International. The global cooling tower market is expected to reach $4.854 billion by 2025, according to a new report by Grand View Research Inc. With the increase in global electricity demand, the number of power plants is also expected to increase, which drives the growth of this market.
In addition, the huge increase in the number of construction activities in the residential and commercial sectors of developing countries is expected to boost demand for this product. In addition, the rapid global industrialization is also a key factor that is expected to have a favorable impact on the growth of the cooling towers market during the forecast period.
Some key findings of the report suggest:
- The closed-loop segment captured more than 30 percent of total revenue in 2016; however, the hybrid rate is forecast to exhibit substantial growth at a compound annual growth rate (CAGR) of over 4 percent between 2017 and 2025. This growth is attributed to its increasing adoption in various end-use industries;
- The Fiber Reinforced Plastic Material (FRP) segment accounted for more than 20 percent of the total market share in 2016. However, the High Density Polyethylene (HDPE) material segment is projected to record a significant CAGR that will exceed 5 percent from 2017 to 2025, due to various benefits including high corrosion resistance, low maintenance cost and long service life;
- Cooling towers have a wide margin of application in HVAC equipment and power plants due to their ability to remove excess heat. As a result, the HVAC segment is expected to capture considerable market share during the forecast period;
Asia-Pacific has emerged as the fastest growing market and is expected to witness a healthy CAGR of over 5 percent, which is primarily credited to rapid industrialization in this region.
