[FURL=https://www.industryarc.com/Report/15885/cooling-tower-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Click Here[/FURL] Cooling Towers market is expected to reach $5.1 Billion by 2026 at a CAGR of 5.6% during the forecast period 2021-2026, owing to the rapid industrialization, and surge in deployment of various types of equipment for cooling towers to avoid wear and tear is analyzed to drive the market. In addition, cooling towers are being predominantly adopted in industries such as HVAC, manufacturing, renewable energy power plant, cold storage and others. Moreover the need for frequent cooling of industrial equipment and buildings is fuelling the growth of Cooling Towers market in the forecast period 2021-2026.Key Takeaways
Cross Flow Tower segment in Cooling Tower is growing at a CAGR of 5.93% in the forecast period owing to the investments made by government and companies for expansion of certain industries such as Chemical, Pharmaceutical Plant and so on are analyzed to drive the market.
Hybrid Cooling is growing at a highest CAGR of 7.52% in the forecast period. These cooling towers are a good mix of wet and dry cooling with a favorable environmental effect and meet challenging environmental specifications.
The rising number of construction activities across the commercial and residential sectors in this region is anticipated to drive product demand.
Cooling Tower top 10 companies include SPX Corporation, Johnson control Inc, Baltimore Aircoil Company, ENEXIO, Hamon Axisparc, B&W SPIG, Samco Technologies, Inc., Brentwood Industries, Inc, Paharpur Cooling Towers Ltd, and Star Cooling Towers among others.
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Cooling Tower Market Drivers
Surge in adoption by various end user verticals
Its introduction in various industries is an important growth factor for the cooling towers. Cooling towers have started to be used as energy-efficient systems, as water-cooled systems, because they provide lower energy consumption than air-cooled alternatives, as most companies have continued to use cooling towers because they oppose heat transfer into the air.
Tremendous rise in construction activities coupled with rapid industrialization
The rising number of construction activities across the commercial and residential sectors in this region is anticipated to drive product demand. In 2018, construction spending in the United States amounted to $1.29 trillion.
Cooling Tower top 10 companies include SPX Corporation, Johnson control Inc, Baltimore Aircoil Company, ENEXIO, Hamon Axisparc, B&W SPIG, Samco Technologies, Inc., Brentwood Industries, Inc, Paharpur Cooling Towers Ltd, and Star Cooling Towers
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