Product Code: CMR 0401
According to the U.S Energy Information Administration, about 4.18 trillion kWh of electricity was produced at utility-scale electricity generation amenities in the country. Further analysis revealed that 63% of this electricity generation was from plants which use fossil fuels such as coal and natural gas, 20% was from nuclear energy generation plants, and around 17% was from renewable energy plants. Apart from the energy sector, global industrialization has sped up operations in industrial settings such as in oil refineries, manufacturing, petrochemicals, F&B and oil and gas. These developments have augmented numerous adjacent sectors in terms of growth in their industrial infrastructures and plants, with the cooling towers market majorly capitalizing upon product demand for installations in novel industrial spaces. A cooling tower is a heat exchanger which allows water and air to come into direct contact in order to reduce the water's temperature and provide optimal cooling conditions. Abundant demand potential from across sectors owing to the mandatory procedures of optimal cooling and as a supplementary devices enhancing energy efficiency, the global cooling tower market size is propelling and was evaluated to have reached a valuation of $2.3 billion in 2018. Apart from industrial settings, cooling towers employed in HVAC (heating, ventilating, air conditioning) systems of commercial buildings including shopping malls and outsized workplaces is driving market demand at a global compound annual rate of 4.21% during the forecast period 2019 to 2025.
Cooling Towers Market Outlook:
Europe is estimated to be the leading region in terms of the global cooling tower market demand. This region, with enormous industrial hubs in the U.K and Germany, accounted for 34.76% of the global uptake in 2018. Some factors influencing the European cooling tower market demand -
- Germany is the second largest export economy in the world, and in 2017, its export value was $1.33 trillion while imports were valued at $1.08 trillion. This huge industrial nucleus generates a similar-sized demand for apparatuses such as cooling towers.
- Refurbishments of residential, industrial and commercial infrastructures with trappings of modernity and influx of investments in several industries by the European Union to sustain its dominance in global economy is creating novel opportunities for application of cooling towers. For instance, developing towards the front of alternate energy, the number of nuclear power plants in EU is surging and it generates almost 30% of the electricity produced in the EU with 130 nuclear reactors in 14 EU countries. As the number of such plants is set to increase further during the upcoming years , similar will be the demand for cooling towers in such spaces. Apart from energy sector, Europe holds a dominant position globally in terms of automotive manufacturing, F&B sector, manufacturing and construction. Consequently, progress in all these industries will have direct impact on the cooling towers market of Europe.
In terms of end-user applications, the market is bifurcated into pharmaceutical and laboratories, F&B, HVAC, process cooling, chemical and petrochemical plants and refineries. HAVC is the fastest growing application segment progressing at a CAGR of 6.1% till 2025. For commercial application, demand for central air conditioners, which installs cooling towers and chillers is moderately higher due to increase in demand from the construction sector and refurbishment processes associated with it. As per the Institution of Civil Engineers, the global construction market is set to grow to $8 trillion by 2030. Considering these rapid strides in the construction industry, the demand for HVAC is all set to add impetus to the global cooling towers market share.
Cooling Towers Market Growth Drivers:
- Nuclear Power Plants- An novel end-user vertical with increasing uptake- Increasing requirements from nuclear power plants is a major growth driver of demand for the cooling towers market. As a huge amount of heat is generated from nuclear plants, cooling towers are extensively employed to eradicate heat. Globally, 450 nuclear power reactors are producing around 11% of the world's electricity and 60 reactors are under construction. The increasing number of nuclear plants is positively impacting the uptake of cooling towers globally.
- HVAC equipment market is witnessing unprecedented demand from the bourgeoning modern construction sector inclined towards intricate infrastructures. Cooling towers are an integral equipment in HVAC systems, hence increasing demand for HVAC systems is directly is positively influencing the demand for cooling towers. Similarly, HVAC application in rampantly flourishing industries such as oil and gas, F&B, and petrochemical is driving growth in the cooling towers market size.
Cooling Towers Market Developments and Trends:
- SPX Cooling Technologies in 2018, at the International Air-Conditioning, Heating, Refrigeration Exposition (AHR Expo), unveiled the Marley MD Everest cooling tower. At 2500 tons, the MD Everest tower is ideal for some of the largest chillers, as it delivers a cooling capacity per cell greater than 85%.
- According to The Energy and Resources Institute (TERI), India, 70% of water consumption in power plants are by cooling towers and ash handling systems. Hence, the application of dry towers to counter wastage of water is a mega trend disrupting the cooling towers market in water stressed nations such as India. Dry towers also eradicate some challenges that are witnessed in conventional cooling towers such as plume, fogging, mist and icing. Hence, due to its water saving approach, dry towers are major disruptive force in the global cooling towers market.
Cooling Towers Market Players Perspective:
Some of the key players operating in the global cooling towers market are Baltimore, Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Enexio Hamon & Cie International, SA Paharpur Cooling Towers, SPIG S.p.A., SPX Corporation, and Star Cooling Towers Private Ltd.
As the towers finds majority of application in commercial spaces, ROI is a major factor influencing the selection by end-user verticals. Hence the industrial users opt for towers with larger surface areas with higher rate of evaporation (major purpose of installation). As tower fills are the most vital element influencing surface area, major market players are introducing better fills to engage with customers. For example, Brentwood Industries Inc., introduced two new fill media products in 2018, targeting power plants and refineries.
Cooling Towers Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Cooling Towers Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of trends in global Cooling Towers Market, and their specific advantages to the market.
The Cooling Towers Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
1. Cooling Tower Market Overview
2. Executive Summary
3. Cooling Tower Market Landscape
- 3.1. Market Share Analysis
- 3.2. Comparative Analysis
- 3.2.1. Product Benchmarking
- 3.2.2. Top 5 Financials Analysis
- 3.2.3. End User Profiling
4. Cooling Tower Market Forces
- 4.1. Market Drivers
- 4.2. Market Constraints
- 4.3. Market Challenges
- 4.4. Attractiveness of the Industry
- 4.4.1. Power of Suppliers
- 4.4.2. Power of Customers
- 4.4.3. Threat of New Entrants
- 4.4.4. Threat of Substitution
- 4.4.5. Degree of Competition
5. Cooling Tower Market Strategic Analysis
- 5.1. Value Chain Analysis
- 5.2. Pricing Analysis
- 5.3. Opportunity Analysis
- 5.4. Product Life Cycle Analysis
- 5.5. Suppliers and Distributors
6. Cooling Tower Market By Type
- 6.1. Natural Draft
- 6.2. Mechanical
- 6.2.1. Forced Draft
- 6.2.2. Induced Draft
- 6.3. Hybrid Draft
- 6.4. Others
7. Cooling Tower Market By Construction
- 7.1. Field-Erected
- 7.2. Factory Assembled
8. Cooling Tower Market By Method of Heat Transfer
- 8.1. Evaporative Tower
- 8.2. Dry Towers
- 8.3. Plume Abatement Towers
- 8.4. Water Conservation Towers
- 8.5. Others
9. Cooling Tower Market By Application
- 9.1. Pharmaceutical and Laboratories
- 9.2. Food and Beverage
- 9.3. HVAC
- 9.4. Process Cooling
- 9.5. Chemical & Petrochemical Plants
- 9.6. Refineries
- 9.7. Others
10. Cooling Tower Market By Geography
- 10.1. Americas
- 10.1.1. U.S.
- 10.1.2. Brazil
- 10.1.3. Mexico
- 10.1.4. Canada
- 10.1.5. Others
- 10.2. Europe
- 10.2.1. UK
- 10.2.2. Germany
- 10.2.3. France
- 10.2.4. Spain
- 10.2.5. Others
- 10.3. APAC
- 10.3.1. China
- 10.3.2. India
- 10.3.3. Australia
- 10.3.4. Others
- 10.4. ROW
11. Market Entropy
12. Investment Opportunities
13. Company Profiles
- 13.1. SPX Cooling Technologies, Inc.
- 13.2. Delta Cooling Towers, Inc.
- 13.3. United Cooling Systems Pvt. Ltd.
- 13.4. Harrison Cooling Towers Pvt. Ltd.
- 13.5. Kemrock Industries and Exports Ltd.
- 13.6. Evapco Inc.
- 13.7. SPIG S.P.A.
- 13.8. Kuken Kogyo Co., Ltd.
- 13.9. Baltimore Cooling Company, Inc.
- 13.10. Johnson Controls, Inc.
- 13.11. Others
More than 40 Companies are profiled in this Research Report, Complete List available on Request*
"*Financials would be provided on a best efforts basis for private companies"
- 14.1. Abbreviations
- 14.2. Sources
- 14.3. Research Methodology
- 14.4. Bibliography
- 14.5. Disclaimer