Cooling Tower Market Expected to Achieve 5.4% CAGR by 2029: Growth Forecast Insights

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How Large Will the Cooling Tower Market Size By 2025?
The size of the cooling tower market has seen a slight enlargement in the past years. It is set to rise from a valuation of $3.46 billion in 2024 to $3.52 billion in 2025, with a compound annual growth rate (CAGR) of 1.8%. The cause of growth in the previous periods can be traced back to the expansion in power generation, the rise of air conditioning use, chemical process industries, water conservation efforts, increased urbanization and infrastructure, and the worldwide spread of industries.

How Big Is the Cooling Tower Market Size Expected to Grow by 2029?
We expect a robust expansion phase in the cooling tower market size in the forthcoming years. With a projected compound annual growth rate (CAGR) of 5.4%, the market is likely to burgeon to $4.35 billion by 2029. The escalations during these projected years could be credited to the revamping of outdated infrastructure, strict energy efficiency standards, expanding data centers, economic growth, the evolution of the chemical industry, and emphasis on water treatment measures. Emerging trends ushering this forecast period encompass hybrid cooling mechanisms, intelligent controls and automation, fiberglass reinforced plastic (FRP) towers, customization fitting specific sectors, adoption of dry cooling systems in water-deficit areas, and designs of cooling towers with reduced noise levels.

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Which Key Market Drivers Powering Cooling Tower Market Expansion and Growth?
The cooling tower market's growth is anticipated to be fueled by the increasing demand for cooling towers in developing markets. Cooling towers, which are utilized to dissipate heat from industries such as nuclear and thermal power plants, petroleum refineries, petrochemical plants, food processing plants, and HVACR, have seen an upsurge in usage. Factors such as rapid growth in the commercial building and construction industry, luxury real estate, and energy-saving policies have played a significant role in increasing the adoption of cooling towers in these emerging regions. For example, data from the World Nuclear Association, a UK-based international agency promoting nuclear power and backing the firms forming the global nuclear industry in Asia, indicated in February 2022 that there are approximately 135-140 operational nuclear power reactors in existence. Additionally, around 35 reactors are being built, and 50-60 are in the proposal or planned phase. These ongoing projects in emerging regions are predicted to boost the demand for cooling towers over the forecast duration.

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Which Fast-Growing Trends Are Poised to Disrupt the Cooling Tower Market?
The incorporation of environmentally friendly products is a main trend observed in the cooling tower market. These eco-friendly products adopt water for heat transmission instead of air, which is roughly 3,200 times more effective and eco-friendly. For example, in November 2023, Metso, a Finnish company that specializes in delivering technology and services, introduced an upgraded version of their Evaporative Cooling Tower. This advanced dry gas cleaning solution is specifically designed for cooling hot furnace off-gases through evaporation. The improved Metso Evaporative Cooling Tower boasts unique designs for efficient cooling. Its sophisticated model-based auto control feature also allows precise control over the cooling process under varying process conditions and during startups.

What Are the Emerging Segments in the Cooling Tower Market?
The cooling towermarket 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 Global Leaders in the Cooling Tower Market?
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.

Which are the Top Profitable Regional Markets for the Cooling Tower Industry?
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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