APAC held the largest market share and Growth Rate in the Cooling Towers Market:
Asia Pacific region holds the largest market share in the Cooling Towers Market and is anticipated to reach $1.01 billion by 2023 at a CAGR of 8.73%. The market is mainly driven by the regulatory restrictions on the discharge of heat water in waterways. Other factors such as increasing demand for electricity and power along with growing industrialization also influence the buyer inclination. The key applications in this region include Pharmaceutical and Laboratories, HVAC, Food and Beverages, Process Cooling, Chemical and Petrochemical Plant, Refineries among others.
Selected Value Chain Analysis was done in the full report:
Firstly, the value addition starts from raw material suppliers, namely the suppliers of wood, plastic, graphite, and others. After extracting the raw materials from the suppliers comes the Cooling tower design for various parts. These parts include nozzles, fans, drift eliminators, gear reducers and many more. After component manufacturing, these parts are integrated as a whole.
Many cooling towers are also manufactured according to its end users such as cooling towers for power plants, chemical and petrochemical plants, refineries and many more.
The equipment is made available to the customers generally through regional sales networks or through distributors. Major companies such as Evapco Inc., SPIG S.P.A operate through regional sales representatives, whereas smaller companies operate through distributors. This is because setting up a regional sales office in each country would require large investments.
Smaller companies which generally have smaller profit margins do not have the resources to set up regional offices in every country. Hence, operating through distributors is relatively easy in such situations.
After manufacturing, the distributors supply the product to the end user industry.
The major end users of cooling towers consist of power plants, chemical and petrochemical plants, refineries and pharmaceutical laboratories. Different industries install required cooling towers either directly from the OEMs or from the distributors.
Excerpts on Market Growth Factors:
With the advancements in the combination of flue gas discharge system with cooling towers, the natural draft cooling tower market is set to witness significant growth during the forecast period.
Stringent regulations to adopt efficiency standards for cooling towers resulted in the growth of cooling towers market in the U.S.
The growth of the cooling tower market is attributed to the increase in energy demand, increasing urbanization, specifically from countries like Brazil.
HVAC is the major application of cooling tower market. These systems are primarily employed in industrial, residential, commercial sectors such as hotels, shopping malls and few more.
Higher adoption of smart technologies including smart lighting system, ventilation, and air conditioning systems in the residential and commercial building has accelerated the HVAC market, which in turn is elevating the growth of cooling tower market during the forecast period.
Globally, stringent environmental regulations, growing demand from developing markets namely China and India, HVAC deployments and demand from nuclear power generation plants coupled with an increase in investments are the major growth drivers for the cooling tower market.
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Key players of Cooling Towers Market:
Cooling Towers Market is in its maturity phase. Companies are focusing on natural draft cooling towers installation due to their low operational cost. Further, the integration of gas discharge system in these towers are lowering the capital investment by excluding the need for discrete chimneys in power generation sector, resulting in the growth of new cooling tower installations in existing thermal power plants.
Various Cooling tower manufacturers include SPX Corporation, SPIG S.P.A, Baltimore Aircoil Company and many more.
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