What Fueled Cooling Tower Market?
The cooling tower market has seen considerable growth due to a variety of factors.
• In recent times, the size of the cooling tower market has been steadily expanding. It is projected to increase from a market size of $3.46 billion in 2024 to reach $3.59 billion in 2025, growing at a compound annual growth rate (CAGR) of 3.8%.
The historic growth has been driven by factors like the expansion of power generation, the widespread adoption of air conditioning, development in chemical process industries, efforts towards water conservation, progression in urbanization and infrastructure, and the globalization of industries.
What Will Be The Cooling Tower Market Size In The Future?
The cooling tower market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for cooling towers is projected to experience robust growth in the upcoming years, with an estimated value of $4.54 billion in 2029, expanding at a compound annual growth rate (CAGR) of 6.0%.
This substantial growth in the forecasted period can be credited to factors such as the modernization of old infrastructure, strict energy efficiency norms, data center proliferation, economic growth, advancement in the chemical industry, and increased emphasis on water treatment. The forecast period also foresees key trends like hybrid cooling mechanisms, sophisticated controls and automation, fiberglass reinforced plastic (FRP) towers, customized solutions for specific sectors, dry cooling methods for regions with water scarcity, and designs of cooling towers with reduced noise levels.
What Main Forces Are Fueling Expansion In The Cooling Tower Market?
The cooling tower market is anticipated to be propelled by the increasing demand from emerging markets. Cooling towers, which are extensively used to dissipate heat from industries such as nuclear and thermal power plants, petroleum refineries, petrochemical facilities, food processing factories, and HVACR, are expected to see an upsurge in use. The growing commercial building and construction industry, premium real estate, and energy-saving policies in these evolving regions have amplified the employment of cooling towers. For example, the World Nuclear Association, a UK-based global organization advocating nuclear power and supporting worldwide nuclear industry companies, reported in February 2022 that about 135–140 nuclear power reactors are currently operational in Asia. In addition, approximately 35 reactors are being built, with 50–60 more in the proposal or planning stages. These burgeoning activities within developing regions are expected to escalate the demand for cooling towers throughout the forecast period.
What are the Market Segments in the Cooling Tower Market?
The cooling tower market covered in this report is segmented –
1) By Type: Evaporative Cooling Tower, Dry Cooling Tower, Hybrid Cooling Tower
2) By Flow: Cross Flow, Counter Flow
3) By Application: Chemicals, Petrochemicals, Power Generation, HVACR, Food And Beverages, Other Applications
Subsegments:
1) By Evaporative Cooling Tower: Forced Draft Evaporative Cooling Towers, Induced Draft Evaporative Cooling Towers, Crossflow Evaporative Cooling Towers, Counterflow Evaporative Cooling Towers, Wet Cooling Towers, Natural Draft Evaporative Cooling Towers
2) By Dry Cooling Tower: Air-Cooled Condensers (ACC), Direct Dry Cooling Towers, Indirect Dry Cooling Towers, Closed-Loop Dry Cooling Systems
3) By Hybrid Cooling Tower: Hybrid Wet-Dry Cooling Towers, Dry-Wet Cooling Towers With Heat Recovery, Air And Water Hybrid Cooling Towers
Pre-Book The Cooling Tower Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends are Shaping the Cooling Tower Market Size?
A significant trend in the cooling tower market is the adoption of environmentally friendly products. These products are superior due to their utilization of water for heat transport, a method that is about 3,200 times more efficient and sustainable than using air. A case in point occurred in November 2023 when Metso, a Finland-based company specializing in technology and services, introduced an upgraded version of its Evaporative Cooling Tower. This improved product, which is designed for the evaporation-based cooling of hot furnace off-gases, boasts a unique design that allows for effective and uniform cooling. Its advanced, model-based automatic control feature ensures precise cooling control during startup and various process conditions.
Who Are the Key Players in the Cooling Tower Market?
Major companies operating in the cooling tower market include:
• Johnson Controls
• SPX Corporation
• THERMAX LIMITED
• Babcock & Wilcox Enterprises
• Hamon & Cie International SA
• Evapco Inc
• Bell Cooling Tower
• Baltimore Aircoil Company
• Brentwood Industries Inc.
• Paharpur Cooling Towers
• ENEXIO MANAGEMENT GMBH
• Delta Cooling Towers Inc.
• UNITED METAL PRODUCTS
• Cooling Tower Systems Inc.
• TOWER THERMAL PTY. LTD.
• Perfect Cooling Towers
• Artech Cooling Towers Pvt. Ltd.
• STAR COOLING TOWERS PVT. LTD.
• ZHEJIANG AOSHUAI REFRIGERATION CO. LTD
• Cenk Endüstri Tesisleri Imalat Ve Taahhüt A.Åž.
• Delta Marley Cooling Tower Services
• Mesan Cooling Towers Manufacturing and Trade Inc.
• Liang Chi Industry Co. Ltd.
• King Sun Industry Co. Ltd.
What are the Regional Insights into the Cooling Tower Market?
North America was the largest region in the cooling tower market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cooling tower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
