Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages) and Region - Global Forecast to 2026

Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages) and Region - Global Forecast to 2026

The global cooling tower market size is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026. Industrialization in developing countries, stringent environmental regulations and rise in HVACR deployments are expected to offer significant growth opportunities to manufacturers of cooling tower.

“HVACR accounted for the fastest growth in the cooling tower market in terms of value.”

HVACR systems are primarily installed in commercial buildings such as offices, hospitals, and schools. In these commercial buildings, heat is generated by computers, people, and continuous exposure to sunlight. The HVACR systems trap the heat through air handlers and immediately transfer it to refrigerants through the heat exchangers. The refrigerant condenses the heat into vapor, which is further converted to water. Once the water is warm, it cannot be reused for cooling. Therefore, cooling towers are installed in HVACR systems to convert this water steam to cold water. The towers cool the warm water that returns from the heat exchanger and boosts water reusability.

“Evaporative is the largest type of cooling tower.”

Evaporative cooling towers have the highest demand in industrial processes around the world. These towers are majorly used in industries which have larger cooling requirements such as in electrical power generation.

The market for the evaporative cooling tower is expected to grow at a significant pace over the next five years due to rapid industrialization and surge in the installation of these towers to prevent damage caused due to excessive heating. Evaporative cooling towers are being widely positioned in hot-dry climates to cool outdoor air and circulate it in a building or an area. They are also being used significantly in HVAC systems. The growth of the evaporative cooling tower market is majorly attributed to the rising installation of direct and indirect evaporative cooling systems

“North America is estimated to be the second-largest market for cooling tower”

North America is the second-largest cooling tower market, which accounted for a share of 25.1%, in terms of value, in 2020. According to ICCA-chem economic analysis report, base chemicals and fertilizers dominate the chemical industry in North America. According to the Center of Strategic and International Studies (CSIS), the development of abundant tight oil and unconventional natural gas resources drives the economic growth of North America.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the cooling tower market, and information was gathered from secondary research to determine and verify the market size of several segments.
By Company Type: Tier 1 – 30%, Tier 2 – 35%, and Tier 3 – 35%
By Designation: C Level Executives– 40%, Directors – 40%, and Others – 20%
By Region: APAC – 50%, Europe – 20%, North America – 10%, the Middle East & Africa –10%, and South America- 10%

The key players in this market are EVAPCO (US), Baltimore Aircoil Company Inc. (US), SPX Corporation (US), Artech Cooling Towers Pvt. Ltd. (India), Babcock & Wilcox Enterprises (US), Brentwood Industries (US), Johnson Controls Inc. (Ireland), Paharpur Cooling Tower Ltd. (India), Enexio (Germany), and Hamon & CIE International (Belgium).

Research Coverage:

The report offers insights into the cooling tower market in key regions. It aims at estimating the size of the cooling tower market during the forecast period and projects future growth of the market across various segments based on type, design, flow type, technology, material, application, and region. The report also includes an in-depth competitive analysis of the key players in the cooling tower market, along with company profiles, MNM view, recent developments, and key market strategies.

Key Benefits of Buying the Report

From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the cooling tower market; high growth regions; and market drivers, restraints, opportunities, and challenges.