Cooling towers are referred to heat rejection devices utilized to lower the temperature within walled spaces. They are also used to decrease temperature from heating, ventilation, and air conditioning (HVAC) systems installed in buildings. Apart from this, cooling towers are also employed in industrial settings, mainly into food processing units, oil and gas refineries, chemical facilities, and power generation plants to maintain the temperature of chillers.
In recent times, the global market for cooling towers has gained significant impetus, thanks to the increase in industrial activities across the world. The energy efficiency offered by these towers has also contributed to their rising popularity, thereby boosting the market significantly over the past few years.
Transparency Market Research (TMR) has recently published a report on the global cooling towers market. According to the report, the market is projected to rise at a moderate CAGR of 4.70% during the period from 2014 and 2020.The research report, titled “Cooling Towers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020,” estimates the market to increase from an overall value of US$2.3 bn in 2013 to US$3.1 bn by the end of the forecast period.
The most common cooling towers worldwide are the open type. The most important factor bolstering the demand for open cooling towers is their efficient, economical, and simple design. However, closed circuit cooling towers enable minimum contamination and evaporation of water. This, in turn, reduces the overall water loss in the cooling process. But, closed circuit cooling towers offer these features at the expense of high cost. Hence, closed circuit cooling towers have seen limited adoption in applications where cost is not a major constraint and in the regions with ample fresh water.
Application-wise, the manufacturing industry, power generation utilities, and air conditioning have been identified as the prime application areas for cooling towers in this research study.
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Some of the major players in the worldwide cooling towers market profiled in this research report are Changzhou Kwell Cooling Equipment Co. Ltd., Baltimore Aircoil Co., EvapTech Inc., Brotep-Eco, Tmim OOO, GEA Heat Exchangers Group, Kimre Inc., TORRAVAL Cooling, Composite Cooling Solutions L.P., Paharpur Cooling Towers Ltd., Liang Chi Industry (Thailand) Co. Ltd., SPX Corp., Cooling Tower Depot Inc., Delta Cooling Towers Inc., FANS a.s., ESINDUS, and SPIG S.p.A.