Cooling Towers Market Scope
A cooling tower is defined as the heat rejection device which rejects waste heat to the atmosphere. It covers from cooling of a water stream to a lower temperature. It is widely used for maintaining temperatures in the chillers for a number of industrial applications. In addition, it is also used in the manufacturing and power generation industries in order to keep the environment cool. Power generation, manufacturing industry, HVAC, food and beverage, and others are some of the major applications of the cooling tower. Increasing demand in the construction, air conditioning, manufacturing, and power generation industry are likely to be a prime driver for the global cooling tower market
According to AMA, the Global Cooling Towers market is expected to see growth rate of 4.8%
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global cooling tower market can witness an upsurge in the forecast period. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Cooling Towers market throughout the predicted period.
Baltimore Aircoil Company Inc. (United States), ENEXIO Management GmbH (Germany), SPX Corporation (United States), Johnson Controls International plc (United States), Bell Cooling Tower (India), Brentwood Industries Inc. (United States), Hamon & Cie International SA (Belgium), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy) and Star Cooling Towers Private Ltd. (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Thermal Care Inc. (United States), Reymsa Cooling Towers, Inc. (United States), Berg Chilling Systems Inc. (Canada), Mesan Cooling Towers Inc. (United States), Star Cooling Tower Pvt Ltd (India) and Perfect Cooling Towers Pvt Ltd (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Cooling Towers market , by Application (Chemicals, Petrochemicals and Oil & Gas, HVACR, Food & Beverages, Power Generation and Others) and Region with country level break-up.
On the basis of geography, the market of Cooling Towers has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In December 2018, the Aggreko plc (United Kingdom) Company has launched the cooling tower proposition, which reduces customer energy costs and saves space on industrial sites. Hence, it will benefit increase in the product portfolio of the company.
Market Trend
- Rise in HVACR Deployments and Growth in Industrial Activities
Market Drivers
- Rising Demand from the Developing Markets of Asia-Pacific
- Stringent Environmental Regulations are driving the Demand for Cooling Towers
Opportunities
- Growing Demand from Emerging Economics such as India, China, and others
- Rising Demand from Nuclear Power Generation across the World
Restraints
- Sluggish Growth of Cooling Tower in Europe as well as North America
Challenges
- Issue related to Requirement of Large Quantity of Water
Key Target Audience
Cooling Tower Manufacturers, Cooling Tower Traders, Distributors, and Suppliers, Raw Material Suppliers, Government and Research Organizations and Industrial & Commercial Power Equipment Agencies