According to Publisher, the Global Cooling Towers market is expected to grow from $2.27 billion in 2016 to reach $3.36 billion by 2023 with a CAGR of 5.7%. Growing demand for cooling towers from developing regions, technological improvements in cooling towers and increasing demand for HVACR deployments among various industries are propelling the market. However, water requirement in bulk quantities and slow growth of these towers in Europe and North America are hindering the market.
Hybrid towers segment dominated the cooling towers market with a highest market share due to optimal cooling and water conservation. On the other hand, the demand for fiber-reinforced plastic (FRP) is growing rapidly as this material is corrosion resistance, less cost compared to other materials and easy to install. Growing construction projects and rising focus on building energy management technologies are increasing the demand for HVAC cooling towers. These cooling towers are widely used in industrial applications to maintain temperatures in chillers.
Asia Pacific has acquired largest market share owing to the adoption of cooling towers in industrial sector. Demand for cooling towers is also growing in China with the emergence of new power plant projects and rapid industrialization.
-Fiber-Reinforced Plastic (FRP)
-High-Density Polyethylene (HDPE)
-Petrochemical and Oil & Gas
-Food & Beverage
-Pharmaceutical and Laboratories
Method of Heat Transfers Covered:
-Plume Abatement Tower
-Water Conservation Tower
-Other Method of Heat Transfers
Type of Towers Covered:
-Hybrid Cooling Tower
-Closed-Circuit Cooling Towers
-Open-Circuit Cooling Towers