Counter Flow
4.4. Global Cooling Tower Market by Application
4.4.1. Power generation
4.4.2. HAVC
4.4.3. Oil & Gas
4.4.4. Others (Die Casting and Anodizing)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Delta Cooling Tower Ltd.
6.2. Babcock & Wilcox Enterprises, Inc.
6.3. BELL COOLING TOWERS
6.4. Berg Chilling Systems Inc.
6.5. Brentwood Industries
6.6. CCS
6.7. Cooling Tower Depot, Inc.
6.8. Cooling Tower Systems, Inc.
6.9. Enexio
6.10. IlmedImpiantiSrl
6.11. Kelvion Holding GmbH
6.12. International Cooling Tower Inc.
6.13. MESAN Group
6.14. REYMSA COOLING TOWERS, INC.
6.15. WTWH Media, LLC
6.16. STAR Cooling Towers
6.17. Superchill Australia Ptv. Ltd.
6.18. Thermal Care, Inc.
1. GLOBAL COOLING TOWER MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
2. GLOBAL WET COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL DRY COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL HYBRID COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL COOLING TOWER MARKET RESEARCH AND ANALYSIS BY SYSTEMS, 2020-2027 ($ MILLION)
6. GLOBAL OPEN-CIRCUIT COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL CLOSED-CIRCUIT COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL COOLING TOWER MARKET RESEARCH AND ANALYSIS BY FLOW, 2020-2027 ($ MILLION)
9. GLOBAL CROSS FLOW IN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL COUNTER FLOW IN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL COOLING TOWER MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
12. GLOBAL COOLING TOWER IN POWER GENERATION MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
13. GLOBAL COOLING TOWER IN HAVC MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
14. GLOBAL COOLING TOWER IN OIL & GAS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
15. GLOBAL COOLING TOWER IN OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
16. GLOBAL COOLING TOWER MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
17. NORTH AMERICAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
18. NORTH AMERICAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
19. NORTH AMERICAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY SYSTEMS, 2020-2027 ($ MILLION)
20. NORTH AMERICAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY FLOW, 2020-2027 ($ MILLION)
21. NORTH AMERICAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
22. EUROPEAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
23. EUROPEAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
24. EUROPEAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY SYSTEMS, 2020-2027 ($ MILLION)
25. EUROPEAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY FLOW, 2020-2027 ($ MILLION)
26. EUROPEAN COOLING TOWER MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
27. ASIA-PACIFIC COOLING TOWER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
28. ASIA-PACIFIC COOLING TOWER MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
29. ASIA-PACIFIC COOLING TOWER MARKET RESEARCH AND ANALYSIS BY SYSTEMS, 2020-2027 ($ MILLION)
30. ASIA-PACIFIC COOLING TOWER MARKET RESEARCH AND ANALYSIS BY FLOW, 2020-2027 ($ MILLION)
31. ASIA-PACIFIC COOLING TOWER MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
32. REST OF THE WORLD COOLING TOWER MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
33. REST OF THE WORLD COOLING TOWER MARKET RESEARCH AND ANALYSIS BY TYPE, 2020-2027 ($ MILLION)
34. REST OF THE WORLD COOLING TOWER MARKET RESEARCH AND ANALYSIS BY SYSTEMS, 2020-2027 ($ MILLION)
35. REST OF THE WORLD COOLING TOWER MARKET RESEARCH AND ANALYSIS BY FLOW, 2020-2027 ($ MILLION)
36. REST OF THE WORLD COOLING TOWER MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL COOLING TOWER MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL COOLING TOWER MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL COOLING TOWER MARKET, 2021-2027 (%)
4. GLOBAL COOLING TOWER MARKET SHARE BY TYPE, 2020 VS 2027 (%)
5. GLOBAL WET COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL DRY COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL HYBRID COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL COOLING TOWER MARKET SHARE BY SYSTEMS, 2020 VS 2027 (%)
9. GLOBAL OPEN-CIRCUIT COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL CLOSED-CIRCUIT COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL COOLING TOWER MARKET SHARE BY FLOW, 2020 VS 2027 (%)
12. GLOBAL CROSS FLOW IN COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL COUNTER FLOW IN COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL COOLING TOWER MARKET SHARE BY APPLICATION, 2020 VS 2027 (%)
15. GLOBAL COOLING TOWER IN POWER GENERATION MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
16. GLOBAL COOLING TOWER IN HAVC MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
17. GLOBAL COOLING TOWER IN OIL & GAS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
18. GLOBAL COOLING TOWER IN OTHERS MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
19. GLOBAL COOLING TOWER MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
20. US COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
21. CANADA COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
22. UK COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
23. FRANCE COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
24. GERMANY COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
25. ITALY COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
26. SPAIN COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
27. REST OF EUROPE COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
28. INDIA COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
29. CHINA COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
30. JAPAN COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
31. SOUTH KOREA COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
32. REST OF ASIA-PACIFIC COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
33. REST OF THE WORLD COOLING TOWER MARKET SIZE, 2020-2027 ($ MILLION)
