Cooling Towers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Cooling Towers Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Cooling Towers Market

The cooling towers market size was valued at USD 4.04 billion in 2023, and the market is now projected to grow from USD 4.22 billion in 2024 to USD 6.27 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period of 2023-2032.

The manufacture of materials was hampered by the raw material shortage during this period. This, in turn, disrupted the entire supply chain and hindered market expansion. The market for adhesive goods was also impacted by the decline in demand brought on by the construction and automobile industries. Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. The nationwide lockdown also resulted in the partial or whole closure of component factories. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the cooling towers market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic.

Growing construction activities and new HVAC technology will drive cooling towers market growth during forecast period. The increased demand for HVAC systems is being fueled by the global infrastructure boom, which is being driven by massive construction projects in both developed and emerging nations.

Developing eco-friendly products are helping to speed up the market. One of the industry trends that is changing is the gradual shift toward eco-friendly items brought on by increased environmental concerns. Furthermore, sustainable products are being developed as a result of the government's expanding activities. The creation of environmentally friendly items is the manufacturers' main priority. For example, SPX Cooling Technology Inc. designed the Marley NC Everest Cooling Tower. The product features the lowest drift rate of circulating water flow, fewer piping and electric connection, and improved energy savings of about 35%.

Comprehensive Analysis of Cooling Towers Market

The cooling towers market and machinery and equipment industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types and by application. The types segmentations include, wet, dry and hybrid and by application segmentations include Chemicals & Petrochemicals, Pharmaceutical, Power Generation, HVAC, Food & Beverages, and others.

The Asia Pacific region lead the cooling towers market by benefitting a market size of USD 1.68 billion in 2023 due to Growing construction activities and new HVAC technology and developing eco-friendly products.

The top players in the market play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, Medtronic (Ireland), Stryker (U.S.), Johnson & Johnson Services, Inc (U.S.), Fresenius SE & Co. KGaA (Germany), Koninklijke Philips N.V. (Netherlands) Abbott (U.S.) General Electric Company (U.S.), Siemens Healthineers AG (Germany), BD (U.S.) and Cardinal Health (U.S.) these market players provide a level-playing competitive landscape.

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Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Unit Value (USD Billion)

Growth Rate CAGR of 5.1% over 2024 to 2032

Segmentation By Type

Wet

Dry

Hybrid

By Application

Chemicals & Petrochemicals

Pharmaceutical,

Power Generation,

HVAC,

Food & Beverages, and Others)

By Region

North America (By Type, Application, and Country)

U.S. (By Type)

Canada (By Type)

Europe (By Type, Application, and Country)

Germany (By Type)

France (By Type)

U.K. (By Type)

Italy (By Type)

Spain (By Type)

Russia (By Type)

Benelux (By Type)

Nordics (By Type)

Rest of Europe

Asia Pacific (By Type, Application, and Country)

China (By Type)

India (By Type)

Japan (By Type)

South Korea (By Type)

ASEAN (By Type)

Oceania (By Type)

Rest of Asia Pacific

Middle East and Africa (By Type, Application, and Country)

Turkey (By Type)

Israel (By Type)

GCC (By Type)

North Africa (By Type)

South Africa (By Type)

Rest of the Middle East and Africa

Latin America (By Type, Application, and Country)

Brazil (By Type)

Mexico (By Type)

Rest of Latin America

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