The market for cooling tower fans is anticipated to reach US$ 284.6 Million in 2032 from its current value of US$ 203.4 Million in 2022. The industry is anticipated to grow at a CAGR of 3.4 percent between 2022 and 2032. The market showed a CAGR of 3% between 2016 and 21.
The market’s expansion is attributed to the increased emphasis on effective thermal management across a number of industries, including food & beverage, power generation, oil & gas, and others.
The market’s ongoing technological advancements, such as heat exchanger tube inserts, are likely to support the growth of cooling tower fans. Additionally, improvements made to heat exchangers’ energy efficiency, durability, and compactness are anticipated to be a significant factor driving the demand for cooling tower fans over the course of the forecast period.
Favorable initiatives taken by the government of various countries is expected to augment the market size in the forthcoming period. The renewable energy target along with the growing need to suffice HVAC demand can impact the market growth. For instance, the UK government has announced its target of sufficing 17% of UK heating needs through district heating networks by 2030. Owing to the aforementioned factors, the cooling tower fans market is anticipated to strengthen in the coming time.
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Cooling Tower Fans Market Latest Trends
Evolvement of Environment Friendly Products is a Prominent Trend
One of the key trends in the global market is the growing preference for environmentally friendly products brought on by the rising environmental concerns. Development of sustainable products is a result of evolving governmental initiatives. For instance, new regulations under an amendment to the NSW Public Health Regulation 2012 were published in December 2018 to strengthen the law and better regulate cooling water systems to stop the spread and development of the Legionella bacteria. Manufacturers are concentrating on the creation of environmentally friendly products as a result.
Accordingly, the new design includes resins with antimicrobial properties. This helps lessen or even completely eliminate the threat of disease outbreaks, like the Legionnaires’ disease that frequently originate from these towers.
Competition Analysis
The following companies are significant players in the cooling tower fan market: Baltimore Aircoil, Cooling Tower Depot, Inc., Amertech Tower Services, LLC, Paharpur Cooling Towers, Multi-Wing India Pvt Ltd., Tower Tech, Inc., Evapco, Inc., STAR COOLING TOWERS, Delta Cooling Towers, Inc., Brentwood Industries, Inc., Cooling Tower Systems, Inc., Berg Chilling Systems, Inc., SPX Cooling Technologies,
Recent Development in the Market Include:
- In July 2021, the renowned manufacturer of heat exchangers serving the European commercial and refrigeration industries, Eurocoil SPA, based in Italy, was acquired by Baltimore Aircoil Company, a pioneer in cooling solutions.
- Berg Chilling Systems Inc. announced the purchase of J&J Air Conditioning and Refrigeration in March 2020. Berg Chilling Systems would rebrand the acquired company as J&J Refrigeration.
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Key Segments Profiled in the Global Cooling Tower Fans Market
Cooling Tower Fans Market by Technology:
- Dry Cooling Tower Fans
- Wet Cooling Tower Fans
Cooling Tower Fans Market by Product Type:
- Axial Cooling Tower Fans
- Centrifugal Cooling Tower Fans
Cooling Tower Fans Market by End Use:
- Cooling Tower Fans for Chemical Manufacturing
- Cooling Tower Fans for Petrochemicals and Oil & Gas
- Cooling Tower Fans for Food & Beverage Manufacturing
- Cooling Tower Fans for Power Generation
- Cooling Tower Fans for Other End Uses
Cooling Tower Fans Market by Air Induction:
- Natural Draft Cooling Tower Fans
- Mechanical Draft Cooling Tower Fans
- Forced Draft Cooling Tower Fans
- Induced Draft Cooling Tower Fans
Cooling Tower Fans Market by Region:
- North American Cooling Tower Fans Market
- Latin American Cooling Tower Fans Market
- Europe Cooling Tower Fans Market
- Asia Pacific Cooling Tower Fans Market
- Middle East & Africa Cooling Tower Fans Market
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The post According To FMI, Market For Cooling Tower Fans Is Anticipated To Be Worth US$284.6 Million In 2032: FMI appeared first on Future Market Insights.
