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The global cooling tower fans market is expected to hold a value worth US$ 203.4 Million in 2022, reaching US$ 284.6 Million in 2032. From 2022-2032, the industry is expected to flourish at a CAGR of 3.4%. From 2016-21, the market displayed a CAGR of 3%.
A cooling tower is a heat refusal device that uses a stream of cooling water to remove waste heat from the atmosphere that is produced by the equipment inside the block. The cooling tower uses an evaporative process to release heat, which allows a small amount of water to evaporate into a stream of moving air to sufficiently cool the area.
The transferred heat from the water stream to the air stream increases the temperature of air which causes the humidity, however, this air is get discharged through cooling tower fans to the atmosphere.
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The major end use industries, which uses cooling tower fans for cooling purposes are Petrochemical and Oil & Gas, Chemical, Power Generation, Food & Beverage, etc. Cooling tower fans are also classified in various types on the basis of air induction of fan, which is Natural draft and Mechanical Draft. Mechanical drafts are further divided into the Forced draft and Induced draft.
Evaporative heat refusal devices such as cooling towers fans are generally used to produce significantly reduce water temperatures as compared to the devices, available with “dry” or “air cooled” heat rejection devices, such as the radiator in a car, through obtaining more energy efficient and cost-effective operation of systems in order to cooling. The cooling potential and capacity of a wet surface are much reliable than a dry one.
Cooling Tower Fans Industry: Market Dynamics
Some factors such as the easy installation of fans, optimal usage of chemicals, availability in small size, consists of the small size of the filter, can be considered as the drivers of the cooling tower fans market. Additionally, some of its properties such as these fans can achieve a temperature of water below the air temperature, which is used to cool it, and they are available in comparatively less price, are also driving the market of cooling tower fans. However, on the other hand, high cost involved with its maintenance in order to increase the safety and weather proof coating so as to protect the fans from corrosion and moisture, are restraining the cooling tower fans market.
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Cooling Tower Fans Market: Regional Outlook
Asia-Pacific region holds high market share as compared to another region, followed by North America and Europe. This is due to the increasing demand for cooling towers, rising growth of construction and building industry and increasing number of chemicals and pharmaceuticals industry in some countries of the region such as China and India. Some countries such as U.S. from North America region and Germany and Russia from Europe regions are expected to grow at a high rate of growth and will remain a prominent country for the market of cooling tower fans. Latin America region is expected to grow at a slow rate of growth because of Brazil, followed by the Middle East and Africa, which is anticipated to grow at a significant rate of growth.
Cooling Tower Fans Market: Market Participants
Examples of some of the market participants in the Cooling Tower Fans market identified across the value chain are Cooling Tower Depot, Inc., Baltimore Aircoil, Amertech Tower Services, LLC, Multi-Wing India Pvt Ltd., Paharpur Cooling Towers, Tower Tech, Inc., STAR COOLING TOWERS, Evapco, Inc., Delta Cooling Towers, Inc., Cooling Tower Systems, Inc., Brentwood Industries, Inc., Berg Chilling Systems Inc., Paltech – Cooling Towers & Equipment Ltd., SPX Cooling Technologies, Inc., WASSER, Watco Group, Cycro, inc., Niba Co., Hudson Products Holdings Inc., Midwest Cooling Towers, etc.
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Cooling Tower Fans Industry: Segmentation
Market segmentation of the Cooling Tower Fans market on the basis of technology:
Market segmentation of the Cooling Tower Fans market on the basis of product type:
Market segmentation of the Cooling Tower Fans market on the basis of its End Use Industries:
Market segmentation of the Cooling Tower Fans market on the basis of air induction:
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