Cooling Tower Market | Key players operating in the market include EVAPCO, Baltimore Aircoil Company, SPX Corp, Artech Cooling Towers, Babcock & Wilcox Enterprises

According to recent market research the "Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages) and Region - Global Forecast Till 2026", size is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026.

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Cooling towers are heat exchangers which are used to dissipate unwanted heat to the atmosphere. Cooling towers such as hybrid and dry are majorly available in the market and are utilized in various industries including power generation, chemical, petrochemical and oil & gas, food & beverage, HVACR, and so on. Cooling towers which remove heat from industrial processes or chemical reactions are termed industrial process cooling towers and those which are used for HVACR applications are majorly known as comfort cooling towers.

The power generation application segment is estimated to lead the cooling tower market during the forecast period.

Power generation is the largest application of cooling towers, projected to grow at a CAGR of 4.8% during the forecast period. Cooling towers are utilized by almost every industry for cooling requirements and find the highest usage in the power generation application segment owing to high demand. Cooling towers are extensively utilized in thermal and nuclear power plants for controlling and maintaining temperature and pressure conditions.

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The global cooling tower market size is projected to reach USD 2.6 billion by 2026 growing at a CAGR of 4.5% from 2021 to 2026. The increasing demand for cooling tower in developing countries, rise in HVACR deployments are driving the market for cooling tower.

The increase in demand for cooling tower and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market. The key players in this market are EVAPCO (US), Baltimore Aircoil Company Inc. (US), SPX Corporation (US), Artech Cooling Towers Pvt. Ltd. (India), Babcock & Wilcox Enterprises (US), Brentwood Industries (US), Johnson Controls Inc. (Ireland), Paharpur Cooling Tower Ltd. (India), Enexio (Germany), and Hamon & CIE International (Belgium). These players have adopted various strategies such as investment & expansion, merger & acquisition, partnership & agreement, and new product launch in order to strengthen their market position. For instance, in July 2021, Baltimore Aircoil Company Inc. acquired Eurocoil Spa (Italy), a prominent European commercial and refrigeration manufacturer. This acquisition has further strengthened its position in the global cooling market.

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Baltimore Aircoil Company Inc. operates as a subsidiary of Amsted Industries Incorporated (US). The company develops and manufactures evaporative cooling towers, thermal storage, and heat transfer equipment. It offers a wide range of cooling towers, such as closed-circuit cooling towers and evaporative cooling towers. The company's cooling towers are used in various applications such as district cooling plants, heating, ventilation, air conditioning, refrigeration, light/industrial manufacturing, and chemical & petroleum processing.

Hamon & CIE International SA (Belgium) is one of the leaders in cooling towers and operates through its five major business segments: cooling systems, heat exchangers, air quality systems, HRSG-WHB, and chimneys. The company offers various custom-designed dry and wet cooling towers through its cooling system business segment. Furthermore, the company exclusively offers dry cooling systems through its subsidiary Research Cottrell Dry Cooling (US) under the cooling system business segment. Hamon & Cie International SA (Belgium) serves end-use industries, such as electric power plants, oil & gas, and petrochemical industries, followed by other heavy industries, such as steel, cement, minerals, glass, and waste incineration. The cooling systems offered by the company have major applications in nuclear power plants.

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