The global cooling towers market is expected to reach USD
4.85 billion by 2025, according to a new report conducted by Grand View
Research, Inc. Cooling towers are used in power plants, particularly in
thermoelectric power plants, to remove excess heat from the plant. With the
rising global demand for electricity, the number of power plants is also
expected to increase, thereby driving growth of this market.
Furthermore, a tremendous rise in the
number of construction activities across the residential and commercial sectors
in developing countries is expected to boost the demand for this product.
Additionally, rapid global industrialization is also a key driver expected to
favorably impact the cooling towers market growth over the forecast period.
Technological advancements \ are
expected to provide improved cooling capacity, minimum components, improved
installation & energy savings, and low maintenance cost, which is further
anticipated to escalate market growth in the near future. Moreover, stringent
government regulations relating to the use of cooling towers across different
regions is also expected to positively impact market growth.
However, environmental concerns
related to cooling towers such as plume, drift, and water contamination are
anticipated to moderately hamper the market demand. Nevertheless, the emergence
of plume abated towers and drift eliminators is expected to overcome these
environmental concerns and drive market growth in the near future.
Energy-efficient towers provide
optimal cooling while exhibiting eco-friendly properties. These facilitate in
water conservation, provide high-efficiency motors in order to cut down on the
operating cost, and reduce environmental concerns. These environmental benefits
are also expected to drive the demand for the product.
HVAC systems are generally implemented
in commercial spaces, large offices, and shopping malls. Cooling towers are a
mandatory component of an HVAC system, which is used to remove excess heat from
the building. The increasing rate of urbanization and enhanced standard of
living are expected to lead to the large-scale implementation of HVAC systems,
thereby driving the market growth globally.
Browse full research report on Cooling Towers Market: https://www.grandviewresearch.com/industry-analysis/cooling-towers-market
Further key findings from the report suggest:
- The closed-circuit type segment captured over 30% of the
total revenue in 2016; however, hybrid type is anticipated to exhibit a
substantial growth at a CAGR exceeding 4% from 2017 to 2025. This growth
is attributed to their increasing adoption across various end-use
industries.
- The Fiber-Reinforced Plastic (FRP) material segment accounted
for over 20% of the total market share in 2016. However,High-Density
Polyethylene (HDPE) material segment is projected to register a
significant CAGR exceeding 5.0% from 2017 to 2025, owing to various
benefits including high corrosion resistance, low maintenance cost, and
long service life.
- Cooling towers have a wide scope for application in HVAC
equipment and power plants due to their ability to remove excess heat. As
a result, the HVAC segment is anticipated to capture a sizeable market
share over the forecast period.
- Asia Pacific has emerged as the fastest growing market and is
expected to witness a healthy CAGR of over 5.0%, which is primarily
accredited to the rapid industrialization in this region.
- Key players in this industry include SPX Corporation, Evapco,
Hamon & CIE International SA, Paharpur Cooling Towers, B&W SPIG
(Babcock & Wilcox), Enexio, and Baltimore Aircoil Company.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/cooling-towers-market/request/rs1
Grand View Research has segmented the cooling towers market on the
basis of types, materials, applications, and regions:
Cooling Towers Type Outlook (Revenue, USD Million; 2014 - 2025)
- Open-Circuit
- Closed-Circuit
- Hybrid
Cooling Towers Material Outlook (Revenue, USD Million; 2014 -
2025)
- FRP
- Steel
- Concrete
- Wood
- HDPE
Cooling Towers Application Outlook (Revenue, USD Million; 2014 -
2025)
- HVAC
- Power
Generation
- Oil
& Gas
- Industrial
Cooling Towers Regional Outlook (Revenue, USD Million; 2014 -
2025)
- North
America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Asia
Pacific
- China
- India
- Japan
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
No comments:
Post a Comment