According to IMARC Group’s latest report, titled “Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025, the global cooling tower market grew at a CAGR of around 5% during 2014-2019. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2020-2025.
A cooling tower stands for a heat removal device that utilizes water for releasing the waste heat into the atmosphere. It provides several benefits, including optimal cooling, water conservation, energy efficiency, corrosion resistance, cost-effectiveness, high durability, easy installation, reduced noise pollution, longer service life, etc. As a result, cooling towers are widely adopted for heating, ventilation and air conditioning (HVAC) systems, cold storage units, food processing plants, petroleum refineries, and electric power generation.
The rising demand for electrification, along with the growing number of power generating units, is augmenting the market for cooling towers. Moreover, the introduction of stringent regulations pertaining to the rising global warming is also driving the demand for cooling towers. Additionally, the growing construction industry, along with the increasing installation of HVAC systems, is further catalyzing the market growth. Moreover, the growing adoption of cooling towers for providing comfort cooling across large commercial spaces, such as educational institutes, airports, hotels, hospitals, etc, is also proliferating the global cooling tower market. Several advancements in the sector have led to the rapid integration of 3D TRASAR technology for offering high performance of cooling tower systems.
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Cooling Tower Market 2020-2025 Competitive Analysis and Segmentation:
The competitive landscape of the cooling tower market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global cooling tower market tower type, flow type, design, construction material, end user industry and region.
Breakup by Tower Type:
Breakup by Flow Type:
Breakup by Design:
Breakup by Construction Material:
Breakup by End-User:
Breakup by Region:
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