Global cooling tower market expected to reach over 3.1bn by the end of 2020.
June 13, 2019
The cooling tower has long been a fixture of the manufacturing plant, though they may tower over a high-rise apartment building, as well. The cooling tower market is expected to reach over 3.1 billion dollars by the end of 2020, according to reports. Let’s take a look at the data coming out of reports before breaking down industry trends and the factors driving them and the general demand for cooling towers.
The cooling tower market is expected to grow five percent annually between 2014 and 2020. The global market was worth an estimated 2.3 billion US dollars in 2013, and it is expected to hit 3.1 billion US dollars by the end of 2020. Nearly all of the increased demand is from the manufacturing industry. However, there are several types of cooling towers, and there are a number of factors leading to the near abandonment of classic designs.
A Deep Dive into Industry Reports
The cooling tower market is rapidly expanding due to the greater number of buildings relying on them to remove heat from HVAC systems. They’re also being installed to keep hot industrial processing areas comfortable. Cooling towers are increasingly utilized in power generating facilities, food processing plants, the chemical industry, and the oil and gas industry. However, dense residential developments are increasingly utilizing cooling towers as well.
Open type water towers are the most commonly used design due to their efficiency, simple design, and low overall cost. Hybrid cooling towers are another option when water conservation is more important than upfront cost. These systems use half as much water as wet cooling towers. Installation of these systems is driven by environmental mandates to save water, and that’s why the demand for them is rising faster than other types of cooling towers.
The Factors Driving These Trends
Industry managers are under pressure to reduce costs and improve energy efficiency. At the same time, clean water is essential to industry processes and consumer safety. This is driving demand for high-quality water at a low cost while using as little energy as possible to create and deliver it. The use of cooling towers is also driven by their ability to maintain the temperature of chillers and remove heat from industrial buildings.
Cooling towers and heat exchangers are increasingly relying on sub-micron filtration to maintain water quality and prevent bacterial and mold growth in the HVAC or cooling system. High efficiency media filtration is also key to minimizing energy costs, since more power is needed to operate chillers and heat exchangers with a biofilm buildup impeding water flow.
Water reuse is also a growing market. Municipal authorities are clamping down on potable water use for commercial and industrial water. The solution is to use non-potable water or re-use water from other applications. Reuse water generally comes with a higher volume of suspended particles or dissolved solids. This can cause clogging, scaling of pipes, or bio-fouling. That reduces the efficiency of heat exchangers, contributes to maintenance costs, and can lead to unplanned shutdowns. The best way to prevent these problems is to install high-grade water filters so that the facility can use non-potable water.
Demand for electricity is increasing worldwide, and we’re seeing a boom in cooling tower construction to help cool these facilities. The greater appreciation for worker safety and comfort is also driving demand for water cooling towers to cool down industrial facilities that draw a lot of power and put out significant waste heat.
The cooling tower market is expanding along with industrialization and general development. Environmental demands are changing the designs and technologies used in cooling towers.