Press release
Rising Demand For Cooling Towers : Key Factor Driving The Growth In The Cooling Tower Market
Cooling Tower Market
What Is the Current Cooling Tower Market Size and Its Estimated Growth Rate?
In recent times, the size of the cooling tower market has been on a consistent rise. The market, which is predicted to increase from $3.46 billion in 2024 to $3.59 billion in 2025, has a Compound Annual Growth Rate (CAGR) of 3.8%. The historical growth observed can be linked to factors such as the enlargement of power generation, adoption of air conditioning, development in the chemical process industries, water conservation efforts, rapid urbanization and infrastructure, and industrial globalization.
The market size of cooling towers is anticipated to experience robust growth in the forthcoming years. By 2029, it is projected to be worth $4.54 billion, with a compound annual growth rate (CAGR) of 6.0%. This growth during the forecast period can be credited to the enhancement of aged infrastructure, the implementation of strict energy efficiency standards, the expansion of data centers, the progression of economic development, the evolution of the chemical industry, and the emphasis on water treatment. The major trends to watch for during this forecast period consist of hybrid cooling systems, intelligent controls and automation, FRP towers, customizations tailored for specific industries, dry cooling systems beneficial for regions with water scarcity, and low-noise cooling tower designs.
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How Are Emerging Segments Shaping the Cooling Tower Market Landscape?
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
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Which Growth Factors Are Influencing Cooling Tower Market Expansion?
The cooling tower market is anticipated to expand due to the growing demand from developing markets. Industries such as nuclear and thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR use cooling towers to eliminate heat. The recent surge in the construction and commercial building industry, luxury real estate sector, and energy conservation policies have led to an increased utilization of cooling towers in these regions. For example, as per the World Nuclear Association, a global entity based in the UK supporting nuclear power and the industries involved in the global nuclear sector, in February 2022 it was reported that Asia has approximately 135-140 nuclear power reactors in operation. Additionally, around 35 reactors are under construction, and another 50-60 are in the early stages of proposal or planning. These developmental activities across growing regions are projected to intensify the demand for cooling towers during the forecast period.
Who Are the Dominant Players Across Different Cooling Tower Market Segments?
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 Cooling Tower Market Trends Are Gaining Traction Across Different Segments?
A significant trend in the cooling tower market is the deployment of environmentally friendly products. These products favor the use of water over air for heat transportation, a method that is approximately 3,200 times more efficient and eco-friendly. As an example, Metso, a Finland-based technology and services provider, launched its upgraded Evaporative Cooling Tower in November 2023. This product is an effective dry gas cleaning solution, designed to cool hot furnace off-gases through evaporation. The enhanced Metso Evaporative Cooling Tower's novel design allows for robust and uniform cooling. Its advanced model-based automatic control offers precise control of cooling during the initial start up and fluctuating process conditions.
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Which Geographic Regions Are Expected to Dominate the Cooling Tower Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cooling Tower Market?
2. What is the CAGR expected in the Cooling Tower Market?
3. What Are the Key Innovations Transforming the Cooling Tower Industry?
4. Which Region Is Leading the Cooling Tower Market?
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