Primarily being driven by the rising construction activities and the adoption of advanced technologies in various industries, the global cooling towers market is witnessing notable growth. As construction projects continue to increase worldwide, there is a subsequent demand for heating, ventilation, cooling, and refrigeration (HVAC-R) equipment, including cooling towers.
The significant driver
The growing demand for nuclear power generation is a significant driver for the cooling towers market, as cooling towers play a pivotal role in the nuclear reactor’s functionality. Nuclear power plants utilize cooling towers to dissipate excess heat generated during nuclear fission. This critical function is essential to maintain the reactor’s temperature within safe operating limits and ensure efficient power generation. The cooling tower’s role in the nuclear power plant directly impacts the overall power output and operational efficiency.
Open-circuit segment to grow the market
The open-circuit segment emerged as the dominant force in the cooling towers market, capturing an impressive share of 42.3% in revenue. The growth of this segment can be attributed to several key factors that make open-circuit cooling towers a preferred choice for various industries.
The markets in the North America emerged as the leading player in the cooling towers market, boasting the largest share, and this dominance is anticipated to continue throughout the forecast period. This remarkable position is largely attributed to the soaring growth of the region’s petroleum, gas, and oil sector.
The closed-circuit segment
The demand for the closed-circuit segment in the cooling towers market reached an estimated USD 1,174.1 million. Closed-circuit cooling towers offer numerous advantages contributing to their growing popularity in various industries. One key advantage is the reduced contamination of the primary circuit, as the cooling water remains separate from the external environment.
Growing markets
Regional markets in the Asia Pacific are projected to witness significant growth in the cooling towers market, driven by the presence of key players operating in this segment. Countries like China, Japan, and India are experiencing substantial growth in industrialization and infrastructure development, increasing demand for cooling solutions.
A few prominent players in the market
Prominent players in the cooling towers market as on day include: SPX Cooling Technologies, Inc.; Baltimore Aircoil Company; Delta Cooling Towers, Inc.; Evapco, Inc.; Paharpur Cooling Towers; GEA Heat Exchangers; Johnson Controls, Inc.; Hamon Group; Enexio Management GmbH; Mesan Cooling Towers Inc.; Midwest Cooling Towers; Bells Power Group; SPIG S.p.A.; Brentwood Industries, Inc.; Berg Chilling Systems Inc.; Cooling Tower Depot, Inc.; Babcock & Wilcox Enterprises, Inc.; Kimre, Inc.; Universal Tower Parts; and Star Cooling Towers Pvt. Ltd.
Key developments in the recent past
SPX Corporation recently announced its acquisition of International Tower Lighting, LLC (ITL), a privately-held company headquartered in La Vergne, Tennessee. ITL is a renowned leader in designing and manufacturing highly-engineered Aids-to-Navigation (AtoN) systems, including obstruction lighting solutions for various structures like telecommunications towers and wind turbines. Additionally, ITL provides monitoring and support services to cater to its customers’ diverse needs.
In 2022, following the acquisition of Select Technologies, Inc., EVAPCO Select Technologies was formed with a strategic focus on the expanding market demand for sophisticated control systems in Food Processing and Cold Storage facilities. This new entity is dedicated to optimizing system performance and enhancing reliability by offering advanced control solutions tailored to the unique requirements of these sectors.
