Cooling Towers Market to Grow from $3.7B in 2025 to $6.4B by 2035 at 5.7% CAGR; Asia Pacific Leads with 39% Share ($1.4B) | EVAPCO, Inc., SPX Cooling Technologies

According to recent analysis, the global cooling towers market is expected to grow from USD 3.7 Billion in 2025 to USD 6.4 Billion by 2035, registering a robust CAGR of 5.7% during the forecast period.

While companies focus on decarbonization and thermal efficiency improvement, manufacturers are considering more hybrid and advanced materials. For example, in 2025, SPX Cooling Technologies launched a new product line that consists of a modular hybrid tower providing smart monitoring and corrosion-resistant materials to thermal and nuclear power plants, establishing a benchmark in operational efficiency. In alignment with growing electricity usage, planned industrial expansion, and sustainability regulations, the cooling towers market will continue to demonstrate slow organic as well as technological growth, globally to 2035.

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Regional Analysis of Cooling Towers Market

The Asia Pacific region currently dominates the cooling towers market, primarily due to rising levels of power generation, Industrialization, and urbanization in countries like China, India, and Japan. The demand for new thermal and renewable power generation plants is attracting high investments, which would support the demand for technologically-advanced energy-efficient cooling solutions.
Additionally, the North America and European regions are also major contributors to this market because of the expansion of industries in the region, modernization of the HVAC industry, and sustainability projects underway. The Latin America and Middle East & Africa regions have yet to show significant market potential but are showing modest growth mainly in the utility and industrial areas.

Key players in the global cooling towers market include prominent companies such as: Baltimore Aircoil Company, SPX Cooling Technologies, EVAPCO, Inc., Johnson Controls International, Babcock & Wilcox Enterprises, Inc., ENEXIO, John Cockerill, Ebara Corporation, Krones AG, Brentwood Industries, Inc., Paharpur Cooling Towers Ltd., Delta Cooling Towers, Inc., Seagull Cooling Tower Co., Ltd., Star Cooling Towers, Cenk Industrial Plants Manufacturing, Watco Group Ltd., SPIG S.p.A., Aggreko, Watsco, Inc., and other key players, along with several other key players contributing to market growth through innovation, strategic partnerships, and global expansion.

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Key Driver, Restraint, and Growth Opportunity Defining the Cooling Towers Market"

The rise of a global cooling towers market is being spurred by energy-efficient power generation, industrial processes and HVAC applications, as well as decarbonization and sustainability efforts. Modern cooling towers are now utilizing hybrid technology, corrosion-resistant materials, modular designs, and smart monitoring, increasing thermal effectiveness, reducing water consumption, and providing operational certainty. For example, SPX Cooling Technologies, in 2025, launched modular hybrid cooling towers with real-time monitoring specifically for thermal and nuclear power plants; ultimately establishing an innovative standard for what best practices for performance and lifecycle management looks like.

Many of the current challenges, such as significant capital investment costs, challenging design criteria, and operational life risks result in entry barriers for smaller manufacturers and benefits for established global outfits.

Conversely, government-supported initiatives that drive industrial efficiency, renewable integration, and modernization of power infrastructure simultaneously offers remarkable upside for growth, further builds the ecosystem and continues to propel the adoption of advanced cooling technology globally.

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Impact of Global Tariff Policies on the Cooling Towers Market Growth and Strategy"

Tariff policies regarding geothermal turbines and down-hole or drilling equipment and important components can add significant costs to the main cost line of geothermal projects. Most of today's developing locations depend on imports from developed country manufacturers and so the import tariff expected to only increase the amount of capital needed to fund and bring the project to a financial closure.

Moreover, tariff policies are more or less negotiable and deal dependent. However, reducing or voiding tariffs expected to diminish the overall project cost and promote greater development re: either stages of a larger project are taken into account or the greater spread of geothermal deployments. Undoubtedly, tariffs that are more favorable can be designed to promote local manufacturing in the area (preferable) which would enhance energy security, support longer term geothermal growth plans in the region, etc.

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Recent Development and Strategic Overview:

In April 2025, Johnson Controls International launched its next-generation hybrid cooling tower system, specifically addressing the needs of large commercial buildings and industrial facilities. The tower's built-in smart sensors, optimized water adaptive capabilities, and AI-driven/AI-enabled thermal optimization reduce water consumption while delivering maximum thermal performance.

In March 2025, Babcock. Wilcox Enterprises launched its dry/hybrid cooling tower systems offering for power generation and petrochemical industries where a water supply is limited. The system includes high efficiency air and cooling water heat exchangers and a proprietary plume-abatement technology, all to reduce visible emissions and increase cooling effectiveness in extreme climate situations.

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