Market Highlights
A cooling tower is a device that rejects waste heat to the environment by cooling a stream of coolant, essentially a stream of water, to a lower temperature. These towers can either utilize the evaporation of water to expel process heat and cool the working fluid to approach the wet bulb air temperature or within the case of drying towers, depend exclusively on air to cool the working liquid to approach the dry buld and later adjust temperature with radiators.
The global cooling tower market size was estimated at USD 2.8 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. Stringent government environmental regulations, coupled with concerns associated with the plumes generated by power generation and chemical industries, are anticipated to drive demand for cooling towers during the projected timeframe.
Market Segment Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Type Analysis
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Evaporative, Dry, and Hybrid
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Evaporative cooling towers are expected to dominate the market during the forecast period while hybrid cooling towers are expected to grow at the fastest rate.
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Material-Type Analysis
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Concrete, Steel, FRP, and Wood
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FRP is expected to hold the largest market share in the market.
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Design-Type Analysis
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Natural and Mechanical
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Mechanical is expected to keep the larger market share.
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Application-Type Analysis
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Power Generation, HVACR, and Food & Beverages
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HVACR is expected to dominate the market in its segment.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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North America region is expected to hold the majority share in the market during the forecast period.
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Based on the type, the cooling tower market is segmented into evaporative, dry, and hybrid. In 2023, the segment with the biggest market share was evaporative cooling towers. This type of cooling tower is growing majorly because it is attributed to the rising installation of direct and indirect evaporative cooling systems.
Based on the material type, the market is segmented into concrete, steel, FRP, and wood types. FRP segment is expected to be the dominant segment in material type in the market during the forecast period. The global demand for FRP is rising owing to its high resistance to corrosion, acid rain, and snow. Moreover, it is lightweight, has low maintenance costs, is suitable for dry and wet operations, and can withstand a wide range of environmental conditions.
Based on the design type, the market is segmented into natural and mechanical. Among these, Mechanical is anticipated to hold the larger share of the market during the forecast period. This is because effective thermal performance, greater stability, and easy airflow are some of the key factors stimulating product demand.
Based on the application type, the market is segmented into power generation, HVACR, and food & beverages. Among these, HVACR is anticipated to hold the largest share of the market during the forecast period. This is because of the increasing technological advancements.
Regarding regions, North America is expected to remain the largest market for cooling tower during the forecast period. The rigorous government regulations in the area are anticipated to drive the market.
Key Players
The following are the key players in the cooling tower market:
- Babcock & Wilcox Enterprises, Inc.
- Baltimore Aircoil Company
- Cenk Endustri Tesisleri Imalat Ve Taahhut A.Az.
- Cooling Tower Systems, Inc.
- Delta Cooling Towers Inc.
- Engie Refrigeration GmbH
- EVAPCO, Inc.
- S.A. Hamon
- Johnson Controls International Plc.
- Kelvion Holdings GmbH
- Liang Chi Industry Co. Ltd.
- Mesan Group
- Paharpur Cooling Towers Ltd.
- SPX Corporation
- Torraval Cooling S.L
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s cooling tower market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
The cooling market is segmented into the following categories.
Cooling Tower Market, by Type
- Evaporative (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Dry (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Hybrid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Cooling Tower Market, by Material Type
- Concrete (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- FRP (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Wood (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Cooling Tower Market, by Design Type
- Natural (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Mechanical (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Cooling Tower Market, by Application Type
- Power Generation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- HVACR (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Food & Beverages (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Cooling Tower Market, by Region
- North America (Country Analysis: The SA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
