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 Details of Report @
http://www.grandviewresearch.com/industry-analysis/cooling-towers-market
http://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.
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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