Cooling towers refer to a heat rejection device designed to reject the excessive heat from the cooling water stream used in various industrial and air conditioning processes. The circulating water is cooled using blowing air or evaporative heat exchange method. This cooled water can be reused for cooling purpose across different processes. Thus, the prime objective behind using cooling towers is to minimize the overall water usage thereby raising the overall water efficiency. The most common applications of cooling towers are found across industrial manufacturing, power generation plants and air conditioning systems. Industrial sectors such as chemical processing, food processing and oil & gas are among the most popular consumers of cooling towers.

The most prominent factor fueling the cooling towers market growth is the strong industrial growth across the world. Due to rising water scarcity issues, it becomes highly essential to minimize the water usage across different applications. Using cooling towers reduces the overall water wastage thereby achieving higher efficiency and reusability. This has led to development of cooling towers based upon different principles that offer high water efficiency along with minimal generation of contaminated water. Further, increasing number of power plants worldwide is another major factor supporting the market growth. Major challenge for the market is high fragmentation at regional level. Additionally, regulations regarding the external water contamination is another challenge for the small manufacturers of cooling towers.

The report titled “Global Cooling Towers Market- Growth, Share, Opportunities and Competitive Analysis, 2016 – 2023” offers strategic insights into the global cooling towersmarket along with the market size and estimates for the duration 2014 to 2023. The said research study covers in-depth analysis of multiple market segments based on product types, applications and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2015&2023. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.

In order to help strategic decision makers, the report also includes competitive profiling of the leading cooling towers manufacturers, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis, market positioning and key developments. Some of the major players profiled in the report are Baltimore Aircoil Company, GEA Heat Exchangers Group, Hamon Group (Esindus S.A.), FANS, a.s., SPIG S.p.A. (Babcock & Wilcox Enterprises), EVAPCO-BLCT Dry Cooling, Inc. (EVAPCOGroup), Paharpur Cooling Towers Ltd., SPX Technologies, Inc. (acquired by Paharpur Cooling Towers Ltd.), Delta Cooling Towers, Inc., Kimre, Inc., EvapTech, Inc.and others. Other in-depth analysis provided in the report includes:

• Current and future market trends to justify the forthcoming attractive markets within the cooling towers industry
• Market fuelers, market impediments, and their impact on the market growth
  In-depth competitive environment analysis
• Trailing 2-Year market size data (2014 – 2015)
• SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global cooling towers market, offering market size and estimates for the period from 2016 to 2023, keeping in mind the above mentioned factors.

The overall cooling towers market was dominated by the open circuit cooling towers in 2014. These are the most common type of cooling towers. In addition, the open circuit cooling towers have simpler design and are cheaper as compared to the closed-circuit cooling towers. Thus, the segment has witnessed strong penetration in the market over the period of time. The only disadvantage of the open circuit cooling towers higher water loss and contamination. Closed-circuit cooling towers, although expensive, offer higher water savings with minimal external water contamination. This makes these cooling towers more efficient over their counterparts. Thus, the close-circuit cooling towers segment is estimated to witness the highest growth in the coming years. These type of cooling towers are mainly used in applications having no cost constraints.

Heat Exchange Segmentation Analysis

The global cooling towers market is led by the dry cooling heat exchange method, as of 2014. The cooling towers based on the principle of dry cooling require less maintenance and have high life. As a result, cooling towers based upon dry cooling principle enjoy high penetration in the market. However, the hybrid cooling towers segment is expected to witness the highest growth in the market during the forecast period. Cooling towers based upon hybrid (dry as well as evaporative) heat exchange method incorporate pros and cons of dry and wet cooling methods. This results in better water efficiency along with longer life and minimal maintenance. Consequently, the segment is expected to expand with the highest CAGR from 2016 to 2023.

As of 2014, the global cooling towers market is dominated by the industrial manufacturing/processing segment. The segment comprises industrial applications such as chemical processing, oil & gas, food & beverages and other manufacturing segments. These are among the largest users of water for cooling purpose and hence water reusability is one of the most serious concerns in the segment. Due to strong anticipated growth in the overall industrial manufacturing/processing sector, the segment is expected to retain its dominant position throughout the forecast period.

The air conditioning segment is estimated to register the highest growth in the coming years. The segment is majorly driven by the rising deployment of the air conditioning systems worldwide. Further, power generation plants segment too is estimated to register strong growth in the market during the forecast period. In countries such as China, India, Japan and others, the number of power plants is expected to rise significantly in the coming years. This is the prime factor bolstering the segment growth.

As of 2014, the cooling towers market worldwide is dominated by the Asia Pacific region. The segment contributed to more than one third of the total revenue generated in 2014. The major factor fueling the market growth is here is the rising industrialization coupled with the growing number of power plant projects in the region. Countries such as China, India, Japan are the primary contributors to the Asia Pacific cooling towers market. With the further industrial development in the region, the Asia Pacific segment is expected to remain the fastest growing market for cooling towers during the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cooling Towers market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Cooling Towers market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Cooling Towers market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Cooling Towers market?
• Which is the largest regional market for Cooling Towers market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Cooling Towers market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Cooling Towers market worldwide?