Cooling Towers Market to Reach US$ 5,334.2 Mn by 2030 - Coherent Market Insights

The Global Cooling Towers Market was valued at US$ 3,243.1 Million in 2021 and is expected to surpass US$ 5,334.2 Million by 2030, registering a CAGR of 5.9% during the forecast period (2022-2030), according to the Global 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 (North America, Latin America, Europe, APAC and Middle East & Africa), published by Coherent Market Insights.

Cooling tower is used to cool water circulating in the cooling system. Primarily, it is a heat rejection device, which removes the 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. Cooling towers are widely used in different industries such as chemical, oil and gas, food processing, power generation plants, and other air-conditioning applications. There are basically two types of cooling towers: Open cooling towers and closed-circuit cooling towers. On the basis of their heat transfer method cooling towers are classified as evaporative/wet, dry cooling towers, and hybrid.

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.

Key Developments

1. In May 2021, ESINDUS S.A (Hamon Group), a provider of technology and Cooling Systems (CS), get selected by DOS Bocas Refinery to provide two cooling towers in Mexico. By this ESINDUS S.A aims to expand their portfolio in the Mexican cooling market.

Global Cooling Towers Market - Impact of Coronavirus (Covid-19) Pandemic:

Cooling towers are widely used in Heating, Ventilation, and Air Conditioning (HVAC) Systems. This system offers air-conditioning for corporate offices and households.  But owing to the nationwide lockdown imposed by countries such as India and Spain, the corporate offices have been shut down. For instance, In July 2020, the Department of Communications of India ordered Indian IT companies to extend work from home policy for their employees till 31st December 2020. As the IT offices are shut down, the demand for Cooling towers is also expected to reduce in the year 2020-2021.

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 Key Trends and Analysis of the Global Cooling Towers Market:

• Among regions, Europe is expected to witness robust growth in the global cooling market during the forecast period. This is owing to high growth of cooling chemical sector across the region. Furthermore, the presence of key manufacturers is expected to boost the regional market growth over the forecast period.
• Europe is expected to register a lucrative growth rate in the global portable battery pack (power b Latin America is expected to register a robust growth rate in the global cooing market over the forecast period. This is owing to technological advancements in cooling tower and rise in heating, ventilation, air conditioning and refrigeration (HVACR) deployments across the region. Furthermore, the presence of strict regulatory norms are expected to accelerate the regional market growth in the near future.
• Major players operating in the global portable battery pack (power banks) market include Hitachi Ltd, Robert Bosch GmbH, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.