Cooling Towers Market - Share, Size and Industry Analysis

A cooling tower is a heat rejection device that rejects waste heat to the atmosphere through the cooling of a water stream to lower temperature. Cooling tower is used to cool the water circulating in the cooling system. It is a heat rejection device that removes unwanted heat from the cooling system in the atmosphere. The circulating water is cooled either by evaporation or by blowing air to the warm water. There are two types of cooling towers namely open cooling towers and closed-circuit cooling towers. Cooling towers are widely used in different industries such as chemical, oil and gas, food processing, power generation plants, and other air-conditioning applications.

The Global Cooling Towers Market was valued for US$ 3243.1 Mn in 2021 is expected to exhibit a CAGR of 5.9% during the forecast period.

Recent Developments:

In January 2021, SPIG S.p.A, a part of Babcock & Wilcox Enterprises, Inc., announced its expansion initiatives in Asia and Middle East by introducing two new contracts, that include the design and supply of SPIG S.p.A. cooling system technologies.

Restraint:

Fragmented market worldwide is expected to hinder the global cooling towers market growth over the forecast period
The requirement of a large quantity of water is expected to restrain growth of the global cooling towers market during the forecast period

Global Cooling Towers Market - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 pandemic has majorly affected the manufacturing industries around the globe. Owing to COVID-19, many countries such as India and Spain have imposed nationwide lockdown. Due to the Lockdown, there was a shortage of workers at the manufacturing facilities. And also due to the less manpower, the manufacturing facilities were struggling to move the products. So the Cooling towers which are generally used in manufacturing facilities to remove unwanted heat from the system saw slow growth during the pandemic.

Cooling Towers Market Report Coverage

Report Coverage	Details
Base Year:	2021	Market Size in 2021:	US$ 3,243.1 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	5.9%	2030 Value Projection:	US$ 5,334.2 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Type: Open Cooling Tower and Closed Circuit Cooling Tower By Heat Transfer Method: Evaporative Cooling, Dry Cooling and Plume Abatement (Hybrid) By Application: Air-Conditioning, Power Generation Utilities and Manufacturing Industry
Companies covered:	Absolute Cooling Tower Services Ltd., ESINDUS S.A (Hamon Group), Paharpur Cooling Towers Limited, FANS a.s., SPIG S.p.A, LIANG CHI INDUSTRY (THAILAND) CO., LTD., Delta Cooling Towers, Inc., SPX Corporation, Cooling Tower Depot, Inc., and Superchill Australia Pty Ltd.
Growth Drivers:	Rising use of energy-efficient systems is expected to drive growth of the global cooling towers market during the forecast period Average GDP growth rate is expected to propel the global cooling towers market growth over the forecast period
Restraints & Challenges:	Fragmented market worldwide is expected to hinder the global cooling towers market growth over the forecast period The requirement of a large quantity of water is expected to restrain growth of the global cooling towers market during the forecast period

Asia Pacific held a dominant position in the global cooling towers market in 2021

Statistics:

Asia Pacific region dominated the global cooling towers market in 2021, accounting for a 26.5% share in terms of value, followed by Europe, and North America, respectively.

Figure 1: Global Cooling Towers Market Share (%), By Region, 2021

COOLING TOWERS MARKET

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Asia Pacific cooling towers market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing to increasing demand for cooling towers in emerging economies such as South Korea, India, and China. Moreover, rapid industrialization, high disposable income, and high growth of industrial sectors. It is expected to boost the regional market growth.

Figure 2: Global Cooling Towers Market (US$ Mn) Analysis and Forecast, 2022 - 2030

COOLING TOWERS MARKET

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The global cooling towers market was valued at US$ 3,243.1 Mn in 2021 and is expected to reach US$ 5,334.2 Mn by 2030, growing at a CAGR of 5.9% between 2022 and 2030.

Major players operating in the global cooling towers market include Absolute Cooling Tower Services Ltd., ESINDUS S.A (Hamon Group), Paharpur Cooling Towers Limited, FANS a.s., SPIG S.p.A, LIANG CHI INDUSTRY (THAILAND) CO., LTD., Delta Cooling Towers, Inc., SPX Corporation, Cooling Tower Depot, Inc., and Superchill Australia Pty Ltd.

Frequently Asked Questions

The global market for cooling towers is expected to reach USD 5,334.2 Million by 2030.

The market is expected to grow at 5.9% CAGR over the period (2022-2030).

Rising use of energy-efficient systems is expected to drive growth of the market during the forecast period

Open cooling tower sub-segment holds the largest market share among Type Segment in 2021.

Asia Pacific region hold the largest share in the market in 2021, accounting for 26.5% share in terms of value.

Key players operating in the global cooling towers are Absolute Cooling Tower Services Ltd., ESINDUS S.A (Hamon Group), Paharpur Cooling Towers Limited, FANS a.s., SPIG S.p.A, LIANG CHI INDUSTRY (THAILAND) CO., LTD., Delta Cooling Towers, Inc., SPX Corporation, Cooling Tower Depot, Inc., and Superchill Australia Pty Ltd.