Cooling Towers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 06/23/2015 -- Transparency Market Research, in its latest report, states that the global cooling towers market is poised to grow from US$2.31 billion in 2013 to US$3.17 billion in 2020. The report, titled "Cooling Towers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", also indicates that the global market is estimated to grow at a CAGR of 4.7% from 2014 to 2020. The cooling towers market is segmented in the research report on the basis of type, heat exchange method, application, and geography.
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By type, the cooling towers market is bifurcated into closed circuit cooling towers and open cooling towers. Open cooling towers are the most widely adopted cooling towers owing to their lower cost compared to closed circuit cooling towers and their economical, efficient, and simple design. Even though closed circuit cooling towers ensure minimum evaporation and contamination of water, their high prices have led to limited adoption. They are mostly preferred in regions where there is a dearth of fresh water reservoirs and cost is not a constraint.
On the basis of heat exchange method, the market for cooling towers is segmented into dry cooling towers, evaporative, and plume abatement (hybrid). Dry cooling towers have a higher average life expectancy and entail lesser maintenance. However, hybrid cooling towers have, of late, witnessed wider adoption since they ensure more than 50% saving of water. Market analysts predict that this segment is likely to drive the cooling towers market over the next few years.Cooling towers find application in power generation utilities, air conditioning, and the manufacturing industry. Most of these applications require huge quantities of water, which gives vendors of cooling towers increased scope of water conservation through proper maintenance and monitoring of the towers. The need to save added costs and improve efficiency has caused end-use industries to seek energy-efficient cooling towers.
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Geographically, the global cooling towers market is divided into Eastern Europe, Western Europe, Asia Pacific (excluding the Far East), North America, Southern Africa, and the Rest of the World (RoW), which comprises the Middle East, South America, North Africa, and the Far East. The RoW region dominated the global cooling towers market in terms of revenue, accounting for a 35.7% share in the total market in 2013. This region is also estimated to be the fastest developing geographical segment over the forecast period, registering a CAGR of 5.5% from 2014 to 2020. Growing industrialization and increase in the number of power plants mainly in China is expected to drive this regional market for cooling towers.
The competitive landscape of the global cooling towers market is rather fragmented. Some of the major players profiled in the cooling towers market research report are EvapTech, Inc., Composite Cooling Solutions L.P., Changzhou Kwell Cooling Equipment Co., Ltd., Liang Chi Industry Co. Ltd., Kimre, Inc., SPX Corporation, Cenk Industrial Plants Manufacturing and Contracting, Inc., Delta Cooling Towers, Inc., Torraval Cooling S.L., Cooling Tower Depot, Inc., GEA Heat Exchangers Group, SPIG S.p.A.email@example.com, OOO TMIM, Paharpur Cooling Towers Ltd., EVAPCO-BLCT Dry Cooling, Inc. (Evapco, Inc.), Baltimore Aircoil Company, BROTEP-ECO, FANS, a.s., and Hamon Group (Esindus S.A.).
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