Industry Background:
The global Closed Circuit Cooling Towers market is expected to witness high demand in the forecasted period due to increasing demand from the various end-user industries. Closed-circuit cooling towers operate in a manner similar to open cooling towers, except that the heat load to be rejected is transferred from the process fluid (the fluid being cooled) to the ambient air through a heat exchange coil. Rising use of energy-efficient systems is expected to drive the growth of the global Closed Circuit cooling towers market during the forecast period.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Thermax (India), Baltimore Aircoil Company (United States), Delta Cooling Towers (United States), EVAPCO(United States), REYMSA Cooling Towers (United States), Whaley Products (United States), YU TING Refrigerator (Taiwan), Harrision Cooling Tower (India), The Cooling Tower Company (United States) and Técnicas Evaporativas,S.L. (Spain) |
This growth is primarily driven by The rising growth of petroleum and oil & gas sectors across the region and The increasing adoption in various heavy industrial applications.
Globally, a noticeable market trend is evident The high growth of the power generation industry
The Electronic Equipment & Instruments sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Thermax (India), Baltimore Aircoil Company (United States), Delta Cooling Towers (United States), EVAPCO(United States), REYMSA Cooling Towers (United States), Whaley Products (United States), YU TING Refrigerator (Taiwan), Harrision Cooling Tower (India), The Cooling Tower Company (United States) and Técnicas Evaporativas,S.L. (Spain), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The market is characterized by strong competition with the presence of a few major global players and other small vendors offering a range of products. Moreover, the market is moderately fragmented in nature with the presence of key players. Companies in this market adopt various inorganic strategies such as mergers & acquisitions and joint ventures to sustain competition.
Key Developments in the Market:
Major companies in the market are focused on contracts and agreements, in order to enhance the market presence. For instance, in September 2019, SPIG S.p.A, a subsidiary of Babcock & Wilcox Enterprises, Inc., entered into a contract with the Kingdom of Bahrain to supply a sea water cooling tower to SEPCOIII for the Al Dur Phase II Independent Water and Power Project.
Influencing Trend:
The high growth of the power generation industry and The rising number of construction activities across the globe
Market Growth Drivers:
The rising growth of petroleum and oil & gas sectors across the region and The increasing adoption in various heavy industrial applications
Challenges:
Impact of COVID 19 Pandemic in the manufacturing industries
Restraints:
The rising concern regarding environmental concerns associated with cooling towers, including plume and drift
Opportunities:
Technological advancements to help increase energy efficiency and reduce environmental concerns associated with conventional cooling systems and High growth in the food and beverage industry from developing countries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Closed Circuit Cooling Towers Market
- Analysis about New Entrants in Closed Circuit Cooling Towers Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Closed Circuit Cooling Towers Study Sheds Light on
The Closed Circuit Cooling Towers Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Closed Circuit Cooling Towers industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Closed Circuit Cooling Towers industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.