The Cooling Tower Global Market Report 2023 by The Business Research Company, provides cooling tower market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Cooling Tower Global Market Report 2023, the global cooling tower market size grew from $3.23 billion in 2022 to $3.33 billion in 2023 at a compound annual growth rate (CAGR) of 2.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The market size of the cooling tower is expected to grow to $3.99 billion in 2027 at a CAGR of 4.6%.
Rising demand for cooling towers from the developing markets of Asia-Pacific 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.
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The cooling tower market 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
The installation of eco-friendly products is a key trend in the cooling tower market. Eco-friendly products use water rather than air to transport heat rather than air, which is roughly 3,200 times more efficient and environmentally friendly. For instance, in September 2020, B&W Environment successfully installed a new cooling tower system for Naturgy Generación’s combined-cycle natural gas power plant. B&W Environmental’s seawater cooling towers help in decreasing or eliminating the need for desalination and processing of cooling water, which safeguards delicate marine ecosystems and reduces overall environmental impact.
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 – Macro Economic Scenario
5. Cooling Tower Market Size And Growth
…
27. Cooling Tower Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Cooling Tower Market
29. Cooling Tower Market Future Outlook and Potential Analysis
30. Appendix
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