Global cooling towers market analysis and insights
The global Cooling Towers market estimated at US$3.84 billion in the year 2022 is now projected to grow at a CAGR of 5.62% and reach US$5.33 billion by 2028.
A cooling tower is a heat removal device that relies on water for transferring the waste heat into the atmosphere. It offers various advantages, such as water conservation, optimal cooling, cost-effectiveness, energy efficiency, resistance against corrosion, ease of installation, longer service life, high structural strength and reduced noise pollution. As a result, it finds extensive applications in heating, ventilation, and air conditioning (HVAC) systems, petroleum refineries, cold storage units, electric power generation, data centers, chemical and food processing plants. Besides this, it is also used to provide comfort cooling in large commercial buildings, such as airports, schools, hospitals and hotels, etc.
The demand for electricity is steadily escalating around the world, owing to inflating disposable incomes, increasing electrification in various sectors and rising sales of consumer electronics. This represents one of the major factors impelling the global cooling tower market growth. Moreover, as governments of numerous countries are implementing stringent environmental regulations, there is an increase in the adoption of nuclear power plants, which, in turn, is further driving the market growth. Apart from this, the rising utilization of HVAC systems on account of the upcoming construction activities is positively influencing the demand for cooling towers.
Additionally, continual technological advancements, such as the introduction of advanced cooling towers with real-time monitoring for managing cycles of concentration and chemical feeds, are gaining widespread prominence across the globe. Furthermore, the incorporation of 3D TRASAR technology to detect, determine and deliver improved scale, corrosion and microbiological performance of the cooling tower systems, is expected to expand their applications across various industries in the coming years.
Cooling towers market regional insights
North American cooling towers market is expected to grow significantly over the 2022-2028 period. This growth is attributed to the growing oil and gas exploration activities, increased power generation, rise in data centers and new infrastructure investments in the region. U.S. contributed around 78% of the total North American cooling towers market and is estimated to have a market value of US$1 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 4.79% and 3.51% CAGRs respectively over the forecast period.
Asia-Pacific cooling towers market is anticipated to witness an upsurge owing to the rapid industrialization and urbanization, leading to an ever-increasing demand for cooling towers for various applications. China and India are likely to lead the regional market due to increased energy demand and upcoming thermal and nuclear power plant projects. China is expected to reach a market size of US$911 million by 2028.
Within Europe, Germany, Italy, Spain and France are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 4.61% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Gulf Cooperation Council nations such as Qatar, U.A.E, Saudi Arabia and Oman due to a similar growth pattern as the Asia Pacific.
Key players
Key players profiled in the report include Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; Bell Cooling Tower; Brentwood Industries, Inc.; Cannon Water Technology; Delta Cooling Towers; Enexio; Engie Refrigeration GmbH; Evapco, Inc.; Hamon; Johnson Controls Inc.; MESAN Group; Paharpur Cooling Tower Limited; SPIG S.p.A.; SPX Corporation; Star Cooling Towers Private Ltd.; among others.
Competitive Landscape
March 20, 2023 – Babcock & Wilcox B&W Environmental business segment has been awarded a contract for more than $9 million to design and supply two cooling systems for a clean hydrogen production facility in the Middle East.
March 13, 2023 – In the wake of its previous acquisitions of the cooling activities of the ex-Hamon Group, John Cockerill pursues its acquisition strategy by taking over Hamon Indonesia. This new acquisition meets John Cockerill’s ambitions and industrial projects in South-East Asia. With this acquisition, John Cockerill strengthens its position in the region with expertise in line with its offer in the energy business.
Cooling towers market scope
- By Technology
- Dry cooling tower
- Evaporative/Wet cooling tower or open circuit
- Fluid cooling towers or closed circuit
- Hybrid cooling tower
- By Type
- Natural draft cooling tower
- Mechanical draft cooling tower
- Hybrid draft
- By Construction Material
- Concrete
- Galvanized steel
- Stainless steel
- Plated carbon steel
- Fiber Reinforced Plastics (FRP)
- Others
- By Construction Type
- Factory assembled cooling tower
- Field-erected cooling tower
- By Application
- Oil and gas
- Energy and Power
- Building and construction
- HVAC system
- Food and beverage
- Manufacturing
- Others
- By Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
| Report Attribute | Details |
| No. of Pages | 282 |
| Published | March-2023 |
| Forecast Period | 2022-2028 |
| Estimated Market Size in 2022 | US$3.84 billion |
| Forecasted Market Size by 2028 | US$5.33 billion |
| CAGR | 5.62% |
| Regions Covered | North America, South America, Europe, Asia Pacific, Middle East and Africa |
| Companies Mentioned | Babcock & Wilcox Enterprises, Inc.; Baltimore Aircoil Company; Bell Cooling Tower; Brentwood Industries, Inc.; Cannon Water Technology; Delta Cooling Towers; Enexio; Engie Refrigeration GmbH; Evapco, Inc.; Hamon; Johnson Controls Inc.; MESAN Group; Paharpur Cooling Tower Limited; SPIG S.p.A.; SPX Corporation; Star Cooling Towers Private Ltd.; among others. |
The research report provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.
Research Methodology
