"Increasing investments in power and HVACR industries drive the cooling tower market”
The market size of cooling tower is estimated to reach USD 2.88 billion by 2020, at a CAGR of 4.2%. Cooling towers are relatively inexpensive and are considered as a reliable means of removing low-grade heat. The cooling tower market is spread across a wide range of end-use industries, including nuclear & thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR. Therefore, the market is set to grow with the growth in other related industries in the coming years.
HVACR application is estimated to register the highest CAGR between 2015 and 2020. The high growth is attributed to the growing building & construction industry and increased government investments in infrastructure projects resulting in installation of HVACR systems. In 2015, the HVACR segment accounted for the second largest market share among all applications, in terms of value, followed by food & beverage, chemical, petrochemicals and oil & gas.
“Rising demand from Asia-Pacific is a major driver of cooling tower market“
In 2015, Asia-Pacific is estimated to have been the largest cooling tower market in terms of value. It is estimated to retain the market leadership in the next five years.
China and India are the two major markets of cooling tower in Asia-Pacific. The Chinese power industry have the largest share in Asia-Pacific resulting in an increased growth of market. Also, a high growth in the commercial building & construction industry, high-end real estate, and energy-saving policies are likely to drive the demand for cooling tower in both China and India.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted.
The break-up of primary interviews is given below.
- By Company Type - Tier 1 - 33%, Tier 2 – 60% and Others - 7%
- By Designation - C level - 56%, Director level - 33%, Others - 11%
- By Region - North America - 27%, Europe - 46%, Asia-Pacific - 20%, RoW – 7%
The key companies profiled in this market research report are Baltimore Aircoil Company (U.S.), Bell Cooling Tower (India), Brentwood Industries Inc. (U.S.), Enexio (Germany), Hamon & Cie International SA (Belgium), Johnson Controls Inc. (U.S.), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy), SPX Corporation (U.S.), and Star Cooling Towers Private Ltd. (India).
The report will help the market leaders/new entrants in this market in the following ways:
- This report segments the cooling tower market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
- The report helps the stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will helps stakeholders understand the competitors and gain more insights to improve their position in the business. The competitive landscape section includes new product developments, expansions, agreements & contracts partnerships, acquisitions, and joint ventures.