Oct. 12, 2015 -- According to new research, the global cooling towers market is projected to reach $3.25 billion by 2020, signifying a firm compound annual growth rate (CAGR) of 4.90 percent from 2015 to 2020.
The report -- "Cooling Towers Market by Type (Dry, Evaporative, Hybrid), by Application (Chemical, Petrochemical and Oil & Gas, HVACR, Food & Beverage, Power Generation), and Region - Trends & Forecast to 2020" -- defines and segments this market with analysis and forecasting of global consumption revenue.
Europe: The Biggest Market for Cooling Towers
Europe has always been a strong market for cooling towers. Globally, this market has thrived with respect to demand as well as production capacity. The region has the presence of most of the global leaders in cooling towers manufacturing, and the consumption here is estimated to grow at a CAGR of around 3.00 percent from 2015 to 2020.
This region also has a relatively slow growth rate as a result of its dominant market size and slow economic activity compared to the other regions. The demand in this region is boosted mainly due to an increasing focus on improving energy efficiency and reducing environmental pollution by restricting CO2 emissions in end-user industries.
Asia-Pacific: The Fastest Growing Cooling Towers Market
Asia-Pacific, serving as the fastest growing cooling towers market globally, is estimated to grow at a CAGR of around 5.00 percent for the next five years. The region is witnessing high industrial growth rate, which hints at an ever-increasing demand of cooling towers for its diverse applications. Further, China and India are expected to witness strong growth in its cooling towers market due to increasing demand from the chemical, food & beverage, and oil & gas industries.
The chemicals and power generation segments are growing at a very rapid pace. China dominates the cooling towers market in Asia-Pacific region, serving as a major consumer and a fast-growing country in terms of the demand. After China, countries including India, Japan and other Asian countries, are showing increasing growth in demand for cooling towers. Moreover, an increasing number of cooling towers manufacturers from Asian countries are working toward reducing cooling towers imports.