Cooling Tower Industry

The global cooling tower market size is expected to reach USD 5,237.0 million by 2030, expanding at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for energy-efficient cooling systems in commercial and industrial applications is anticipated to drive the growth of the market over the forecast period. In addition, the surging global demand for cooling towers can be ascribed to the increasing number of industrial and commercial establishments worldwide.

With the continuous rise in electricity demand, there is a need to bridge the gap between demand and supply through renewable and non-renewable sources. Various power plants, including thermoelectric (oil, natural gas, nuclear, and coal) and hydroelectric, are utilized to generate abundant electricity. These power plants generate a large amount of electricity along with an innovative production of electricity, which can be effectively cooled using cooling towers to eliminate excess heat from the plant. Thus, thereby fueling the market demand over the forecast period.

Research undertaken for developing advanced cooling technologies for power plants focuses on several different aspects. For instance, in the case of wet cooling systems, research is aimed at minimizing the evaporative loss in cooling towers. On the other hand, for dry cooling systems, research focuses on reducing the steam condensation temperature. Such technological progress is anticipated to drive the demand for cooling towers in power plant applications globally.

The rise in the demand for thermoelectric power plants is expected to drive the growth of the cooling tower industry. These power plants generate enormous amounts of heat, which mandates the use of cooling towers. Cooling towers play a vital role in removing the excess heat generated in the power plants and hence, contribute to the safety of operations in power plants, which is expected to drive the demand for cooling towers over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Cooling Tower market

Cooling Tower Market Segments Highlights:

• The open-circuit segment dominated the cooling towers industry in 2023 by accounting for a share of over 42.3% of the market in terms of revenue. The growth of this segment can be attributed to superior cooling, reduced process temperatures, and small carbon footprint offered by open-circuit cooling towers
• The demand for fiberglass reinforced plastic (FRP) material segment accounted for a 28.5% share of the global revenue in 2023. The global demand for FRP is rising owing to its high resistance to corrosion, acid rain, and snow
• The industrial application segment accounted for a 28.8% share of the global revenue in 2023. The increasing number of new industrial facilities being established worldwide is fueling the global demand for cooling towers
• Asia Pacific accounted for 30.4% of the global revenue share in 2023. The improving economy of China, India, Thailand, Indonesia, and Malaysia is forcing governments to frame supportive policies to promote investments in the extraction of natural resources including crude oil and natural gas. This is expected to escalate the oil extraction units in the region and correspondingly augment the demand for cooling towers in the region
• In February 2023, EVAPCO, Inc. announced the acquisition of Canada-based carbon dioxide refrigeration system manufacturer, Systèmes LMP. With this new alliance, the former focuses on catering to the growing market demand for sustainable refrigeration systems

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

• The global HVAC systems market size was estimated at USD 233.55 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2030.
• The global steel market size was estimated at USD 1,469.04 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2030.

Segments Covered in the Report

Grand View Research has segmented the global cooling tower market based on product, material, application, and region:

Cooling Tower Product Outlook (Revenue, USD Million, 2018 - 2030)

• Open circuit
• Closed circuit
• Hybrid

Cooling Tower Material Outlook (Revenue, USD Million, 2018 - 2030)

• FRP
• Steel
• Concrete
• Wood
• HDPE

Cooling Tower Application Outlook (Revenue, USD Million, 2018 - 2030)

• HVAC
• Power Generation
• Oil & Gas
• Industrial

Cooling Tower Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • UAE
  • Saudi Arabia

Order a free sample PDF of the Cooling Tower Market Intelligence Study, published by Grand View Research.