Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Cooling Tower Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview 2023-2028:

The global cooling tower market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.

A cooling tower is a heat exchange device that relies on water to transfer the excess heat into the atmosphere. It is a double-curved shell structure of concrete supported on a series of struts and used for reducing the temperature during industrial processes. It is a cost-effective and energy-efficient cooling device that offers ease of installation, longer shelf life, high structural strength, and resistance against corrosion. It is widely used in cold storage units, petroleum refineries, heating, ventilation, and air conditioning (HVAC) systems and electric power generation and food processing plants. Besides this, it finds extensive applications in large buildings, such as hotels, schools, and hospitals, to provide comfortable cooling.

Cooling Tower Market Trends:
At present, the escalating need for electricity on account of the increasing global population represents one of the key factors positively influencing the market. In addition, the rising infrastructural development activities are increasing the usage of heating, ventilation, and air conditioning (HVAC) systems. This, coupled with the increasing electrification across different industry verticals and the rising sales of consumer electronics, is catalyzing the demand for cooling towers across the globe. Furthermore, the development of three-dimensional (3D) TRASAR technology helps detect, determine and improve the corrosion and microbiological performance of the cooling tower systems. Additionally, the growing investments by private and public agencies in the development of thermal and nuclear power plants across numerous countries are supporting the market growth. Moreover, leading market players are continuously financing research and development (R&D) activities to introduce highly efficient cooling towers.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global cooling tower market report, along with forecasts at the global, regional and country levels from 2023-2028. Our report has categorized the market based on tower type, flow type, design, construction material and end user.

Breakup by Tower Type:

Open-Circuit Cooling Towers
Closed-Circuit Cooling Towers
Hybrid Cooling Towers

Open-circuit cooling towers hold the largest market share on account of their lower maintenance costs and the ability to provide extra cooling.

Breakup by Flow Type:

Cross Flow
Counter Flow

Crossflow designed cooling towers dominate the market due to their high tolerance for particulates, oils, and contamination in the water. They also help distribute hot water perpendicular to the airflow.

Breakup by Design:

Mechanical Draft Cooling Tower
Natural Draft Cooling Tower

Cooling towers with mechanical draft are commonly used due to their effective thermal performance, greater stability, and easy airflow.

Breakup by Construction Material:

Fiber-Reinforced Plastic (FRP)
Steel
Concrete
Wood
High-Density Polyethylene (HDPE)
Others

Fiber-reinforced plastic finds application in the construction of cooling towers due to its superior corrosion resistance, cost-effectiveness, and ease of installation.

Breakup by End-User:

Chemical
HVAC
Petrochemicals and Oil & Gas
Power Generation
Food and Beverages
Others

Cooling towers are used in power generation plants as they generate enormous amounts of heat and need efficient cooling systems.

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

The Asia Pacific exhibits a clear dominance in the market due to the rising energy consumption, increasing population and rapid urbanization and industrialization in the region.

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Babcock & Wilcox Enterprises Inc., Baltimore Aircoil Company Inc. (Amsted Industries Inc.), Brentwood Industries Inc., Delta Cooling Towers, Inc., ENEXIO Management GmbH, Hamon Corporation (Hamon & Cie), International Cooling Tower Inc., Johnson Controls Inc., SPX Cooling Technologies Inc., Reymsa Cooling Towers Inc., Thermal Care Inc. (IPEG Inc.), Thermax Limited (RDA Holdings Private Limited), etc.

Key Questions Answered in This Report:
How has the global cooling tower market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global cooling tower market?
What is the breakup of the market based on the tower type?
What is the breakup of the market based on the flow type?
What is the breakup of the market based on the design?
What is the breakup of the market based on the construction material?
What is the breakup of the market based on the end-user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cooling tower market and who are the key players?
What is the degree of competition in the industry?