Rising Demand For Cooling Towers Emerges as a Core Driver of the Cooling Tower Market in 2025

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Cooling Tower Market Size Growth Forecast: What to Expect by 2025?
The market size of the cooling tower has been consistently expanding in the past few years. It is projected to rise from a valuation of $3.46 billion in 2024 to $3.59 billion in 2025, with a compound annual growth rate (CAGR) of 3.8%. The expansion during the historical period can be credited to the proliferation of power generation, the adoption of air conditioning, the development of chemical process industries, water conservation efforts, urbanization and infrastructural development, along with the globalization of industries.

How Will the Cooling Tower Market Size Evolve and Grow by 2029?
In the coming years, the market size of cooling towers is predicted to witness a robust increase, reaching an approximate valuation of $4.54 billion in 2029, growing at a compounded annual growth rate (CAGR) of 6.0%. Factors like the modernization of outdated structures, the imposition of stringent energy efficiency norms, the expansion of data centers, economic advancement, the progression of the chemical industry, and an emphasis on water treatment are anticipated to drive the growth during the forecast period. The key trends predicted to emerge during the forecast period include the advent of hybrid cooling systems, the integration of smart controls and automation, the use of fiberglass-reinforced plastic (FRP) towers, industry-specific customizations, adoption of dry cooling systems in regions with scarce water resources, and the design of low-noise cooling towers.

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What Drivers Are Propelling the Growth of Cooling Tower Market Forward?
The cooling tower market is predicted to be driven by increasing demand from emerging markets. Cooling towers play a crucial role in removing heat in various industrial settings, such as nuclear and thermal power plants, petroleum refineries, petrochemical plants, food processing plants and heat, ventilation, air conditioning, and refrigeration. The burgeoning growth in the commercial construction sector, high-value real estate, and energy conservation policies have elevated the usage of cooling towers in these progressing areas. For instance, as per the World Nuclear Association in February 2022, there are approximately 135-140 operative nuclear power reactors in Asia endorsed by this UK-based international entity that advocates for nuclear power and aids companies that are part of the global nuclear industry. Around 35 reactors are being built, and 50-60 are at the stage of proposal or planning. Such ongoing developments across the emerging regions are anticipated to boost the demand for cooling towers throughout the forecast period.

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Which Emerging Trends Are Transforming the Cooling Tower Market in 2025?
The adoption of environmentally friendly products is an emerging trend in the cooling tower market. Such products, in their capacity to transfer heat, typically utilise water instead of air - a method that is approximately 3,200 times more efficient and beneficial to the environment. An example of this is Metso, a Finland-based company specialising in technology and service provision. In November 2023, it launched an enhanced version of its Evaporative Cooling Tower, a high-performing dry gas cleansing solution crafted to decrease furnace off-gas temperatures through evaporation. The Metso Evaporative Cooling Tower's exceptional design facilitates effective, uniform cooling. Further, the sophisticated model-based automatic control allows for precision during cooling processes, particularly during startup and fluctuating process conditions.

What Are the Key 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

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Who Are the Key Players Shaping the Cooling Tower Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in 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.

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