The environmental impact of HVAC systems has been hard-hitting the cooling tower market. To add to that, high energy consumption costs are also challenging the growth of the landscape. However, according to a study published by Transparency Market Research (TMR) on the cooling tower market, opportunities will arrive from the increasing construction of new power plants to cater to growing energy requisites.
The popularity of oil & gas as the gold standard of fuel will lead to the construction of factory-assembled and field erected cooling towers. Since the cooling tower market operates amidst stringent policies, market players rely on research & development activities to improve the quality of their products and maximize the yield through product differentiation.
In the future, experiments with the size, shape, and weight of filtration media will be instrumental in enhancing the efficiency of cooling towers, which will further prevent the use of excess water for cooling purposes. Overall, players in the cooling tower market can anticipate a pedestrian growth of ~3% during 2019-2027.
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Factory-assembled Cooling Towers to Emerge as Practical Choice for Institutional Applications
The study shows statistical data that infers that, end users prefer the field erected cooling tower construction over the factory-assembled ones, as these have no imposed limitations on the cooling capacity. Since power plants and oil & gas industries require high heat rejection systems, field-erected products are witnessing a better infiltration rate as compared to the factory-assembled ones.
However, factory-assembled cooling tower with a cooling capacity of 1400 or less are emerging as a practical choice for institutional and commercial applications. For instance, the HVAC system industry, which is an exponentially growing end-use industry in the market, is likely to witness excessive adoption of factory-assembled cooling towers. Given the traditional influence, field-erected cooling towers are projected to account for ~62% of the market share in 2019, while factory-assembled cooling towers are likely to spectate a marginal rise in their sales.
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Why Should Cooling Tower Market Players Magnify their Focus on Europe?
Europe has a zero-tolerance policy when it comes to the excessive use of fossil fuels and the high emission of greenhouse gases. The plan to electrify the automotive sector by 2030 is a testament to the fact. Such actions are found to have a profound impact on the use of fossil fuels, and the number of coal-operated power plants is on a sharp decline. The energy requisite from commercial, industrial, and residential sectors has, however, led to the construction of power plants operated with biofuel, water, waste, solar power, and wind, which is generating high demand for cooling towers. Besides power plants, the innovation-driven food and beverage sector of the region is likely to create opportunities for market players.
While Europe is in the vanguard, market players can take note of Asia Pacific’s strengthening foothold in the cooling tower market. Also, manufacturing powerhouse China is home to some of the largest and fastest-expanding industries of the world, which creates high demand for energy and leads to the construction of power plants. In addition, fast-paced industrialization observed in India and Japan also accounts for the growth of cooling tower market in the region.