The Cooling Towers market industry is projected to grow from USD 2.7 Billion in 2023 to USD 3.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.70% during the forecast period (2024 - 2032). Cooling Towers Market Size was valued at USD 2.6 Billion in 2022. The primary market drivers fostering market expansion are government environmental regulations that are stringent and concerns about the plumes that are created by the chemical and energy sectors.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for cooling towers has increased as a result of rising modernity and urbanisation in emerging nations and moderate growth of the commercial construction industry globally. Increased government investments in this sector are encouraging an increase in HVACR deployments, which is further fueling market expansion. In order to get rid of extra heat from chillers, cooling towers are a common component of HVACR systems for buildings. Global demand for HVACR equipment is thus anticipated to grow, particularly in commercial and industrial settings. The use of HVACR equipment has increased as a result of factors like climate change and technical advancements. Global warming has boosted demand for cooling towers by causing unpredictable and changing weather patterns.
The world's accelerated infrastructure development is driving up demand for these structures. The overall construction activity in developed and emerging countries are fueling the demand for heating, ventilation, cooling, and refrigeration equipment, which is expected to boost the market. As a result, it is expected that the development of ports, airports, and other transportation infrastructure will quicken market expansion. The implementation of significant expansion programs at airports is planned. For instance, the John F. Kennedy International Airport is getting two new international terminal complexes. This project is expected to be done by 2025. The market is being driven by the rise in demand for HVAC systems brought on by the building industry's aforementioned trends. Additionally, there is an increasing demand for high performance and expanded capabilities, which is leading to more and more customized solutions. As a result, manufacturers offer a tailored solution to satisfy consumers' various needs.
Due to their critical function in removing excess heat produced in these facilities and their contribution to safer operations, cooling tower demand is expected to increase over the course of the projection period. The market is also anticipated to be driven by increased expenditures made in the United States to develop the industrial sector, support construction companies, and improve the installation of eco-friendly products to minimise pollution. Manufacturers must adhere to energy requirements that have been imposed by governments in nations like the UK and the U.S. They build high-efficiency motors rather than standard-efficiency motors because they are predicted to significantly reduce the energy needed for motor operations. For instance, chromium compounds released into the air by cooling towers during the cooling process are subject to criteria set by the National Emission criteria for Hazardous Air Pollutants (NESHAP). Over the projected period, it is anticipated that the aforementioned causes would fuel demand for open-circuit cooling towers. Thus, driving the Cooling Tower Systems market revenue.
The Cooling Towers Market segmentation, based on type, includes wet, dry, and hybrid. Dry segment accounted for the largest revenue share in 2022. Water is not necessary for cooling the machinery in dry towers. The cooling requirements are satisfied by the evaporation process. However, the dry cooling tower has many advantages, including the ability to remove fog, icing, and mist. By preventing its use, thermal pollution, and evaporative losses, the water purification system offers a convincing answer to water issues. In food and beverage applications as well as Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) systems, the dry cooling tower is in high demand.
Wet towers, sometimes referred to as open circuit towers, are a crucial part of industrial buildings. The acceptance of renewable technology has increased over time. They use evaporation to cool down the hot equipment. Many drift eliminators are used to cut down on the drift emissions that are created.
The Cooling Towers Market segmentation, based on application, includes chemicals & petrochemicals, pharmaceutical, power generation, HVAC, food & beverages, and others. HVAC segment dominated the Industrial Cooling Tower Cells Market in 2022. Government spending on this sector has expanded, which has led to an increase in HVACR deployments, which is driving the market's expansion. These towers are frequently used as part of HVACR systems in buildings to remove extra heat from chillers. Therefore, increasing demand for HVACR equipment in buildings and industrial applications is probably what will drive this market.
Additionally, it is anticipated that the medicines segment would grow significantly throughout the course of the projected year. Since the towers' performance depends on how effectively and efficiently cooling water is used, they are generally seen as an essential part of the pharmaceutical industry's operations. In the pharmaceutical industry, many of the most important processes generate heat, which makes an effective cooling system necessary.
Figure 1: Cooling Towers Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Cooling Towers Market dominated this market in 2022 (45.80%). The rigorous government regulations in the area are anticipated to drive market expansion. The market in the region is benefited by government laws that limit the water consumption for cooling equipment and power producing plants. The substantial presence of well-known businesses in North America, including SPX Corporation, Babcock & Wilcox Enterprises, Inc., and EVAPCO, Inc., is also assisting the market's expansion. Further, the U.S. Cooling Towers market held the largest market share, and the Canada Cooling Towers market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Cooling Towers Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Cooling Towers market accounted for the healthy market share in 2022. The increase in demand for energy-efficient cooling systems in commercial and industrial applications in the area is a major factor driving the market's expansion. Additionally, these tower types provide great cooling equipment for big commercial buildings as well as for a variety of businesses and industry verticals. Further, the German Cooling Towers market held the largest market share, and the U.K Cooling Towers market was the fastest growing market in the European region
The Asia Pacific Cooling Towers market is expected to register significant growth from 2023 to 2032. This is due to the substantial economic growth of nations like China, India, Australia, and several of the ASEAN member states, as well as the overall expansion of the Asian Pacific market. Both labour and raw materials are inexpensive in the Asia Pacific region. The region is a desirable investment location for cooling tower players due to the region's growing domestic demand. Expanding populations, urbanisation, industrialization, and growing worries about infrastructure development in China and India will boost the industry in this region. Moreover, China’s Cooling Towers market held the largest market share, and the Indian Cooling Towers market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Industrial Cooling Tower Cells market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cooling Towers industry must offer cost-effective items.
Manufacturing locally to minimize Typeal costs is one of the key business tactics used by manufacturers in the global Cooling Towers industry to benefit clients and increase the market sector. In recent years, the Cooling Towers industry has offered some of the most significant advantages to medicine. Major players in the Cooling Towers market, including Krones AG, SPX CORPORATION, Babcock & Wilcox Enterprises, Inc., EWK, Kelvion Holding GmbH, HAMON & CIE (INTERNATIONAL) S.A., MITA Cooling Technologies Srl, JACIR – GOHL, ILMED IMPIANTI SRL, JAEGGI Hybridtechnologie AG, and EVAPCO, Inc., are attempting to increase market demand by investing in research and development Types.
The largest industrial gas supplier in the world, Linde has operations in more than a hundred countries. The company's principal offerings include industrial gas production equipment, as well as atmospheric gases (such as oxygen, nitrogen, and argon) and process gases (such as hydrogen, carbon dioxide, and helium). Linde provides services to many different end markets, including as the steel industry, manufacturing, healthcare, and chemicals. In 2022, Linde produced around $33 billion in sales and $5.4 billion in GAAP operating profit. The Amur CGG, or Amur Gas Chemical Complex, in Russia, will have an 18-cell cooling tower installed and designed by HAMON & CIE (INTERNATIONAL) S.A. in November 2020.
Engineered heating, ventilation, and air conditioning, or HVAC, products, as well as detection and measurement technologies and power equipment, are all provided by SPX Technologies Inc. Three segments make up the business's operations. The HVAC industry develops, produces, erects, and maintains cooling, heating, and ventilation goods. The underground pipe and cable locators, inspection tools, bus fare collection systems, and other products are designed, produced, and installed by the detection and measurement technologies section. Transformers are designed, engineered, manufactured, installed, and serviced by the Engineered Solutions segment for the power transmission and distribution market. The domestic American market accounts for practically all of the company's revenue. The accessibility of a number of monitoring devices and control panels, which simplify cooling tower operation, data collecting, and installation, was announced by SPX Cooling Technologies in January 2019.
October 2020: At the airport at Alicante, Spain, EWK installed 8 towers. With "smart cooling tower" technology, which offers autonomous detection and information about tower operation, these towers are strengthened.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.6 Billion |
| Market Size 2023 | USD 2.7 Billion |
| Market Size 2032 | USD 3.9 Billion |
| Compound Annual Growth Rate (CAGR) | 4.70% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2023 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Krones AG, SPX CORPORATION, Babcock & Wilcox Enterprises, Inc., EWK, Kelvion Holding GmbH, HAMON & CIE (INTERNATIONAL) S.A., MITA Cooling Technologies Srl, JACIR – GOHL, ILMED IMPIANTI SRL, JAEGGI Hybridtechnologie AG, and EVAPCO, Inc. |
| Key Market Opportunities | Rising demand from nuclear power generation sector |
| Key Market Dynamics | The stringent government environmental regulations and concerns associated with the plumes generated by power generation and chemical industries |
Cooling Towers Market Highlights:
Frequently Asked Questions (FAQ) :
The Cooling Towers Market size was valued at USD 2.6 Billion in 2022.
The global market is projected to grow at a CAGR of 4.70% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Krones AG, SPX CORPORATION, Babcock & Wilcox Enterprises, Inc., EWK, Kelvion Holding GmbH, HAMON & CIE (INTERNATIONAL) S.A., MITA Cooling Technologies Srl, JACIR – GOHL, ILMED IMPIANTI SRL, JAEGGI Hybridtechnologie AG, and EVAPCO, Inc.
The Dry Type dominated the market in 2022.
The HVAC Application had the largest share in the global market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
