Cooling Tower Market Size - By Product (Evaporative/Wet, Dry, Hybrid), By Technology (Open Circuit, Closed Circuit, Hybrid), By Design (Mechanical, Natural), By Build (Field Erection, Package), Construction Material, Flow, Application & Forecast, 2024 - 2032

Cooling Tower Market Size - By Product (Evaporative/Wet, Dry, Hybrid), By Technology (Open Circuit, Closed Circuit, Hybrid), By Design (Mechanical, Natural), By Build (Field Erection, Package), Construction Material, Flow, Application & Forecast, 2024 - 2032

Cooling Tower Market Size

Cooling Tower Market Size exceeded USD 3 billion in 2023 and is projected to grow at a CAGR of over 4.5% from 2024 to 2032.  An increase in industrial and manufacturing activities along with the expansion of chemical, automotive, oil & gas, petrochemical, and fertilizer industries will complement the market growth.

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Moreover, the introduction of favorable regulatory policies on renewable power-generating sources development combined with the shifting consumer inclination toward sustainable cooling technologies will augment product adoption.

Ongoing developments and utilization of cogeneration technologies followed by strict government mandates for the reduction of coal-based plants will boost the market expansion. Rapid industrial growth across developing economies along with technological enhancements related to components and tower structures will further propel the business growth. Growing electricity demand coupled with increasing investments toward capacity addition across the power generation sector will stimulate the industry landscape. In addition, changing climatic conditions in line with government targets to reduce GHG emissions will lead to the development of sustainable cooling systems.
 

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Cooling Tower Market Analysis

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Reduced capital expenditure along with minimal space requirements will propel the growth of evaporative cooling towers. Ongoing technological innovations coupled with the ability of improved efficiency, flexibility, communication capability, and low energy requirement in the evaporation process will accelerate product demand.

Rapid developments across Heating, Ventilation, Air-Conditioning and Refrigeration (HVACR) systems along with continuous technological advancements to produce cost-efficient components, drift eliminators, and PVC fills will drive the demand for open-circuit cooling tower systems. Furthermore, easy integration with both wet & dry towers combined with low construction costs and continuous R&D to remove biological contamination will positively fuel the business scenario. 

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The mechanical design-based cooling towers market crossed USD 2.4 billion by 2032. Effective thermal performance, greater stability, and easy airflow are some of the key factors stimulating product demand. Additionally, the ability to build various capacity ranges coupled with the availability in both field erected and packaged builds will encourage mechanical design acceptance.

Rising concerns owing to increasing surface temperatures along with focused regulatory policies toward energy efficiency will complement the business spectrum. Furthermore, strong technical capability coupled with low installation costs will support the industry trends.

Asia Pacific cooling tower market will reach over USD 2.5 billion by 2032. Surging investments toward generation capacity addition along with robust industrial growth will encourage industry development. Rising electricity demand coupled with the ongoing expansion of various industries including oil refineries, petrochemical plants, and chemical industries, amongst others will lead to large-scale cooling tower deployments.

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The COVID-19 crisis impacted the overall global economies owing to the shutting of various industrial and manufacturing facilities. However, the industry is poised to grow led by the growing demand for HVACR applications. Moreover, governments and various manufacturers are engaged in collaborative efforts to compensate for the economic impacts of the pandemic by adopting an innovative approach to increase the overall resilience of the supply chain. In addition, increasing construction activities for new power plants will positively impact the overall industry value.

Cooling Tower Market Share

Key players operating across the industry includes

• S.A. HAMON
• SPX Cooling Technologies
• ENEXIO Management
• Baltimore Aircoil Company (BAC)
• Johnson Controls
• Paharpur Cooling Tower
• SPIG S.p.A
• EVAPCO
• Delta Cooling Towers
• Thermax
• International Cooling Tower
• Brentwood Industries
• ENGIE Refrigeration
• Perfect Cooling Towers
• Star Cooling Towers
• Mesan Group
• Bell Cooling Tower
• BERG Chilling Systems 
• REYMSA Cooling Towers
• Thermal Care.

Inorganic growth ventures, mergers, new product innovations, and agreements to strengthen the presence of various companies will impel the industry outlook.

The cooling tower market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD’ from 2022 to 2028 for the following segments

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Market, By Product

• Evaporative/Wet
• Dry
• Hybrid

Market, By Technology

• Open Circuit
• Closed Circuit
• Hybrid

Market, By Design

• Mechanical
• Natural

Market, By Build

• Field Erection
• Package

Market, By Construction Material

• Concrete
• Steel
• FRP
• Wood

Market, By Flow

• Cross Flow
• Counter Flow

Market, By Application

• Chemicals & Fertilizers
• Oil & Gas
• Power Generation
• HVACR

The above information has been provided for the following regions and countries

• North America
  • U.S
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Sweden
  • Netherlands
  • Denmark
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Malaysia
  • Indonesia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • Oman
  • Kuwait
  • Egypt
  • South Africa
  • Turkey
• Latin America
  • Brazil
  • Argentina
  • Chile
  • Peru