Cooling Tower Market Worth $2.88 Billion by 2020
Rising HVACR deployments, power-generation capacity, technological advances drive growth
PUNE, India — The global cooling tower market is forecast to grow from $2.34 billion in 2015 to $2.88 billion by 2020 at a compound annual growth rate (CAGR) of 4.2 percent, according to a new report published by MarketsandMarkets.
The market is being driven by rising HVACR deployments, increasing power-generation capacity, and technological advances in cooling towers. Asia-Pacific is expected to witness strong growth in the next five years. The demand across the region is reinforced by the emerging markets, namely China and India.
Cooling towers are used in applications, including power generation, HVACR, food and beverage, chemical, petrochemical, oil, gas, and others. In 2015, the power-generation segment is estimated to account for the largest market share among all the applications, in terms of value, followed by HVACR, food and beverage, and chemical applications. The HVACR segment is estimated to grow at the highest CAGR between 2015 and 2020. This high growth rate can be attributed to the growing construction industry, especially commercial buildings. Growth in the construction industry has triggered demand for HVACR systems, which has positively influenced the growth of the cooling tower market.
Asia-Pacific dominates the cooling tower market due to increased demand from the HVACR application segment. Rising population, industrialization, and growing concerns related to infrastructure development have significantly increased the growth of the region’s building and construction industry, which, consequently, has triggered the demand for cooling towers. Europe is the second largest market for cooling towers.
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Publication date: 3/21/2016