Dry cooling tower market share to surge substantially by 2025

Since the last half a decade or so, In recent times, predominant players in cooling tower market have been vying with one another to manufacture products with increased efficiency and shield the equipment from scaling, fouling and corrosion. The demand for cooling towers has been notable in cold storage, commercial, industrial, and HVAC applications, power plants, water-cooled air compressors, and more. Undeniably, this surge in demand can be attributed to the fact that cooling towers are an indispensable component in industrial unit as they play an invaluable role in removing excess heat in large industrial and commercial plants. 

Upsurge in investment towards the advancement of industrial sector along with continuous thermal power plants capacity are slated to fuel cooling tower market trends. Further, soaring adoption of sustainable energy sources, including cogeneration technologies will have positive influence in the growth of cooling tower market outlook.

Global Market Insights, Inc. predicts cooling tower market size to surpass US$ 3bn by 2025.

Package segment is being bolstered by strong investment witnessed in automotive, textile and food processing. As such, a few of the upsides such as simplified piping & electrical wiring and flexible site placement will trigger growth in the industry landscape. In light of the same, package cool tower market is likely to expand at a CAGR of over 5% through 2025.

Sustained investment in the upstream sector across APAC and MEA will upsurge cooling tower industry share. Notable expansion and refurbishment of oil refineries are a few of the factors that will remain instrumental in bolstering product portfolio in the industry. For instance, Reliance Industry in September 2017, proposed to foster the oil refining capacity by staggering 30 million tons per year.

Stakeholders have high hopes from North America as U.S. cooling tower market size was pegged at US$ 250 million in 2018. Affable regulatory policies toward sustainable power generation and prolific growth in the manufacturing sector will stimulate cooling tower industry growth in the region.

Sheer ability to obliterate water usage, decrease biological contaminants and reduce thermal pollution are prominent factors that will bolster dry product segment. Further, stakeholders are buoyed by low energy consumption, reduced noise emission, low maintenance cost and longer service life offered by the system.

Traction for fiber reinforced plastic (FRP) has increased profoundly against the backdrop of non-corrosion, excellent strength, ability to stand firm against hostile temperature, reduced maintenance and easy installation.

Global Market Insights, Inc. opines counterflow segment will hold a lion’s share in cooling tower market in the wake of efficient air to water flow contact, reduced noise emission & space requirement. Predominantly, counterflow tower becomes instrumental in areas where low operating weight is required. Soaring popularity of this segment across power plants, manufacturing sector and heavy industries has been vital in expanding product penetration.

Predominant players in the cooling tower market are vying to propel their product portfolio by heavily investing in research and development activities. Some of the prominent companies in the cooling tower market are Johnson Controls, Bell Cooling Tower, Mesan, Star Cooling, Thermal Cooling, SPX Cooling, International Cooling and Paharpur Cooling Tower, to name a few.

Report link - https://www.gminsights.com/industry-analysis/cooling-tower-market