New York City, NY, 13 April, 2020/ 24 Market Reports: It is estimated for the cooling tower market to reach USD 2.88 Billion by 2020, at a CAGR of 4.2%. Increasing stringent environment regulations, rise in HVACR deployments and technological advances are driving the market. However, the mature markets of Europe and North America are projected to inhibit the growth to some extent.
Chemical, petrochemical and oil & gas, HVACR, food & beverage, and power generation is the application for the market. The power generation application is estimated to account for the largest market share among all the applications during the forecast period. The HVACR application is estimated to register the highest CAGR between 2015 and 2020 among all the applications.
Asia-Pacific dominates the cooling tower market owing to increased demand from the HVACR application segment. Rising population, industrialization, and growing concerns related to infrastructure development have significantly increased the growth of the region’s building & construction industry, which consequently has triggered the demand for cooling tower. Power generation and HVACR are the top two applications contributing to the growing demand for the cooling tower in Asia-Pacific. Europe is the second-largest market for cooling tower globally.
The sluggish growth of cooling towers in Europe and North America restricts the growth of the market. Although these regions have huge market size, the growth of cooling tower is estimated to be relatively slower than other regions during the forecast period. This is mainly backed by high market size and slow economic activity in these regions.