Cooling Tower Global Market Report 2022

June 2022
175 pages
ID: 6284371
Format: PDF
The Business Research Company

Summary

Table of Contents

Major players in the cooling tower market are SPX Corporation, Baltimore Aircoil Company, Evapco Inc, Bell Cooling Tower, Brentwood Industries Inc., Enexio, Paharpur Cooling Towers, ENEXIO Management, Baltimore Aircoil Company (BAC), Hamon & Cie International SA, Johnson Controls, Perfect Cooling Towers, and Thermal Care.

The global cooling tower market is expected to grow from $2.97 billion in 2021 to $3.14 billion in 2022 at a compound annual growth rate (CAGR) of 5.67%. The cooling tower market is expected to reach $3.76 billion in 2026 at a CAGR of 4.63%.

The cooling tower market consists of sales of the cooling tower by entities (organizations, sole traders, partnerships) that refers to specialized heat exchanger, in which air and water are forced into a direct contact to reduce the water’s temperature. During the colling tower process, small quantity of water evaporates and lowers the water, which is being circulated throughout the tower.

The main types of cooling towers are evaporative cooling tower, dry cooling tower, hybrid cooling tower.The evaporative cooling tower derive their primary colling effect from the evaporation that takes place when air and water are brought into direct contact.

The flow patterns of cooling towers include cross flow, counter flow with applications in chemicals, petrochemicals and oil & gas, HVACR, food & beverages, power generation, and others.

North America was the largest region in the cooling tower market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the cooling tower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR.

There has been high growth in the commercial building & construction industry, high-end real estate, and energy-saving policies, which contributed to growth in the use of cooling towers in these developing regions.For instance, in February 2022, according to World Nuclear Association, a UK based international organization that promotes nuclear power and supports the companies that comprise the global nuclear industry in Asia there are about 135-140 operable nuclear power reactors.

About 35 reactors are under construction, and 50 – 60 are in the proposal or planning stage. These development activities across developing regions are expected to increase for cooling towers during the forecast period.

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 safeguard delicate marine ecosystems and reduce overall environmental impact.

In September 2019, Nijhuis Industries, a Netherlands-based water and wastewater company acquired Deba UK Ltd. for an undisclosed amount. The acquisition by Nijhuis is focused on expanding its existing portfolio and strengthening its growth strategies to expand business operations in niche markets across the globe. Deba UK Ltd. is a UK-based provider of cooling tower engineering and environmental services.

The countries covered in the cooling tower market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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