London, 12 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the global cooling tower market 2015-2019, which is expected to grow at a CAGR of 5.12% during the forecast period of 2014-2019.
Growing industrial activity in developing countries like China and India is expected to bolster the prospects for growth in this market. Rapid industrialization in these regions will result in the increased demand for cooling towers from the chemical, HVAC, petrochemical and oil and gas, power generation, and food and beverage industries. Also, the growing adoption of energy-efficient cooling towers with minimal energy losses by developing countries is another factor that will augment the demand for cooling systems during the forecast period.
“Cooling tower manufacturers are advancing into service organizations, operating and leasing cooling towers for various industries that require these towers for manufacturing processes. They are also expected to start selling plant-cooled water for a definite price,” says Faisal Ghaus, Vice President of Technavio.
“This reflects a trend of plant owners outsourcing activities that are not an integral part of the company’s core capabilities. It also provides a wide scope for these manufacturers to choose and work with vendors that provide and maintain cooling tower solutions.”
Key Market Drivers:
- Industrial activities in developing countries
- Investment in R&D for technological innovation
- Entry of new manufacturers from APAC
- Demand from power sector
- Strong growth in oil refining industry
Key Market Trends:
- Outsourcing of cooling towers
- Adoption of energy-efficient equipment
- Increase in M&A
- Demand for cooling towers in hybrid vehicles
Key Market Vendors:
- Baltimore Aircoil
- Delta Cooling Towers
- GEA Heat Exchanger
- Hamon
- SPIG
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
