Global Cooling Towers Market Scope and Opportunities Analysis 2019 Cooling Towers Market | Page 2

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The Global Cooling Towers Market is anticipated to witness considerable growth
due to its increasing adoption in several heavy industrial applications. Cooling towers
are used to remove excess heat from the plant. Cooling towers are usually used
across different applications like industrial manufacturing, power generation plants
and HVAC (Heating, ventilation, and air conditioning) systems. Increasing
investments toward the growth of industrial sector coupled with ongoing several
power projects capacity additions can stimulate the cooling towers market growth.
Growing adoption of sustainable energy sources plus cogeneration technologies are
driven by increasing consumer awareness will certainly influence business growth.
Favorable government policies owing to the development of lower-emission
technologies along with the expansion of sustainable cooling network will favor
product penetration.
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Cooling Towers Market: Type Insights
Based on the type, the cooling tower market is bifurcated into Dry, Evaporative, and
Hybrid. Evaporative segment leads the entire cooling tower market owing to the
lower maintenance cost, high performance, and energy efficient. Evaporative cooling
towers generally cool water to about 85° F, however, could cool as low as
65°F. They are the foremost economical approach to cool massive amounts of
water. The growing investments toward technological developments for improvement
within the communication capability, efficiency and flexibility in design will encourage
product adoption. Dry product segment are anticipated to rise at a significant rate
owing to their ability to eliminate water usage, reduces thermal pollution and
decreases biological contaminants. These systems work on the principle of
automotive radiators that reduces the evaporative losses when compared with other
available technologies.
Cooling Towers Market: Material Insights
On the basis of material type, the global cooling tower market is segmented into
Concrete, Steel, Wood, and Fiber-Reinforced Plastic (FRP). Fiber-Reinforced Plastic
segment dominates the cooling tower market followed by concrete and estimated to
lead the market over the forecast period 2019-2025. Benefits like high corrosion
resistance, cost-effectiveness, and ease of installation increase the demand of FRP
material. The growing use across heavy industrial applications including oil refineries,
petrochemical, and fertilizer plants will positively impact industry growth. Constant
advancement in production technology and their increasing use in the manufacturing
of various components will fuel the market growth. The Concrete segment is the
second leading segment after FRP due to its long operating life.
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