According to a market report by Lucintel, the future of the cooling tower market looks promising with opportunities in the power generation, HVACR, food & beverage, chemical, petrochemical, and oil & gas industries. The global cooling tower market is expected to grow with a CAGR of 4% to 6% from 2023 to 2028. The major drivers for this market are rising construction activities with advanced technologies, growing investments in industrial sector, and rise in HVACR deployments.
In this market, evaporative cooling tower, dry cooling tower, and hybrid cooling tower are the major segments by product type. Lucintel forecasts that evaporative cooling tower will remain the largest segment over the forecast period due to its ability to perform reliable operations in hot ambient conditions, reduced noise pollution, lower maintenance costs, high performance, and energy efficiency.
Within this market, power generation is expected to remain the largest segment due to new power plants being established all over the world to cater to the rising demand for power in line with rapid industrialization and rise in disposable income.
APAC will remain the largest region due to the growing focus on nuclear power plant construction, rising number of manufacturing facilities, and expansion of the industrial sector in this region.
SPX Corporation, Baltimore Aircoil, Evapco, Bell Cooling Tower, Brentwood Industries, Enexio, Star Cooling Tower, SPIG, Paharpur Cooling Tower, and Hamon & Cie International are the major suppliers in the global cooling tower market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global cooling tower market by product type, technology, material, application and region. Lucintel has compiled a comprehensive research report titled “Growth Opportunities in the Global Cooling Tower Market 2023-2028: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global cooling tower market by product type, technology, material, application and region, as follows:
Cooling Tower Market by Product Type [Value ($B) Shipment Analysis from 2017 to 2028]:
· Evaporative Cooling Tower
· Dry Cooling Tower
· Hybrid Cooling Tower
Cooling Tower Market by Technology [Value ($B) Shipment Analysis from 2017 to 2028]:
· Open Circuit
· Close Circuit
· Hybrid Circuit
Cooling Tower Market by Material [Value ($B) Shipment Analysis from 2017 to 2028]:
· Concrete
· Steel
· FRP
· Wood
Cooling Tower Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:
· Power Generation
· HVACR
· Food & Beverage
· Chemical
· Petrochemical and Oil & Gas
· Others
Cooling Tower Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:
· North America
· Europe
· Asia Pacific
· The Rest of the World
A more than 150 pages and in-depth TOC on “Global Cooling Tower Market". To download report brochure, please go to
https://www.lucintel.com and click "report brochure" tab from the menu.
About Lucintel
Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. Lucintel offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the cooling tower market by product type (evaporative cooling tower, dry cooling tower, and hybrid cooling tower), technology (open circuit, close circuit, and hybrid circuit), material (concrete, steel, FRP, and wood), application (power generation, HVACR, food & beverages, chemical, petrochemical and oil & gas, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?