Global cooling tower market expected to top $5billion by 2027

Published: 13 October 2019 - 4:45 a.m.
The global cooling tower market is expected to top $5billion by the year 2027, expanding at a CAGR of 3% over the next eight years, according to a study by Transparency Market Research.

Towers are generally used in heavy industrial areas where they utilise large volumes of water to perform cooling processes, and by 2027 are forecast to hold the largest market share under the construction segment.

Installations and replacement demands are aiding in the growth of the market in Europe, which currently boasts the largest cooling tower market.

The power sector in the region, especially gas-fired power plant installations, is fueling demand, with evaporative technology the most common system being utilised.

In evaporative technology, there is direct contact of cooling tower water with the air.

In October 2016, Eurovent, an association of cooling tower manufacturers, released Eurovent 9/12; an industry standard for thermal performance efficiency for evaporative cooling towers and other cooling equipment.

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The evaporative cooling tower segment holds the maximum market share, while dry cooling is the second-most used technology.

This method of heat transfer is expected to grow moderately during the forecast period.

Hybrid cooling towers are witnessing increase in demand, as they reduce thermal plume and conserve freshwater use in plants.

The North America cooling tower market is anticipated to grow at a significant rate during the forecast period.

In North America, end-use industries such as the power sector extensively use field-erected, concrete-made cooling towers that can hold large capacities of water.

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