Cooling Tower Market worth USD 2.88 Billion USD by 2020
The market size of cooling tower is estimated to grow from USD 2.34 billion in 2015 to USD 2.88 billion by 2020, at a CAGR of 4.2%. The market is driven by the rising HVACR deployments, increasing power generation capacities, and rise in technological advances in cooling towers. Asia-Pacific and RoW are estimated to witness a strong growth in the next five years. The demand across these regions is reinforced by the emerging markets, namely, China and India.
Power Generation: The Largest Application Segment of Cooling Tower Market
Cooling tower is used in applications, such as power generation, HVACR, food & beverage, chemical, petrochemical and oil & gas, and others. These are the main applications considered in the report. In 2015, the power generation application segment is estimated to account for the largest market share among all the applications, in terms of value, followed by HVACR, food & beverage, and chemical applications. The HVACR application is estimated to grow at the highest CAGR between 2015 and 2020. The high growth can be attributed to the growing construction industry, especially, commercial buildings. Growth in the construction industry has triggered the demand for HVACR systems, which has positively influenced the growth of the cooling tower market in the region.
Asia-Pacific: The Largest Market of Cooling Tower
Asia-Pacific is currently the largest market for cooling tower. China is the largest market for cooling tower in the region.The following factors are the main driving forces for the cooling tower market in Asia-Pacific:
High demand for cooling tower in the region
Growing building & construction industry
Growing chemicals and HVACR industries in countries such as China and India
Baltimore Aircoil Company (US), Bell Cooling Tower (India), Brentwood Industries Inc. (US), Enexio (Germany), Hamon & Cie International SA (Belgium), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy), SPX Corporation (U.S.), and Star Cooling Towers Private Ltd. (India) are the key players of the cooling tower market.