Cooling Towers Market Analysis, and Forecast 2017 To 2022 – by Credence Research
According to a new market research report published by
Credence Research“Cooling Towers Market (Evaporative
Cooling Towers, Dry Cooling Towers, Hybrid; Natural Draft, Mechanical Draft)
- Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 -
2023”,the global cooling towersmarket stood at US$2,530.3Mn in 2015and is
estimated to expandwith a CAGR of 4.6% from 2016 to 2023.
The complete report is available at http://www.credenceresearch.com/report/cooling-towers-market
Market Insights
Cooling towers are among the most
important components of various industrial processes. These can be referred to
as heat rejection devices used to eliminate waste heat generated to the
atmosphere by cooling down the used water. The circulating water in the tower
is cooled either by evaporation (wet cooling) or by air cooling (dry cooling)
technology. The prime motive of the cooling towers is to cool down the water
generated from various industrial processes or HVAC (heating, ventilation and
air conditioning) cooling.Cooling towers are commonly used across different
applications such as industrial manufacturing, power generation plants and HVAC
(air conditioning) systems. The primary types of cooling towers are open
circuit and closed circuit cooling towers.
The most significant factor
bolstering the cooling towers market growth is the rising industry worldwide.
Similarly, with rising power consumption and demand worldwide, the number of
power plants is expected to soar significantly in the coming years. This is
another significant factor fueling the market growth. Cooling towers help
reducing excessive usage of water as the same water stream is cooled and
circulated in the process. This largely helps in reducing the overall water
usage. Additionally, cooling towers are available in various
designs/configuration,offering higher efficiency, which are in compliance with
regulatory norms for these towers. For instance, closed circuit cooling towers
offer better efficiency and less water contamination and hence are expected to
witness higher adoption in the coming years.
Competitive Insights:
The cooling towers market is highly
fragmented in nature with large number of international as well as regional
players operating in the market. The manufacturers majorly focus upon
developing products that offer high efficiency and lesser external water
contamination. Due to stringent regulations over generation of contaminated
water in the process, complying with these norms becomes priority for the
manufacturers. Some of the major players in the market comprise Baltimore
Aircoil Company, SPX Corporation, GEA Heat Exchangers Group, Paharpur Cooling
Towers Ltd., EVAPCO Group and others.
Key Trends:
·
Development of hybrid cooling towers
for better water efficiency
·
Strengthening global sales channel in
order to maintain and expand the sales
·
Acquisition of other players for
strengthening product portfolio as well as global presence
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