A cooling tower is a heat exchanger that directly contacts water and air to reduce the water temperature and provide optimal cooling conditions. Due to mandatory optimal cooling procedures and auxiliary equipment to improve energy efficiency, the huge demand potential of various industries is expanding the global cooling tower market. The cooling tower can be widely used in power, metallurgy, petroleum and petrochemical, photovoltaic, food and other industries. Due to its increasing application in various heavy industry applications, the cooling tower market has maintained growth over the past few years. Among them, factors such as high power consumption and the increasing demand for energy efficiency in several application areas are important reasons for driving demand in this market. The increasing number of construction activities worldwide is also a key driver. According to statistics, from 2015 to 2020, the compound annual growth rate of the cooling tower market is 4.2%. In 2020, the estimated market value of the cooling tower market is 2.87 billion US dollars.

Materials Analysis

Cooling towers are made of a variety of materials, such as fiber-reinforced plastic (FRP), steel, concrete, wood, and high-density polyethylene (HDPE). Due to various advantages of FRP materials, such as high corrosion resistance, cost-effectiveness and ease of installation, they accounted for the largest share in 2016. However, high-density polyethylene (HDPE) materials are expected to occupy an increasing proportion in the future market due to the advantages of longer service life and reduced maintenance requirements.