Boston, MA -- (SBWIRE) -- 08/21/2015 -- A cooling tower is a device that rejects heat and whose prime task is to discard heat into the atmosphere. The cooling tower is an important component of many refrigeration systems that provide process cooling and comfort through a varied range of applications. They are the active working point in the system where heat is irreversibly lost to the atmosphere through the evaporative process, and are commonly used in industries such as oil refining, steel mills, power plants, chemical processing, and many different manufacturing processes where process cooling is required.

Get More Details on this Report and a Full Table of Contents at Global Cooling Towers Market 2015-2019

Technavio's analysts forecast the global cooling towers market to grow at a CAGR of 5.12% during 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "Cooling tower manufacturers are advancing into service organizations, operating and leasing cooling towers for various industries that require these towers for manufacturing processes. They are also expected to start selling plant-cooled water for a definite price. This concept is already gaining traction in EMEA and some parts of the Americas. This reflects a trend of plant owners outsourcing activities that are not an integral part of the company's core capabilities. It also provides a wide scope for these manufacturers to choose and work with vendors that provide and maintain cooling tower solutions."

According to the report, increased industrial activities in developing countries such as China, India, and Brazil are driving market growth. This has resulted in sudden increase in demand for cooling towers from the chemical, HVAC, petrochemical and oil and gas, power generation, and food and beverage industries. Developing countries are focusing on the adoption of cooling towers with high efficiencies and low energy losses.

Further, the report states that recently, market competition has intensified with the entry of new vendors offering products at low prices in the global cooling tower market.

The key players in the Global Cooling Tower Market are Baltimore Aircoil Company, Delta Coolong Towers, GEA Heat Exchanger, Hamon and Spig while other prominent vendors include Cenk Industrial Plants Manufacturing and Contracting, Cooling Tower Depot, Kimre, Liang Chi Industry, Paharpur Cooling Towers and Torraval Cooling

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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