The cooling towers market has witnessed steady growth over the past few years. According to an in-depth research report published by Transparency Market Research, the global cooling towers market was estimated at US$2.31 billion in 2013 and is expected to reach a value of US$3.17 billion by 2020, growing at a CAGR of 4.7% from 2014 to 2020. Ever since cooling towers were developed in the 19th century, the several technological iterations in their designs have revolutionized the development of these filters.
Cooling towers are essentially used for bringing down the temperature of the circulating water used in petrochemical plants, oil refineries, chemical plants, HVAC systems for cooling buildings, and thermal power stations.
The cooling towers market is segmented into open cooling towers and closed circuit towers. The popularly used cooling towers are the open cooling towers, due to their affordability, simplicity of design, and efficiency. The biggest restraint for closed circuit cooling towers is their exorbitant pricing. The negative impact of their prices trumps over their benefits such as minimal contamination and evaporation of water. Only regions which have an acute insufficiency of freshwater reserves and can afford higher maintenance costs prefer to install closed circuit cooling towers.
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Outbreak of Legionnaires’ disease Linked to Cooling Towers
Cooling towers have become an essential component of industrial, commercial, and residential architecture in the past few years. However, in an unfortunate incident, contaminated air conditioner cooling towers led to a historic outbreak of Legionnaires’ disease in July 2015. Owing to this, Bill de Blasio, mayor of New York City, ordered city-wide inspections and compulsory cleaning of air conditioning cooling towers. Despite the advantages of cooling towers, little heed is often paid to maintaining them. Legionnaires’ disease is a form of severe pneumonia that is acquired by breathing moist air infected with bacteria. The disease infected several in the South Bronx, a New York City borough. Cooling towers can thus pose a serious threat to life if they are not maintained properly.
Asia Pacific to Encourage Cooling Towers Market due to Industrialization
On a global scale, the cooling towers market is expected to revive from this setback as analysts predict that this market is expected to grow at a CAGR of 5.5% in the Rest of the World (RoW) region from 2014 to 2020. Statistics also show that the RoW market dominated the global cooling towers market with a market share of 35.7% in 2013. Asia Pacific will also provide an impetus to the growth of cooling towers market due to increasing investment in power plants and growing industrialization.
Some of the renowned players in the cooling towers market are Cooling Tower Depot, Inc., EvapTech, Inc., Changzhou Kwell Cooling Equipment Co., Ltd., Composite Cooling Solutions L.P., Liang Chi Industry Co. Ltd., Kimre, Inc., Cenk Industrial Plants Manufacturing and Contracting, Inc., Delta Cooling Towers, Inc., SPX Corporation, and Torraval Cooling S.L. The design innovations, efficient mechanisms, and safety upgrades that these companies bring about in their products will decide the shape the cooling towers market takes in the coming years.