Cooling Tower Market - Forecast(2024 - 2030)

 

Cooling Tower Market Overview

Cooling Towers Market is expected to reach $6340 million by 2030 at a CAGR of 5.60% during the forecast period 2024-2030, owing to the rapid industrialization, and surge in deployment of various types of equipment for cooling towers to avoid wear and tear is analyzed to drive the market. In addition, cooling towers are being predominantly adopted in industries such as HVAC, manufacturing, renewable energy power plant, cold storage and others. Moreover the need for frequent cooling of industrial equipment and buildings is fuelling the growth of Cooling Towers market in the forecast period 2024-2030.

 

Cooling Tower Market Report Coverage

The report: “Cooling Tower Market – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Cooling Tower market

By Type: Evaporative Cooling, Hybrid Cooling, Dry Cooling
By Form: Natural draft cooling towers, Cross towers, Counter flow towers, Hyperbolic cooling towers, Induced draft cooling towers, Passive draft cooling towers, Others
By Construction: Factory assembled cooling towers, Field-erected towers
By Components: Fill parts, Cross flow, Counter flow, Drift Separators, Water distribution system, Air intake louvers, others
By Service: New installation, Maintenance, Replacement
By Application: HVAC, Refrigeration and Chilling plant, Diesel engine & Gas engine, Induction melting steel furnaces, Cold storage, Oxygen plants, Renewable energy power plant, Waste water treatment plant, Others
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).

Key Takeaways

• Cross Flow Tower segment in Cooling Tower is growing at a CAGR of 5.93% in the forecast period owing to the investments made by government and companies for expansion of certain industries such as Chemical, Pharmaceutical Plant and so on are analyzed to drive the market.
• Hybrid Cooling is growing at a highest CAGR of 7.52% in the forecast period. These cooling towers are a good mix of wet and dry cooling with a favorable environmental effect and meet challenging environmental specifications.
• The rising number of construction activities across the commercial and residential sectors in this region is anticipated to drive product demand.
• Cooling Tower top 10 companies include SPX Corporation, Johnson control Inc, Baltimore Aircoil Company, ENEXIO, Hamon Axisparc, B&W SPIG, Samco Technologies, Inc., Brentwood Industries, Inc, Paharpur Cooling Towers Ltd, and Star Cooling Towers among others.

 

Cooling Tower Market Segment Analysis - By Type 
Hybrid Cooling is growing at a highest CAGR of 7.52% in the forecast period. These cooling towers are a good mix of wet and dry cooling with a favourable environmental effect and meet challenging environmental specifications. They allow for the reduction of steam drift (the “steam plume”, especially visible during cold wet weather and in winter, when it can lead to icing). The elimination of the steam plume is particularly beneficial in urban areas, industrial areas, and close to roads with the potential of icing. In addition the hybrid cooling towers reduce the consumption of water and provide total heat rate as required by the customer. Further this module is to reduce the cooling water temperature, using the surrounding air before the water enters the wet section. Hot air from dry cooling is mixed with saturated air from the wet section, thus eliminating the steam plume. The applications of hybrid cooling technology include energy, petrochemical, chemical, metallurgy, plastic and rubber, paper and manufacturing industry is analysed to drive the market in the forecast period 2020-2025.

 

Cooling Tower Market Segment Analysis - By Form
Cross Flow Tower in Cooling Tower is growing at a CAGR of 5.93% in the forecast period. In cross flow towers the water flows vertically through the fill while the air flows horizontally, across the flow of the falling water. This type of cooling towers distribute the hot water perpendicularly to the air flow. Water flows from the top of the cooling tower through the hot water gravity distribution basin and into the fill while the cooling tower fan draws air horizontally across the fill. Cross flow towers have an internal access plenum that can be fitted with an internal platform from which the drive system can be serviced, and the entire fill assembly inspected. These towers can also be fitted with an external service platform or a ladder with handrails that provides safe maintenance access to the hot water basin. The capacity of the cross flow single cell cooling tower is 70 M³/Hour to 255 M³/Hour. The capacity of the cross flow multi cell cooling tower can be custom made according to the requirements of the customers. In addition, investments made by government and companies for expansion of certain industries such as Chemical, Pharmaceutical Plant and so on are analyzed to drive the market. In 2019, ExxonMobil has committed to that it will proceed with a $2 billion investment to expand its Baytown, Texas chemical plant. Similarly, several other process industries are planning to expand their presence in U.S. Hence these developments are analyzed to drive the market in the forecast period 2020-2025.

 

Cooling Tower Market Segment Analysis - By Region
North America dominated by U.S has a significant share in Cooling Tower market in the forecast period owing to the presence of major industries in this region. Moreover significant collaborations by companies is also analyzed to drive the market. In April 2020, the Kentucky Association of Manufacturers has entered into a partnership with a newly-created Midwest manufacturing alliance. This alliance will coordinate on reopening their state economies amid the coronavirus pandemic. The latest agreement includes Illinois, Ohio, Michigan, Indiana, Wisconsin, Minnesota and Kentucky. This will create new opportunities for the cooling towers market in this region. Cooling towers are being used in many industries, chief among them being power, commercial, HVAC and industrial. In the industrial setup, the system rejects heat from machinery, heated process material among other sources. APAC will have a growing presence in the market driven by rising industrialization and adoption in manufacturing sector. Specifically, industrial cooling towers are common in food processing plants, petroleum refineries, natural gas plants and petrochemical plants. Hence growing applications of these cooling towers are analyzed to drive the market in the forecast period 2021-2026. 

 

Cooling Tower Market Drivers

Surge in adoption by various end user verticals 

Its introduction in various industries is an important growth factor for the cooling towers. Cooling towers have started to be used as energy-efficient systems, as water-cooled systems, because they provide lower energy consumption than air-cooled alternatives, as most companies have continued to use cooling towers because they oppose heat transfer into the air. Cooling towers are further used in food processing plants, petroleum refineries, natural gas plants and others as cooling towers are designed for cooling the circulating water during the manufacturing process which is further driving the market. This has this great benefit of Cooling towers is that it prevents the other machines from being overheated so that company expenses get minimized and machines get proper power supply to provide break-free output.

 

Tremendous rise in construction activities coupled with rapid industrialization
The rising number of construction activities across the commercial and residential sectors in this region is anticipated to drive product demand. In 2018, construction spending in the United States amounted to $1.29 trillion. Moreover, construction is one of the major verticals contributing to the U.S. economy. Rise in construction activities has led to deployment of industrial equipment which require frequent cooling and hence the demand for cooling towers is anticipated to increase in the coming years.

 

Cooling Tower Market Challenges

Issues related to corrosion and scaling

In Despite of its advantages and usage in various industries it’s facing a problem with Corrosion and scaling. Cooling towers have the problem with corrosion because once the process is completed, unchecked water run through a cooling tower which corrodes the metal and lead to leak. Corrosion is caused by the combination and reaction of air, sodium, and other chemical components found in the water supply. This chemical reaction causes destruction or loss of the metal within the cooling tower. The increasing industrial setups are creating an environmental distress such plume, drift and water contaminants are seen moderately hampering the market demand.

 

Cooling Tower Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Cooling Tower market. In 2019, the market of Cooling Tower industry outlook has been fragmented by several companies. Cooling Tower top 5 companies include SPX Corporation,  Baltimore Aircoil Company, ENEXIO, Hamon Axisparc, B&W SPIG, among others.

 

Acquisitions/Technology Launches

• In 2018, Brentwood Industries has launched two new product line namely Shockwave and Thermacross. Shockwave product line is for refineries and power plants used in the cooling tower applications and thermacross is for cross-fluted high efficiency fills.