According to the report “Cooling Towers Market: By Type (Natural Draft, Mechanical Draft and Hybrid Draft); By Method of Heat Transfer (Evaporative Tower, Dry Towers, Plume Abatement Towers, Water conservation towers); By Application (Pharmaceutical and Laboratories, Food and beverages, HVAC, Process Cooling, Chemical and petrochemical plants, Refineries and Others); By Geography - Forecast (2016 - 2021)” published by IndustryARC, estimates the market to reach $2,375 million by 2021.
Browse 26 Market Tables, 84 Figures spread through 161 slides and an in-depth TOC on “Global Cooling Towers Market (2016 - 2021)”
Cooling tower refers to heat rejection devices which are used to remove the heat from the process water used in an industry. Water from which the heat is expelled out is again re-circulated to the industry for further use, approximately 0.1% of the water that flows through the cooling tower is evaporated for every one degree temperature drop across the tower. It is used in many industries such as Pharmaceutical laboratories, food and beverages, HVAC, process cooling, chemical and petrochemical plants, refineries and others. However, chemical, petrochemical and HVAC is a dominant segment for cooling tower market owing to huge application in residential, commercial sectors such as hotels, shopping malls and more. HVAC dominates the other industries in 2016 with market share value of 412.7 million and is expected to reach 558.8 million at a CAGR of 6.25%.
Cooling towers is an established market with number of factors driving the cooling tower market such as rising industrial investments around the world, rising water scarcity issues at industries, need to minimize the water usage in different industries. Cooling towers reduces the overall water wastage there by provides scope for higher efficiency and reusability. Furthermore, increasing number of power plants worldwide is another major driver aiding the market growth. Mechanical draft type cooling towers held the maximum share in the overall cooling tower market which accounted to the revenue of 811.4 million in 2016. Major challenges for the market is high fragmentation at regional level, stringent environmental regulations regarding the external water contamination is another challenge for the small manufacturers of cooling towers
Europe and Americas are the first two markets for cooling towers followed by APAC in 2016, due to strict environmental norms at Europe and Americas these regions could see decline in their market share. Whereas, APAC cooling tower market is valued at 450.8 million due to rapidly industrialization in APAC region the market in this region is projected to grow by 831.3 million by 2021 at a CAGR of 10.31%.
The Prominent Players in this Market Include
- SPX Corp
- Hamon Axisparc
- Baltimore Aircoil Co.
- SPIG SpA
SPX Corp which is a major individual company holding the highest market share of 16% in 2015 sold its cooling tower business to India-based Paharpur Cooling Towers for an estimated $48 Million
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