[FURL=https://www.industryarc.com/Report/19472/us-cooling-tower-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]U.S. Cooling Tower Market[/FURL] size is projected to reach US$ 871.27 million by 2026, and it is estimated to grow at CAGR 3.17% during 2021-2026. The major growth factor is attributed to the rising adoption of closed circuit cooling towers or open cooling towers in U.S. industries including petrochemical oil refineries, chemical manufacturing plants, primary metals processing plants, glass manufacturing plants, rubber products, natural gas processing plants, food processing plants and other industrial facilities to remove process waste heat from building heating, ventilating air conditioning systems and industrial processes.Key Takeaways
Wet cooling dominated the market in 2020 acquiring a share of 81% in 2020.
Petroleum refineries is estimated to witness the highest growth at a CAGR 4.59% during 2021-2026 owing to the growing deployment of large cooling towers in petrochemical facilities.
High penetration of HVAC systems and rising investment towards construction projects are driving the market.
Corrosion and scaling issues is impeding the growth of the market.
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U.S. Cooling Tower Market Segment Analysis - By Industry Vertical
By industry vertical, U.S. Cooling Tower Market has been segmented Petroleum refineries, Pulp & paper mill, Chemical, Pharmaceutical, Paint Manufacturing, construction, Power & utility, Food & Beverage Processing, Iron & steel manufacturing, Aluminum manufacturing & others. Petroleum refineries has recorded the highest market share of 21% in 2020 and is analyzed to grow at the fastest rate at a CAGR 4.59% during the forecast period 2021-2026 due to rapid deployment of large cooling towers in petroleum refineries and chemical processing plants in the U.S. For instance, a typical large refinery processing 40,000 metric tons of petroleum crude oil per day (300,000 barrels per day) circulates about 80,000 cubic metres of water per hour through its cooling tower system.
U.S. Cooling Tower Market Drivers
Increasing demand for HVAC systems to optimize infrastructures is driving the market
Increasing investment towards construction projects is poised to create growth opportunities for the market
U.S. Cooling Tower Market Landscape
U.S. Cooling Tower top 10 companies include SPX Corporation, J.E. Johnson Inc., EVAPCO Inc., Delta Cooling Tower, Ershigs Inc., B&W SPIG, Samco Technologies, Inc., Brentwood Industries, Inc, United Metal Products Inc., Star Cooling Towers
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