Albany, NY -- (SBWIRE) -- 05/13/2016 -- Transparency Market Research (TMR) has recently published a report on the global cooling towers market. According to the report, the market is projected to rise at a moderate CAGR of 4.70% during the period from 2014 and 2020.The research report, titled "Cooling Towers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020," estimates the market to increase from an overall value of US$2.3 bn in 2013 to US$3.1 bn by the end of the forecast period.

Cooling towers are referred to heat rejection devices utilized to lower the temperature within walled spaces. They are also used to decrease temperature from heating, ventilation, and air conditioning (HVAC) systems installed in buildings. Apart from this, cooling towers are also employed in industrial settings, mainly into food processing units, oil and gas refineries, chemical facilities, and power generation plants to maintain the temperature of chillers.

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In recent times, the global market for cooling towers has gained significant impetus, thanks to the increase in industrial activities across the world. The energy efficiency offered by these towers has also contributed to their rising popularity, thereby boosting the market significantly over the past few years.

The report has analyzed the global market for cooling towers on the basis of its regional distribution, the type of cooling tower, the method of heat exchange, and the application of these towers.

Regionally, the market has been segmented into North America, Eastern Europe, Western Europe, Southern Africa, Asia Pacific (excluding the Far East), and the Rest of the World including the Middle East, North Africa, South America, and the Far East. In 2013, the Rest of the World dominated the overall market with a share of 35.7%. Experts predict this market to record the fastest CAGR of 5.50% during the forecast period.

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Based on type, the market has been classified into open towers and closed-circuit towers. The demand for open cooling towers is more than that of closed-circuit cooling towers owing to the operational and cost efficiency of the former.

By the heat exchange method, the market has been categorized into evaporative towers, dry cooling towers, and plume abatement (hybrid) cooling towers. Among these, hybrid cooling towers are witnessing higher adoption due to their ability to reach up to 50% of water saving mark. Additionally, as these towers can operate as both dry towers and wet towers, analysts anticipate the demand for them to report exponential rise over the forecast period.

Application-wise, the manufacturing industry, power generation utilities, and air conditioning have been identified as the prime application areas for cooling towers in this research study.

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Some of the major players in the worldwide cooling towers market profiled in this research report are Changzhou Kwell Cooling Equipment Co. Ltd., Baltimore Aircoil Co., EvapTech Inc., Brotep-Eco, Tmim OOO, GEA Heat Exchangers Group, Kimre Inc., TORRAVAL Cooling, Composite Cooling Solutions L.P., Paharpur Cooling Towers Ltd., Liang Chi Industry (Thailand) Co. Ltd., SPX Corp., Cooling Tower Depot Inc., Delta Cooling Towers Inc., FANS a.s., ESINDUS, and SPIG S.p.A.

The global cooling towers market is segmented into:

By Type

Open Cooling Towers
Closed Circuit Cooling Towers

By Heat Exchange Method

Evaporative
Dry Cooling Towers
Plume Abatement (Hybrid)

By Application

Air Conditioning
Power Generation Utilities
Manufacturing Industry

By Region

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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