Many people might not be aware of the importance of cooling towers. While they might only use a cooling tower for their homes, businesses, and factories, they are necessary for keeping the work areas cool to protect workers from harm due to the heat. With so many great benefits of cooling towers, it's no wonder that this market is one of the most lucrative in the world.
Introduction to the Cooling Tower Industry
The cooling tower industry is on the rise. The global cooling tower market size is estimated to be 2.1 billion in 2021 and projected to be USD 2.6 billion by 2026, at a CAGR of 4.5%. This growth is largely due to the increasing demand for fresh food and beverages, as well as the increase in the production of renewable energy.
In this article, we will discuss the industry overview and key market trends. We will also provide you with a detailed analysis of the global market for cooling towers, as well as some of the key players in this market. Finally, we will provide you with some insights into the future growth of the cooling tower industry.
The cooling tower industry is on the rise. This growth is largely due to the increasing demand for fresh food and beverages, as well as the increase in the production of renewable energy.
In this article, we will discuss the industry overview and key market trends. We will also provide you with a detailed analysis of the global market for cooling towers, as well as some of the key players
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Drivers, Trends and Challenges in the Global Cooling Tower Market
The factors driving the growth of the cooling tower market include increase in the demand for energy-efficient thermal systems, increasing awareness about environmental concerns, and increasing focus on improving plant health and safety. However, the main restraining factor for the growth of the cooling tower market is high installation costs.
The global cooling tower market is segmented on the basis of type, application and region. On the basis of type, the market is divided into evaporative and condensing types. On the basis of application, the market is divided into industrial and commercial applications. The regional segmentation includes North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Increasing focus on improving plant health and safety is one of the key drivers for growth of the cooling tower market. Other factors such as increase in demand for energy-efficient thermal systems are also drivingthe growth of this market.
Trends in Growth of the Global Cooling Tower Market
The growth in the overall cooling tower market can be attributed to the increasing demand for energy-efficient buildings, increasing awareness about the benefits of using cooling towers in air conditioning systems, and the need to reduce greenhouse gas emissions.
Some of the key factors driving the growth of the global cooling tower market are increasing awareness about the benefits of using cooling towers in air conditioning systems, growing demand for energy-efficient buildings, and the need to reduce greenhouse gas emissions. Some of the major players in the global cooling tower market include CFM International (US), Daikin Industries (Japan), SABIC (Saudi Arabia), and Mitsubishi Heavy Industries (Japan).
Key Segments: Commercial, Industrial & Residential
The growth is driven by the increasing demand for energy conservation and renewable resources. The commercial segment is estimated to dominate the market, accounting for more than two-thirds of the total value. In terms of volume, the industrial segment is expected to register higher growth rates during the forecast period owing to the increasing adoption of advanced cooling technologies such as economizers and heat pumps in industrial applications.
The global cooling tower market is growing rapidly due to increased demand for energy conservation and renewable resources. The commercial segment is estimated to account for more than two-thirds of the total value, while the industrial segment is projected to register higher growth rates during the forecast period.
Regional Snapshot: North America and Europe
The Asia-Pacific region is expected to register the highest growth rate during the forecast period.
North America is the largest regional market with a share of nearly 38% in 2016. The region is expected to witness significant growth over the forecast period owing to increasing awareness about energy conservation and stringent environmental regulations in developed countries. The Asia-Pacific region is expected to account for the largest share of the market by 2026. The growth prospects of this region are attributed to increasing investments in renewable energy and enhanced infrastructure development across key countries such as China and India.
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