Water Cooling Tower Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cross flow, Counterflow, Forced Draft, Induced Draft, and Others) and Application (Industrial, Power Plant, and HVAC)
Publication Month: Aug 2021 | Report Code: TIPRE00024439 | No. of Pages: 132 | Category: Manufacturing and Construction | Status: Published
The water cooling tower market was valued US$ 1,635.2 million in 2021, it is estimated to register a CAGR of 3.7% from 2021 to 2028.
Stringent government policies regarding water consumption for cooling machinery and plants in power generating plants are favoring the water cooling tower market. The limited freshwater consumptions policy by the Government of India is increasing the application of water cooling towers in various types of power plants, such as nuclear power plants, coal-fired thermal power plants, and gas power thermal plants. For instance, the Ministry of Environment, Forest and Climate Change, India, recently approved the standard on water consumption limits for coal-fired thermal power plants (Central Pollution Control Board, 2015). The Standards for Water Consumption vide Notification No. S.O. 3305(E) (dated December 7, 2015) required all plants to install cooling towers and achieve a maximum water consumption of 3.5 cubic meters per megawatt-hour of electricity generation by the end of 2017. The standard also expects new plants (to be installed after January 1, 2017) to limit water consumption to 2.5 cubic meters per megawatt-hour of electricity generation and achieve zero liquid discharge. Thus, stringent government policies are supporting the water cooling tower market and helping to proliferate its business globally.
Furthermore, with the rising global demand for power consumption, the number of nuclear and geothermal power plants is rapidly increasing. Countries such as India, China, Argentina, Bangladesh, and Brazil have shown a significant demand for power generation. To fulfill this power requirement, many nuclear power plants are under construction. As per the World Nuclear Association data, in August 2021, about 100 nuclear power plants are planned with an estimated capacity of about 110,000 Megawatts electric (MWe). Also, around 300 more nuclear power plants are proposed for construction across the globe. Furthermore, about 30 countries with existing nuclear power plants are planning for additional nuclear power plants to meet their power requirement and some of those countries are China, India, the US, Russia, South Korea, France, and the UAE. As per the International Energy Agency (IEA), nuclear plants’ contribution to global power generation is expected to be about 8.5% by 2040. Hence, with the growing trend of rapid urbanization and industrialization globally, the power consumption rates are expected to surge significantly in the coming years, and to fulfill this demand, the number of power plants will be increased. Thus, the growing power consumption is expected to create a lucrative opportunity for the water cooling tower market as the power plants are the major end users of the water cooling towers.
The key companies operating in the water cooling tower market include Babcock And Wilcox Enterprises, Inc.; Baltimore Aircoil Company; Bell Cooling Towers; Delta Cooling Towers, Inc.; Evapco, Inc.; Mesan Group; and Samco Technologies, Inc. In addition to these players, several other essential market players have also been studied and analyzed to get a holistic view of the global water cooling tower market and its ecosystem
Impact of COVID-19 Pandemic on Water Cooling Tower Market
The COVID-19 pandemic has disrupted and negatively impacted the operations of several industries, including industrial; heating, ventilation, and air conditioning (HVAC); and power plants. A sharp decline in the growth of mentioned industries due to the pandemic is limiting the water cooling tower market growth. Factory shutdowns, travel and trade bans, and border lockdowns to combat and contain the infection have impacted manufacturing, supply, and sales of water cooling tower products.
Amid the COVID-19 pandemic, the demand for the power from commercial and residential sectors has increased significantly, owing to the rising trend of work from home among corporates across the globe. This development has stabilized the demand for water cooling towers to some extent. However, the limited production activities and disrupted supply chain have hampered the market growth. Lowered production rate and declined sale of industrial products in first half of 2020 has negatively impacted the market growth. However, the demand for water cooling towers is expected to increase at considerable rate with the resumption of economic activities in many countries. Thus, the global water cooling tower market is projected to recover in upcoming years as many industries are dependent on it.
Lucrative Regions for Water Cooling Tower Market
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Market Insight
Increasing Popularity of Hybrid Cooling Towers
In recent times, plume abatement cooling tower, also called the hybrid cooling tower, is gaining traction. The growing popularity of the tower can be attributed to its enhanced cooling efficiency and reduced unwanted water vapor plumes, which prevent the environment from bad air quality and visual pollutions. Also, the hybrid cooling tower is finding an increased application in various industries due to its extremely low visibility of plumes. For instance, in July 2020, HAMON-B.GRIMM completed the installation of a plume abatement cooling tower consisting of 6 cells at Suvarnabhumi airport in Thailand. The cooling tower is located close to the airport runways, and due to its extremely low visible plumes in environment, the airport operations are functioning smoothly. Similarly, in July 2020, Hamon Korea successfully installed another plume abated cooling tower at SK HYNIX CHP (one of the largest chip-making companies in South Korea) site. Thus, the hybrid cooling tower is trending and becoming popular due to its improved operational efficiency and low plume abatement capability.
Type Segment Insights
The global water cooling tower market is categorized into crossflow, counterflow, forced draft, induced draft, and others. The crossflow type of cooling towers has the most important requirement for the efficient heat exchange in any industrial application. The less noise operations and better performance in hot climates with easy to access for maintenance drive the crossflow segment growth over others. The HVAC system design depends on the type of cooling towers.
Water Cooling Tower Market, by Type (% Share)
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Application Segment Insights
The global water cooling tower market, by application is segmented into industrial, power plant, and HVAC. Water cooling towers are essentially used by many industries to eliminate excess warmth from water used during their operations. Cooling towers prevent factory’s machinery from over-heat and help function more efficiently.
Strategic Insights
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors. In January 2020, Delta Cooling Towers, Inc. expanded its TM Series cooling tower single unit capacity to 2,400 tonnes. The TM Series cooling tower has many industry-leading features including a seamless double-wall engineered plastic shell carrying a 20-year warranty. The direct-drive fan systems eliminate maintenance and downtime frustrations with belt-driven or gear reducer systems prevalent in the industry.
Geographically, the water cooling tower market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, India, Japan, South Korea, and the Rest of APAC), Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of MEA), and South America (Brazil, Argentina, and the Rest of SAM).
The global water cooling tower market has been segmented as mentioned below:
By Type
- Cross flow
- Counterflow
- Forced Draft
- Induced Draft
- Others
By Application
- Industrial
- Power Plant
- HVAC
Water Cooling Tower Market – Company Profiles
- Babcock & Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- BELL COOLING TOWERS
- Delta Cooling Towers, Inc.
- EVAPCO, Inc.
- Hamon
- MESAN Group
- Samco Technologies, Inc.
- SPX Cooling Technologies, Inc
- Vistech Cooling Systems
Frequently Asked Questions
The List of Companies - Water Cooling Tower Market
- Babcock And Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- Bell Cooling Towers
- Delta Cooling Towers, Inc.
- Evapco, Inc.
- Hamon
- Mesan Group
- Samco Technologies, Inc
- SPX Cooling Technologies, Inc.
- Vistech Cooling Systems
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global water cooling tower market.
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- The key findings and recommendations highlight crucial progressive industry trends in the global water cooling tower market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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