Cooling towers are used in various industries as a device to cool the temperature of water flowing in the cooling system. Cooling towers save a large amount of water that is constantly circulated in a cooling system. In industrial units, cooling towers are extensively used to attain energy efficiency. Depending on the application, various industries install small roof-top towers or huge cooling tower structures. Cooling towers are primarily used in industries such as oil and gas, chemical, power generation plants, and food processing.
The introduction of hybrid cooling towers is expected to propel the global cooling towers market in the near future. The entry of local manufacturers is also expected to create growth opportunities for affordable cooling towers, thus causing a possible threat to the global players. Low-cost cooling towers can affect the profitability of key players, which is expected to be the biggest restraint for the global market. However, constant advancements in plume abatement cooling towers are predicted to contribute towards the growth of the global cooling towers market.
Innovations and Mergers to Define Competitive Landscape
The global cooling towers market has primarily benefited from technological advancements, the growing use of energy efficient systems, and mergers between key players. Leading players are concentrating on introducing new cooling towers with high-end heat rejection capacities. Thanks to infrastructural advancements, key manufacturing companies have been able to introduce open cooling towers and closed circuit cooling towers. Currently, the global cooling towers market is dominated by the open cooling towers segment. An economical and efficient design of open cooling towers makes them the most popularly accepted cooling towers across the globe.
Currently, different heat exchange methods, such as dry cooling, hybrid, and evaporative, are being used by leading companies to manufacture various types of cooling towers. Hybrid cooling towers save about 50% of the flowing water in the cooling systems. This makes them superior to the wet cooling towers.
The rise in the number of mergers and acquisitions between the new companies and established manufacturers is predicted to make the global cooling towers market highly competitive.
Air-conditioning to Lead Among Application Segment of Cooling Towers
Cooling towers find application in several areas such as air conditioning, power generation utilities, and in the manufacturing industry. Currently, the air-conditioning segment dominates the global cooling towers market. The growing application of cooling towers in air-conditioning systems to remove excess heat from the heating, ventilation and air conditioning (HVAC) systems is expected to propel this application segment.
Based on region, the global cooling towers market is divided into Asia Pacific (excluding the Far East), Eastern Europe, Western Europe, North America, Southern Africa, and Rest of the World.
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Some of the leading companies currently operating in the global cooling towers market are GEA Heat Exchangers Group, SPIG S.p.A., SPX Corporation, EVAPCO-BLCT Dry Cooling, Inc. (Evapco, Inc.), Liang Chi Industry Company Cooling Tower Depot, Inc., Torraval Cooling S.L., and Changzhou Kwell Cooling Equipment Co., Ltd.
Going forward, a rising number of power plant projects in the pipeline is likely to bolster the global market.