The cooling tower market is expanding due to increased industrialization and the rising demand for energy-efficient cooling systems across industries such as power generation, HVAC, and petrochemicals. Technological advancements, including hybrid and modular cooling towers, are driving market growth. Environmental regulations encouraging the use of water-efficient systems are also positively impacting the market. Asia-Pacific dominates the market, with significant investments in infrastructure and industrial projects. Maintenance and water quality management remain key challenges, spurring innovations in treatment technologies.
According to the research report, the cooling tower market was valued at USD 3.82 billion in 2021 and is expected to reach USD 5.57 billion by 2030, to grow at a CAGR of 4.3% during the forecast period.
Market Trends: Cooling Towers
- Energy Efficiency: Growing adoption of energy-efficient cooling systems to reduce operational costs.
- Hybrid Cooling Systems: Increased preference for hybrid towers combining wet and dry cooling for better performance.
- Environmental Regulations: Demand for eco-friendly and water-efficient systems to comply with stringent regulations.
- Smart Cooling Towers: Integration of IoT and AI for real-time monitoring and predictive maintenance.
- Infrastructure Growth: Rising investments in industrial and commercial infrastructure driving demand, particularly in Asia-Pacific.
- Baltimore Aircoil Company
- Artech Cooling Towers
- Babcock & Wilcox Enterprises
- Bell Cooling Tower
- Brentwood Industries
- ENEXIO
- Johnson Controls
- Paharpur Cooling Tower
- Spig S.P.A.
- SPX Cooling Technologies
- Hamon
- CIE International
- Star Cooling Tower Pvt
Growth Factors:
• Market dynamics:All the key factors and major developments anticipated to boost the growth of the market are covered in the study.
• Technological evolution:The report offers a thorough understanding of the emerging technologies that can influence the Cooling Towers market demand.
• Innovation pathways: The study covers where innovations can take the market in the mid to long term.
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The Geographical Analysis Covers Following Key Regions:
• North America (United States, Canada, and Mexico)
• Europe (Germany, France, United Kingdom, Russia, Italy, and the Rest of Europe)
• Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
• South America (Brazil, Argentina, Colombia, and the rest of South America)
• The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa, and the Rest of the Middle East and Africa)
Market Segmentation: Cooling Towers
Cooling towers are segmented based on type, application, and end-user industry. The key types include wet cooling towers, dry cooling towers, and hybrid cooling towers, with wet cooling towers dominating the market due to their widespread use in power plants and industrial applications. Applications include power generation, HVAC, petrochemicals, and oil & gas, where cooling systems are critical. End-user industries include power plants, chemical industries, petrochemical refineries, and HVAC systems in large commercial buildings. In the power generation sector, both industrial and commercial installations rely on cooling towers to maintain equipment efficiency and prevent overheating. Geographically, Asia-Pacific is the largest market due to rapid industrial growth and infrastructure development. Increasing adoption of hybrid systems, which combine both wet and dry cooling, is driven by the need for water conservation and energy-efficient solutions.
Cooling Tower Market, Design Outlook (Revenue – USD Billion, 2018 – 2030)
- Natural
- Mechanical
Cooling Tower Market, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Evaporative
- Dry
- Hybrid
Cooling Tower Market, Material Outlook (Revenue – USD Billion, 2018 – 2030)
- Concrete
- Steel
- FRP
- Wood
Cooling Tower Market, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Chemical and Petrochemical
- Pharmaceutical
- Power Generation
- HVAC
- Food and Beverages
- Others
Cooling Towers Industry Developments:
In July 2021, Baltimore Aircoil Company (BAC), a global leader in cooling solutions for industrial, commercial, and refrigeration markets, acquired Italy-based Eurocoil SPA. Eurocoil is a top manufacturer of heat exchangers for Europe’s commercial and refrigeration sectors.
In June 2022, John Cockerill completed the acquisition of Hamon Group’s “Cooling” division. This acquisition focuses on systems for cooling water, including applications for nuclear power plants, and covers the design, production, installation, commissioning, and maintenance of these systems.
In November 2021, Babcock & Wilcox Enterprises announced that its B&W Environmental segment secured a $5 million contract to supply a cooling system to SPIG S.P.A. for a new petrochemical facility in the Middle East. The cooling tower is designed to reduce liquid discharge and conserve water while cooling propylene production and propane dehydrogenation equipment.
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