Global Cooling Tower Market by Design, Build, Flow, by Application, Region and Segment, Forecasts 2020–2026

Global Cooling Tower Market is valued to reach USD 2.45 Billion by 2020, growing at CAGR of 4.8% over the forecast period 2020–2026. Factors like high electricity consumption, robust industrial growth coupled with increasing demand in construction, air conditioning, manufacturing and power generation industry are propelling the market growth.

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The basic task of cooling towers is to remove heat and maintain cool temperature. Cooling tower is a technology known for maintaining temperature in the chillers for various industrial applications. The major usage of cooling towers is in the power generation and manufacturing units of industrial sectors in order to maintain cool environment.

Growing demand of cooling towers in the field of construction, manufacturing units, power generation and air conditioning industry is a major factor expected to drive growth of the global cooling tower market. In addition, constant enhancement in cooling tower technologies as well as high adoption of cooling tower by various sectors are factors expected to fuel growth of the global cooling tower market. Increasing urbanization and high demand of this cooling towers in the commercial buildings is anticipated to boost growth of the global cooling tower market.

Market Trends, Drivers, Restraints and Opportunity:

Surge in development of HVAC systems linked with commercial construction followed by massive investments pertaining to industrial development is expected to stimulate the market growth throughout the forecast period. In addition, government policies linked with energy industries is playing a crucial role in the market development
High demand for energy efficient systems in the food & beverages sector is much likely to enhance the market growth throughout the forecast span
Moreover, innovative technologies pertaining to cooling towers and systems is expected to have a long lasting effect on the market growth
On contrary, rise in environmental impact and growth in industrial setups resulting in fierce competition restricts the market growth throughout the forecast span