The Cooling Tower Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cooling Tower Global Market Report 2024, The cooling tower market size has grown steadily in recent years. It will grow from $3.35 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to power generation expansion, air conditioning adoption, chemical process industries, water conservation, urbanization and infrastructure, globalization of industries.
The cooling tower market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to upgradation of aging infrastructure, stringent energy efficiency standards, data center expansion, economic development, chemical industry evolution, focus on water treatment. Major trends in the forecast period include hybrid cooling systems, smart controls and automation, fiberglass reinforced plastic (FRP) towers, customization for specific industries, dry cooling systems for water-scarce regions, low-noise cooling tower designs.
Rising demand for cooling towers from the developing markets is expected to drive the cooling tower market. Cooling towers are used to remove heat from industry, which includes nuclear and thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR. There has been high growth in the commercial building and construction industry, high-end real estate, and energy-saving policies, which have contributed to growth in the use of cooling towers in these developing regions. For instance, in February 2022, according to the World Nuclear Association, a UK-based international organization that promotes nuclear power and supports the companies that comprise the global nuclear industry in Asia, there are about 135–140 operable nuclear power reactors. About 35 reactors are under construction, and 50–60 are in the proposal or planning stage. These development activities across developing regions are expected to increase the demand for cooling towers during the forecast period.
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The cooling tower market covered in this report is segmented –
1) By Type: Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower
2) By Flow: Cross Flow, Counter Flow
3) By Application: Chemicals, Petrochemicals, Power Generation, HVACR, Food & Beverages, Other Applications
Major companies operating in cooling tower market are focused on forming strategic alliances to strengthen their position in the market. A business strategic partnership is a collaborative connection between two or more entities, usually business entities, that work together to achieve mutual success through resource pooling. For instance, in November 2023, Hydroleap, Singapore-grown water treatment startup the water technology company, announced a landmark partnership with IX Technology (IXT), Singapore a top-tier provider of data center mechanical and electrical (M&E) infrastructure solutions. This collaboration has the potential to revolutionize water management within cooling towers and enable the data center industry to reduce water and chemical use, diminish their carbon footprint and enhance regulatory compliance.
The cooling tower market report table of contents includes:
1. Executive Summary
2.Cooling Tower Market Characteristics
3.Cooling Tower Market Trends And Strategies
4.Cooling Tower market analysis
5.Cooling Tower Market Size And Growth
6.Cooling Tower Segmentation
7.Cooling Tower Regional And Country Analysis
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27.Cooling Tower Competitive Landscape And Company Profiles
28.Cooling Tower Key Mergers And Acquisitions
29. Cooling Tower Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Haier Group
- Midea Group
- Gree Electric Appliances
- Johnson Controls
- TCL Technology
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