U.S. Cooling Tower Market 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. The increasing investments in U.S. to expand the industrial sector, growth in construction businesses and installment of eco-friendly products to curb the pollution is set to drive the market. Dry bulb air temperature and wet bulb temperature is crucial for the design and dimensioning of a cooling tower. Rising penetration of modular cooling tower provides customers with easy installations, low life-cycle costs, and industry-leading sustainability and such beneficiary capabilities are augmenting the market.
U.S. Cooling Tower Market Segment Analysis – By Type
By material type, U.S. Cooling Tower Market has been segmented into Evaporative Cooling (wet cooling), Hybrid Cooling and Dry Cooling. Evaporative Cooling held the largest market share of 81% in the U.S. in 2020 due to its high cooling capacity per unit across the industrial facilities. Hybrid cooling is estimated to be the fastest growing market with a CAGR of 4.56% during the forecast period 2021-2026. Hybrid cooling has seen a growing popularity as it uses the technology mixing wet cooling and dry cooling with a favorable environment and it meets the critical environmental regulations. In April 2021, Bechtel announced the completion of setting up a cooling water tank in Vogtle Electric Generating Plant near Waynesboro and the cooling water tank measures 35 feet tall and has an 85-foot outer diameter. Such new developments are catalyzing the market growth.
U.S. Cooling Tower Market Segment Analysis – By Form
By form, the U.S. Cooling Tower Market has been segmented into Natural draft cooling towers, Cross flow towers, Counter flow towers, Hyperbolic cooling towers, Induced draft cooling towers, Passive draft cooling towers and Others. Crossflow towers is estimated to grow at fastest rate with a CAGR of 4.98% during the forecast period 2021-2026. Crossflow cooling towers exhibit advantages such as capability up to 70% turndown, good performance in cold-weather applications, more access for routine maintenance and high-efficiency heat transfer fill, and such benefits are set to drive the market between 2021 and 2026.
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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. In, February 2021, Noya Lab announced to develop direct air capture devices which will help 2 million cooling towers of industrial sites across the U.S in curbing carbon emission to fight against the global carbon change. Such developments in cooling tower is augmenting the market growth.
U.S. Cooling Tower Market Drivers
Increasing demand for HVAC systems to optimize infrastructures is driving the market
Rising demand for heating, ventilation and air conditioning systems in various industries to meet the increased demand for energy-efficient systems fueled by growing environmental awareness will play a pivotal role in driving market demand. The market is anticipated to witness an increase in sales of HVAC systems with the availability of tax credit and rebate programs as well as other monetary benefits associated with the purchase of energy-efficient systems. The governments have set regulations for optimizing manufacturing processes resulting in energy-efficient systems, thereby reducing environmental hazards and carbon footprints. Cooling towers assist in preventing the machines and systems from being overheated so that company expenses get minimized and machines get proper power supply to provide break-free output. Furthermore, several governments also offer rewards for promoting energy efficiency through low power consumption or the use of renewable energy products, and such factors are set to drive the market between 2021 and 2026.
Increasing investment towards construction projects is poised to create growth opportunities for the market
Rising construction projects in the U.S. is reflecting the rapid growth in the construction industry across the country. The United States is well-known for its state-of-the-art infrastructure and booming construction industry and the rise in construction activities has led to the deployment of industrial equipment which requires frequent cooling and hence the demand for cooling towers is anticipated to increase during the forecast period 2021-2026. Refurbishments of residential, industrial and commercial infrastructures with trappings of modernity and influx of investments in several industries to sustain its dominance in global economy is creating novel opportunities for the application of cooling towers. For instance, California High-Speed Rail (CHSR) is a publicly funded high-speed rail system under construction in the U.S. state of California and it will cost more than US$ 77 billion. Such construction projects are creating lucrative opportunities for the growth of U.S. cooling tower market from 2021 to 2026.
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U.S. Cooling Tower Market Challenges
Corrosion and scaling issues are impeding growth rate
Cooling towers face the problem of corrosion because once the process is completed, unchecked water run through a cooling tower which corrodes the metal and leads to leak. This chemical reaction results in the destruction or loss of the metal within the cooling tower. The increasing industrial setups are creating environmental distress such as plume, drift and water contaminants and such factors are estimated to moderately hampering the growth of the market.
U.S. Cooling Tower Market Landscape
Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the U.S. Cooling Tower Market. In 2020, the market of U.S. Cooling Tower industry outlook has been fragmented into several companies. 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
Acquisitions/Product Launches
In July 2019, SPX Corporation announced the acquisition of SGS Refrigeration Inc, an Illinois-based manufacturer and distributor of industrial refrigeration products in the North American market to expand its product portfolio.
In February 2019, GNC announced to incorporate Data center Liquid Immersion Cooling Solutions for the U.S. Air Force which utilizes cooling towers for final heat rejection method.
In February 2019, GNC announced to incorporate Data center Liquid Immersion Cooling Solutions for the U.S. Air Force which utilizes cooling towers for final heat rejection method.
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.
Relevant Report Title
U.S. HVAC Equipment Market
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