San Jose, California (PRWEB) July 24, 2014
Follow us on LinkedIn – A key innovation of the industrial revolution, cooling towers are today a critical capital investment in industries where cooling forms an important part of production processes. Cooling towers are especially indispensable in thermal & nuclear power plants; oil refineries; chemical/petrochemical plants; and food & beverage, dairy, and paper & pulp processing facilities, where excess heat is generated as a part of the production process. Growing focus on enhancing energy efficiency and reducing environmental pollution by restricting CO2 emissions in these industries is especially benefiting cooling tower installations.
Growth in industrial/processing activity, as evident by the steady rise in manufacturing PMI, also augurs well for market growth. Industrial output worldwide expanded and ended on an encouraging year-end performance in 2013 largely due to the recovery in demand and trade in countries such as United States, Japan and Germany. In the United States, the PMI index made steady gains with the US economy shrugging off fears of fiscal budget cuts and government shutdown to post GDP growth of over 3.0% in the last three quarters of the year 2013. EU production activity also continues to emerge from the slowdown with economic contraction in EU countries which hit a trough in 2012, now making an encouraging recovery. Federal support and stimulus grants are also bolstering industrial output in these markets. Continued strengthening of production/processing activity in emerging markets, such as China and India, and other developing countries in Asia-Pacific such as Taiwan, Singapore, Korea and Indonesia is benefiting market growth. All of these factors are expected to infuse hope for an even faster growth ahead in industrial sector for year 2014, which is expected to shore up demand for cooling towers in the industrial sector. Increased investments in plant capacity expansions and upgrades will create strong demand for the deployment of cooling towers.
Cooling Towers are also extensively used as a part of building HVAC systems, particularly in commercial constructions where they play a major role in disposing excess heat from chillers. Steady rise in commercial/infrastructure construction projects across the globe and subsequent rise in HVAC deployments will boost market prospects for cooling towers in the coming years. The market will also benefit from the fast growing replacement demand in developing markets, particularly in the United States and Europe where huge installed base of legacy cooling towers provides opportunities for upgrades.
As stated by the new market research report on Cooling Towers, Europe and the United States represent the largest regional markets worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 4.8% over the analysis period. Growth in the region is driven by steady economic development, and rapid pace of industrialization in countries such as China, India, Korea, Singapore, and Taiwan.
Key players covered in the report include Baltimore Aircoil Company, BERG Chilling Systems Inc., Brentwood Industries Inc., Cooling Tower Depot Inc., Delta Cooling Towers Inc., GEA Heat Exchangers GmbH, HAMON & CIE SA, Ilmed Impianti Srl, Liang Chi Industry Co. Ltd., Mesan Cooling Tower Ltd., Paharpur Cooling Towers Limited, Ryowo Holding Co. Ltd., SPIG SpA, SPX Corporation, Star Cooling Towers LP, Thermal Care Inc., and Tower Tech Inc.
The research report titled “Cooling Towers: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product innovations and launches, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in US dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America and Rest of World. End Use Industries analysed in the report include Air Conditioning/HVAC, Heavy Industrial & Utility, Chemical Industry and Others.
For more details about this comprehensive market research report, please visit: http://www.strategyr.com/Cooling_Towers_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/