The
market for cooling towers was valued at US$ 2.31 Bn in 2013 and is
expected to reach US$ 3.17 Bn by 2020, growing at a CAGR of 4.7% from
2014 to 2020. Rest of the World (RoW) region, which comprises Middle
East, South America, North Africa, and Far East, was the largest
revenue contributor in 2013, accounting for 35.7% of the global
cooling towers market revenue. RoW is analyzed to be the fastest
growing market for cooling towers during the forecast period. The
growth in this region is mainly driven by China. Increasing
industrialization and rise in the number of the power plants are
sustaining the demand of cooling towers in China. Due to these
reasons, the market in RoW is estimated to grow at a CAGR of 5.5%
from 2014 to 2020. China, U.S. and India, are expected to be the
major contributors to the global market growth in the near future.
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The
cooling towers market growth worldwide is mainly driven by increasing
demand for evaporative cooling towers in the regions such as India,
Chain and South Korea. Hybrid cooling towers which reduce plume and
prevents Legionnaires' disease are also expected to observe
proliferation in its adoption during the forecast period. The cooling
towers market lately has also witnessed increase in implementation of
closed circuit cooling towers, mainly fueled by demand for cooling
towers that utilizes less water. The trend has been prominent in the
regions with limited fresh water reservoirs.
Globally,
the cooling towers market is expected to witness high demand during
the forecast period, with growth largely driven by replacement of
existing cooling towers with the energy efficient cooling towers.
Government regulations are promoting the usage of the energy
efficient cooling towers and plume abatement hybrid cooling towers.
However, the cooling towers industry in Asia Pacific, Middle East and
Africa, and Latin America are anticipated to continue witnessing
usage of low cost open circuit evaporative cooling towers which offer
higher thermal efficiency over other designs.
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Cooling
towers are widely deployed in power generation utilities,
manufacturing industries, and HVAC units. These applications require
ample of water for cooling the facility. Therefore, there is a wide
scope of conserving water through monitoring and maintenance of
cooling towers. Thus, in addition to save water, increasing number of
end-use industries are seeking energy efficient cooling towers to
help save on maintenance cost and achieve higher energy efficiency.
Also, with an aim of reducing plume at work places, the developed
regions have witnessed proliferation of plume abatement cooling
towers against other types.
The
growth in commercial/infrastructure construction activities globally
has led to increase in HVAC systems and in-turn has boosted the
market for cooling towers. Emerging countries such as China and
India, Taiwan, Korea, Singapore, and Indonesia have witnessed an
increase in production/processing activity and are showing
encouraging signs of economic growth. This is further anticipated to
bolster the demand for cooling towers in the industrial sector.
Cooling towers help maintain optimum efficiency in power generation
plants and are most preferred solutions for cooling. Therefore,
increase in the number of power plants is expected to subsequently
increase the deployment of cooling towers during the forecast period.
With
advancement in material technologies and products, the market has
seen wide adoption of Fibre-reinforced plastic (FRP) cooling towers
and the trend is likely to continue over the forecast period.
Fibre-reinforced plastic (FRP) cooling towers are becoming the
preferred solutions as they offer better performance in sea water and
corrosive surroundings as against cooling towers made up of steel and
other materials. Moreover, though these towers cost higher than other
cooling towers, the maintenance cost is lower as compared to others,
which helps compensate for investment cost incurred.
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The
report includes analysis of global cooling towers market and provides
estimates in terms of revenue (US$ Mn) for the period 2012 to 2020.
The values for 2012 and 2013 are the actual, while 2014 market size
is estimated value. For period 2014 – 2020, market size forecast is
based on prevailing and expected future market dynamics. Market
estimates are provided for segments, categorized on the basis of type
of cooling towers, type of heat transfer method, application, and
geography. The market has been segmented as follows:
Global
Cooling Towers Market Segmentation:
Cooling
Towers Market Revenue, by Type
- Open Cooling Towers
- Closed Circuit Cooling Towers
Global
Cooling Towers Market Revenue, By Heat Exchange Method
- Evaporative
- Dry Cooling Towers
- Plume Abatement (Hybrid)
Global
Cooling Towers Market Revenue, By Application
- Air Conditioning
- Power Generation Utilities
- Manufacturing Industry
Global
Cooling Towers Market Revenue, By Geography
- Western Europe
- Eastern Europe
- Asia Pacific (Excluding Far East)
- Southern Africa
- North America
- Rest of the World (Middle East, South America, North Africa and Far East)
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