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The cooling tower market size is projected to accumulate sizable growth from this ongoing shift, which is primarily being driven by the rising consumer & environmental awareness, with sustainable power generation techniques such as cogeneration technologies at the helm.According to a report by GMI, the global cooling tower market size is predicted to hike from USD 2 billion in 2018 to USD 3 billion by 2025. The U.S. cooling towers market was valued over USD 250 million in 2018. Robust growth in the manufacturing sector along with favourable regulatory policies toward sustainable power generation will foster the product adoption. Paradigm shift in the government policies are redefining the manufacturing sector which will boost the industry growth.
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Moreover, according to the U.S. Department of Commerce, the hyperscale trend has recently taken the data center industry by a storm. Data center projects in the 150,000 sq. foot and $120 million range, are now considered small while facilities in the 600,000 to 1,000,000 sq. foot and $1 billion range are now becoming the industry norm. This significant boost in scale coupled with the ongoing rise in the number of data center facilities is expected to one of the primary growths inducing factors for the global cooling tower market share in the coming years.
Cooling Tower Market impact forces-
1. Growth drivers
1.1. America’s
1.1.1. Growing manufacturing sector
1.2. Europe
1.2.1. Increasing utilization of cogeneration technology
1.3. Asia Pacific
1.3.1. Robust industrial growth
1.3.2. Growing investments toward generation capacity addition
1.4. Middle East & Africa
1.4.1. Changing climatic condition
2. Industry pitfalls & challenges
2.1. Biological contamination
Speaking of the regional spectrum, it is vital to mention that the U.S. is bound to be one of the most proactive hubs for the growth of the cooling tower market. Powered by a highly favorable regulatory spectrum, U.S. cooling tower market size was worth USD 250 million in 2018. In the years ahead, the U.S. cooling tower industry is anticipated to garner substantial returns, driven by the paradigm shift in the administrative policies and the robust expansion of the regional manufacturing sector.
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Package cooling tower market share is projected to grow at a rate of over 5% by 2025. Increasing investments toward food processing, textile and automotive industry will propel the product adoption. Reduced requirement of inexpensive concrete basin construction, flexible site placement and simplified piping & electrical wiring are some of the key advantages which will accelerate the business landscape.
Counterflow cooling tower market size held majority share on account of reduced noise emission & space requirement and efficient air to water flow contact. The air moves vertically upward through fills and water flows in the downward direction. In addition, these systems are equipped with an induced draught fan which are directly mounted on the motors. The wide acceptability of these systems across heavy industries, power plants and manufacturing sector will positively impact the business growth.
Accelerating investment in the oil & gas sector primarily across the Middle East & Asia Pacific region will boost the market growth. Ongoing development and expansion of new oil refineries will positively influence the business landscape. For instance, in September 2017, reliance industry planned to expand its Jamnagar refinery by adding 30 million tons per year refining capacity.
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Major players in the cooling towers market share includes Thermal Care, Haman, Reymsa, SPX Cooling, BERG, ENEXIO, Bell Cooling Tower, Baltimore, Mesan, Johnson Controls, Star Cooling, Paharpur Cooling Tower, Perfect Cooling, SPIG, Brentwood, Evapco, ENGIE, Delta and Thermax, International Cooling.
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