Europe is the biggest market for cooling towers; Asia-Pacific is the fastest growing
DALLAS — The global cooling towers market is forecast to reach a value of $3.25 billion by 2020, representing an annualized growth rate of 4.9 percent from 2015 to 2020, according to a new report published by MarketsandMarkets.
Europe is the biggest market for cooling towers. Globally the European market has been a leader for cooling towers with respect to demand as well as production capacity. The region has the presence of most of the global leaders in cooling tower manufacturing. Cooling towers consumption in the region is estimated to grow at a compound annual growth rate (CAGR) of around 3 percent from 2015 to 2020. This region has a relatively slow growth rate as a result of its dominant market size and slow economic activity as compared to the other regions. The demand in this region is boosted mainly due to increasing focus on improving energy efficiency and reducing environmental pollution by restricting CO2 emissions in the end-user industries.