Overview and Scope
The cooling tower refers to specialized heat exchangers, in which air and water are forced into direct contact to reduce the water’s temperature. During the cooling tower process, a small quantity of water evaporates and lowers the water, which is being circulated throughout the tower.
Sizing and Forecast
The cooling tower market size has grown steadily in recent years. It will grow from $3.35 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to power generation expansion, air conditioning adoption, chemical process industries, water conservation, urbanization and infrastructure, globalization of industries.
The cooling tower market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to upgradation of aging infrastructure, stringent energy efficiency standards, data center expansion, economic development, chemical industry evolution, focus on water treatment. Major trends in the forecast period include hybrid cooling systems, smart controls and automation, fiberglass reinforced plastic (FRP) towers, customization for specific industries, dry cooling systems for water-scarce regions, low-noise cooling tower designs.
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Segmentation & Regional Insights
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 & Beverages, Other Applications
North America was the largest region in the cooling tower market in 2023. 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.
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Major Driver Impacting Market Growth
Rising demand for cooling towers from the developing markets is expected to drive the cooling tower market. Cooling towers are used to remove heat from industry, which includes nuclear and thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR. There has been high growth in the commercial building and construction industry, high-end real estate, and energy-saving policies, which have contributed to growth in the use of cooling towers in these developing regions. For instance, in February 2022, according to the World Nuclear Association, a UK-based international organization that promotes nuclear power and supports the companies that comprise the global nuclear industry in Asia, there are about 135–140 operable nuclear power reactors. About 35 reactors are under construction, and 50–60 are in the proposal or planning stage. These development activities across developing regions are expected to increase the demand for cooling towers during the forecast period.
Key Industry Players
Major companies operating in the cooling tower market report are Haier Group, Midea Group, Gree Electric Appliances, Johnson Controls, TCL Technology, Hisense Group, 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., Thermal Care 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.
The cooling tower market report table of contents includes:
1. Executive Summary
2. Cooling Tower Market Characteristics
3. Cooling Tower Market Trends And Strategies
4. Cooling Tower Market – Macro Economic Scenario
5. Global Cooling Tower Market Size and Growth
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32. Global Cooling Tower Market Competitive Benchmarking
33. Global Cooling Tower Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cooling Tower Market
35. Cooling Tower Market Future Outlook and Potential Analysis
36. Appendix
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