U.S. Cooling Tower Market Size to Boost US$ 871.27 Million By 2026 | CAGR 3.17% - IndustryARC

U.S. Cooling Tower Market Drivers Increasing Demand for HVAC Systems to Optimize Infrastructures is Driving the U.S. Cooling Tower Market

HYDERABAD, TELANGANA, INDIA, December 6, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that 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. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

1. Wet cooling dominated the market in 2020 acquiring a share of 81% in 2020.

2. 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.

3. High penetration of HVAC systems and rising investment towards construction projects are driving the market.

4. Corrosion and scaling issues is impeding the growth of the market.

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Segmental Analysis:

1. 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.

2. 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.

3. 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.

Competitive Landscape:

The top 5 players in the U.S. Cooling Tower industry are -

1. SPX Corporation

2. J.E. Johnson Inc.

3. EVAPCO Inc.

4. Delta Cooling Tower

5. Ershigs Inc.

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Related Reports:

A. U.S. HVAC Equipment Market
https://www.industryarc.com/Report/9597/us-hvac-equipment-market-research-analysis-report.html

B. Cooling Towers Market
https://www.industryarc.com/Report/15541/cooling-towers-market.html

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