Cooling Towers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 05/20/2015 -- The primary aim of cooling towers is to reject the heat from warm water using either air venting or evaporation. Warm water that circulates is sent to cooling towers and depending on the method of cooling, is kept in circulation. For example, in the case of evaporative methods, a fraction of the water is lost into the atmosphere.
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The global cooling towers market can be categorized by type where we find open and closed circuit towers; by heat exchange methods which include evaporative, dry cooling, and hybrid; and application which comprises the manufacturing industry, power generation utilities, and air conditioning. Some of the most common application segments that are currently in greater need of the global cooling towers market arise from energy and manufacturing.
Rest of the World Dominates Global Cooling Towers Market
The region known in most markets as the Rest of the World includes the Far East, the Middle East, North Africa, and South America. These countries collectively held nearly 35.7% of the global cooling towers market in 2013, making it one of the largest regions in the market. The region is also currently the fastest geographical segment, growing at a CAGR of 5.5% from 2014 to 2020.
According to countries, the U.S., China, and India are expected to be the top locations that show a heavy demand for cooling towers. India, China, and South Korea are showing a large demand specifically for evaporative cooling towers.
Plume Abatement Drives the Global Cooling Towers Market
The plume created in industrial environments is largely responsible for causing health disorders such as Legionnaires' disease. With this issue in view, developers have created the hybrid cooling tower. They drastically reduce plume and help contain the ill effects caused by it. More and more industries are being attracted towards using hybrid cooling towers due to which this market segment is expected to gain high proliferation through heavy adoption over the coming years. Another environmental issue, that of lack of water reserves in certain parts of the world, has create the need to develop closed water circuit cooling towers. They consume far less amounts of water in comparison to open circuit towers, albeit at a high installation and maintenance cost.
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The global cooling towers market is also witnessing heavy aid from government bodies towards the reduction of plume. Many regulatory bodies around the world are creating restrictions that let industries approach better plume abatement methods, while government grants help them manage the same. The exceptions to this scenario are the cooling towers markets in Latin America, Africa, the Middle East, and Asia Pacific, where industries still prefer the use of open circuit evaporation towers as they offer better thermal efficiency than other types.
Most of the regions are dominated by key players from around the world. This includes EVAPCO-BLCT Dry Cooling, Inc, FANS, a.s., Liang Chi Industry Company, Hamon Group (Esindus S.A.), SPIG S.p.A., Paharpur Cooling Towers Ltd., and SPX Corporation.
The global cooling towers market is currently estimated to grow at a CAGR of 4.7% from 2014 to 2020. This means the market that was worth US$2.31 billion in 2013, is expected to reach an overall worth of US$3.17 billion by the end of 2020. Although the market is not as evenly distributed as global players would have liked, there is still plenty of scope for many to succeed on a regional basis. The world is progressing at a blindingly fast pace and the energy sector needs to meet the incredible demand created by it. Therefore, the outlook for the global cooling towers market is largely positive.
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