SHERIDAN, WY, USA, May 12, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, titled “Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the global cooling tower market reached a value of US$ 2.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.6 Billion by 2027, exhibiting a CAGR of 4.73% during 2022-2027. A cooling tower, also known as a heat removal device, helps in transferring the waste heat into the atmosphere. The tower offers several advantages, including optimal cooling, water conservation, energy efficiency, cost-effectiveness, ease of installation, high structural strength, longer service life, and reduced noise pollution. It also provides comfort cooling in large commercial buildings, such as hospitals, airports, schools, and hotels. Apart from this, the cooling tower is widely used in heating, ventilation, and air conditioning (HVAC) systems, cold storage units, petroleum refineries, food processing plants, and electric power generation.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends and Drivers:
The increasing use of HVAC systems on account of the surging construction activities and the rising demand for electricity are some of the key factors primarily driving the cooling tower market growth. The stringent government environmental regulations and the increasing number of nuclear power plants are factors creating a positive outlook for the market. Other factors, such as inflating disposable income levels and significant advancements, including the introduction of the 3D TRASAR technology, are creating a positive outlook for the market further across the globe.
Cooling Tower Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the cooling tower market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
• Babcock & Wilcox Enterprises Inc.
• Baltimore Aircoil Company Inc. (Amsted Industries Inc.)
• Brentwood Industries Inc.
• Delta Cooling Towers, Inc.
• ENEXIO Management GmbH
• Hamon Corporation (Hamon & Cie)
• International Cooling Tower Inc.
• Johnson Controls Inc.
• SPX Cooling Technologies Inc.
• Reymsa Cooling Towers Inc.
• Thermal Care Inc. (IPEG Inc.)
• Thermax Limited (RDA Holdings Private Limited)
Key Market Segmentation:
The report has segmented the global cooling tower market tower type, flow type, design, construction material, end user industry and region.
Breakup by Tower Type:
• Open-Circuit Cooling Towers
• Closed-Circuit Cooling Towers
• Hybrid Cooling Towers
Breakup by Flow Type:
• Cross Flow
• Counter Flow
Breakup by Design:
• Mechanical Draft Cooling Tower
• Natural Draft Cooling Tower
Breakup by Construction Material:
• Fiber-Reinforced Plastic (FRP)
• High-Density Polyethylene (HDPE)
Breakup by End-User:
• Petrochemicals and Oil & Gas
• Power Generation
• Food and Beverages
Breakup by Region:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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originally published at Energy - Social Gov