A new Transparency Market Research report states that the global cooling towers market stood at US$2.3 bn in 2013 and is predicted to reach US$3.1 bn in 2020. It will expand at a 4.70% CAGR from 2014 to 2020. The title of the report is “Cooling Towers Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”.
Cooling towers have been broadly utilized in a number of industrial applications for maintaining temperatures in chillers. It is a device that works on the principle of heat rejection and is utilized in manufacturing plants and during power generation for cooling the environment. In addition, heat can be removed via cooling towers in air conditioning systems of buildings. The increasing demand for electricity and growing industrialization has raised the count of power projects. This is predicted to raise the demand for cooling towers in the coming years.
On the basis of type, the cooling towers market is segmented into closed circuit cooling towers and open cooling towers. Amongst these, open cooling towers are highly in demand worldwide owing to them being economical and efficient. On the other hand, closed circuit cooling towers have the benefit of less loss of water during the cooling process and a reduced risk of external contamination. However, closed circuit cooling towers are expensive, due to which they have a limited rate of adoption and are only implemented in applications where cost doesn’t come up as a key constraint.
On the basis of heat exchange method, the market is segmented into dry cooling, evaporative, and plume abatement. Amongst these, dry cooling towers have greater life expectancy and are easier to maintain, but plume abatement cooling towers are experiencing greater adoption owing to their ability to achieve a water saving mark of up to 50%. On the basis of application, the cooling towers market is segmented into power generation utilities, air conditioning, and manufacturing. These applications need large volumes of water, but cooling tower vendors are able to conserve water via accurate monitoring and maintenance of cooling towers. The efficient supervision of water loss in cooling towers is expected to be a key factor in the coming years, as water scarcity is a growing issue around the world.
On the basis of geography, the market for cooling towers is segmented into Western Europe, Eastern Europe, Asia Pacific (not including the Far East), Southern Africa, North America, and the Rest of the World (RoW), including South America, North Africa, the Middle East, and the Far East. Amongst these, RoW led the market for cooling towers in 2013 and held a share of 35.70% in the market. The reason for the dominance of this region is the rise in the number of power plants and rapid industrialization, particularly in China. It is predicted that this region will be the most swiftly developing region in the forecast horizon and will expand at a 5.50% CAGR during the forecast period.
EvapTech, Inc., Composite Cooling Solutions L.P., Changzhou Kwell Cooling Equipment Co., Ltd., Liang Chi Industry Co. Ltd., Kimre, Inc., and SPX Corporation, among others, are the key players operating in the market.