According to the recent study the cooling tower market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 4% to 6% from 2023 to 2028. Growth in this market is primarily driven by rising construction activities with advanced technologies, growing investments in industrial sector, and rise in HVACR deployments.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in cooling tower market by product type (evaporative cooling tower, dry cooling tower, and hybrid cooling tower), technology (open circuit, close circuit, and hybrid circuit), material (concrete, steel, FRP, and wood), application (power generation, HVACR, food & beverages, chemical, petrochemical and oil & gas, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Evaporative cooling tower market is expected to remain the largest segment during the forecast period.”
Based on product type, the cooling tower market is segmented into evaporative cooling tower, dry cooling tower, and hybrid cooling tower. Lucintel forecasts that the evaporative cooling tower market is expected to remain the largest segment due to its ability to perform reliable operations in hot ambient conditions, reduced noise pollution, lower maintenance costs, high performance, and energy efficiency.
“Within the cooling tower market, the power generation segment is expected to remain the largest application”
Based on application the power generation segment is expected to witness the highest growth over the forecast period due to new power plants being established all over the world to cater to the rising demand for power in line with rapid industrialization and rise in disposable income.
“Asia pacific will dominate the cooling tower market in near future”
APAC will remain the largest region due to the