Globally, the construction of new power plants using various sources such as coal, natural gas, oil, biofuels, waste, nuclear power, hydropower, geothermal power, solar PV, solar thermal, wind, and wave and tidal energy has been increasing. This factor, along with the rise in the number of oil rigs and capital expenditure in the oil and gas industry, is set to positively impact the cooling towers market.
Additionally, government regulations for developing renewable energy sources and the shift in consumer preference towards sustainable cooling systems would further drive product uptake.
Moreover, the industry's landscape is expected to be stimulated by favourable investments in capacity expansion across the global power generation sector and the surge in worldwide electricity consumption. All these factors are predicted to open new business opportunities in the global cooling towers sector.
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Demand for Advanced Cooling Systems in Heavy Industries Influences Market Growth
The cooling towers market is expected to register sustained growth due to rigorous industrialisation. Several industrial activities are driving the need for heating, ventilation, cooling, and refrigeration equipment in both developed and developing countries. This is augmenting the demand for cooling towers and opening new revenue streams across the market. Notably, the demand for HVAC systems is also contributing to indusry growth.
Hybrid cooling is anticipated to have the highest CAGR during the projection period due to its ability to meet stringent environmental requirements while offering an optimal balance of wet and dry cooling. Besides, the diverse applications of hybrid cooling technology in the energy, petrochemical, and manufacturing industries are likely to influence product differentiation in the global cooling towers sector.
Diverse Applications of Cooling Towers to Save Energy Drives Product Innovation
The increasing need for energy-efficient cooling systems in commercial and industrial applications is expected to drive the cooling towers market throughout the forecast period. Cooling towers are widely used in various industries such as oil and gas, chemicals, and food processing to provide efficient cooling for large commercial buildings and process cooling applications.
Additionally, cooling towers are commonly used in thermoelectric power facilities to remove excess heat. Furthermore, the demand for regular cooling of commercial and industrial equipment is expected to boost the cooling towers indus. Against this backdrop, industry leaders in the cooling towers industry are anticipated to engage in strategic partnerships, MA, and open innovation to build more sophisticated and energy-efficient cooling towers.
Construction of New Data Centres Bolsters APAC’s Cooling Towers Market
From a sales perspective, the Asia Pacific is expected to command the most significant share of the global cooling towers market. In this region, rapid urbanisation, growing demand for cooling towers, and construction of new data centres are poised to bode extremely well for its cooling towers market. Moreover, an increase in refinery capacity in the region is also set to augment the demand for cooling towers in major refinery businesses. Meanwhile, North America’s cooling towers sector is predicted to gain momentum due to strict government regulations limiting water consumption for cooling equipment and the presence of leading manufacturers in this region.
Prominent Market Players
Leading players in the cooling towers market include EVAPCO, Baltimore Aircoil Company (BAC), Thermax, Star Cooling Towers, S.A. HAMON, ENEXIO Management, Delta Cooling Towers, Paharpur Cooling Tower, Johnson Controls, International Cooling Tower, Perfect Cooling Towers, REYMSA Cooling Towers, and ENGIE Refrigeration among others.
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