International.
Forecasts indicate that the global cooling tower market will grow from $2.34 billion in 2015 to $2.88 million in 2020, at a compound annual growth rate (CAGR) of 4.2%, according to a new report published by MarketsandMarkets.
The market is being driven by increasing HVAC deployments, increasing power generation capacity and technological advancements in cooling towers. Asia-Pacific is expected to witness strong growth over the next five years. Demand across the region is bolstered by emerging markets, namely China and India.
This high growth rate can be attributed to the growing construction industry, especially commercial buildings. The growth of the construction industry has triggered the demand for air conditioning systems, which has positively influenced the growth of the cooling tower market.
Asia Pacific dominates the cooling tower market due to increasing demand from the HVAC/R application segment. Population growth, industrialization, and growing concerns related to infrastructure development have significantly boosted the growth of the region's building and construction industry, which has consequently triggered demand for cooling towers.
Europe is the second largest market for cooling towers.
