SEATTLE, Dec. 23, 2021
SEATTLE, Dec. 23, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global cooling towers market is estimated to account for 4,354.9 Mn in terms of value and is expected to grow at CAGR of 4.7% for the period 2020-2027.
There are three types of cooling towers, each with its own purpose and advantages. Counter-flow and cross-flow types use counter-flow cooling towers. These units require minimal maintenance and have low operating costs. There are two basic types of cooling towers: open and enclosed. Open cooling towers are more common and are usually equipped with an aeration system. The latter has the advantage of being able to handle more water than closed systems. An open cooling tower is one of the simplest types of cooling towers. The discharge point is the air that passes through the cooling tower's fill. The water evaporates and is cooled by the airflow. The discharged water is collected in a "collection basin." During the operation, the cooled water is discharged into the surrounding atmosphere. The open cooling towers are also known as counter flow cooling towers. Depending on their design, they can be either counter flow or natural draft cooling towers.
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Increasing demand for energy-efficient cooling systems in industrial and commercial applications is expected to propel growth of the global cooling towers market during the forecast period
Cooling towers have become a cost-effective technique for cooling of huge commercial spaces. They are being used in various industries such as chemicals, food processing, and oil and gas. Due to their energy-efficient feature, cooling towers are also used on large scale in thermoelectric power plants for removing the excess heat. For instance, in May 2021, SPX Cooling Technologies, Inc., launched the novel Marley NC Everest Cooling Tower, a crossflow evaporative cooling system. The system uses up to 35% less fan power for achieving higher energy savings.
Application of cooling towers in different industries is anticipated to boost growth of the global cooling towers market over the forecast period
Industries such as oil industries, food and beverages use cooling towers as water cooled systems, as energy efficient systems due to their lower energy consumption than air coolers. They are further used in food processing plants, natural gas plants, petroleum refineries, and other industries, as these towers are designed to cool the circulating water throughout the manufacturing process. This in turn is expected to fuel growth of the market.
Players in the market are adopting various inorganic strategies such as mergers and acquisition as well as joint ventures in order to strengthen their presence in the market, which is expected to create lucrative growth opportunities in the global cooling towers market during the forecast period. For instance, in December 2021, Specialty Welding and Turnarounds, LLC, a leading company that provides high technical maintenance service to the refinery, chemical, renewable industries, acquired Midwest Cooling Tower Services (MWCTS) from Dorilton Capital.
Moreover, market players are also focusing on development and launch of novel products to keep the competitive edge in the market. This in turn is expected to create major growth opportunities in the global cooling towers market during the forecast period. For instance, In January 2019, SPX Cooling Technologies, Inc., introduced new cooling tower control panels and monitoring equipment for efficient operations.
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North America Trends
North America is anticipated to witness significant growth in the global cooling towers market over the forecast period, due to presence of major manufacturers, and increasing adoption of advanced technology in the region. Moreover, factors such as strict government policies regarding water consumption, harmful emissions released from towers, and increasing development in infrastructures are expected to drive growth of the market in this geography.
Asia Pacific Trends
Asia Pacific is expected to witness robust growth in the global cooling towers market over the forecast period, owing to increasing industrialization and manufacturing plants in the region. Furthermore, growing focus on nuclear power plant construction in Asia Pacific region is also expected to drive the adoption of cooling towers, which in turn is expected to fuel growth of the market. For instance, in May 2021, Russian state corporation Rosatom, announced the initiation of construction work for units at two nuclear power plants (NPPs) in China.
Major players functioning in the global cooling towers market are Superchill Australia Pty Ltd, SPIG S.p.A, Cooling Tower Depot, Inc., LIANG CHI INDUSTRY (THAILAND) CO., LTD., SPX Corporation, ESINDUS S.A (Hamon Group), Delta Cooling Towers, Inc., Paharpur Cooling Towers Limited, Absolute Cooling Tower Services Ltd., and FANS a.s.
In July 7, 2020, SPX Cooling Technologies, Inc., launched the Marley BasinGard Filter, adding it into its MarleyGard Water Management and Tower Protection Tools, for existing and new factory-assembled, crossflow cooling towers.
By Heat Transfer Method
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