Global Cooling Tower Market – Industry Trends and Forecast to 2030

Global Cooling Tower Market, By Type (Open-Circuit Cooling Towers, Closed-Circuit Cooling Towers, Hybrid Cooling Towers), Flow Type (Cross Flow, Counter Flow), Design (Mechanical Draft Cooling Tower, Natural Draft Cooling Tower), Construction Material (Fiber-Reinforced Plastic (FRP), Steel, Concrete, Wood, High-Density Polyethylene (HDPE), Others),  End-user (Chemical, HVAC, Petrochemicals and Oil and Gas, Power Generation, Food and Beverages, Others) – Industry Trends and Forecast to 2030.

Cooling Tower Market Analysis and Size  

Cooling towers are used in power plants, primarily in thermoelectric power plants, to remove surplus heat. With increased global demand for electricity, the number of power plants is expected to rise, propelling the expansion of this industry. Moreover, a tremendous increase in the number of construction activities across the commercial and residential sectors in rising countries is anticipated to increase the demand for this product. In addition, rapid global industrialization is also an important driver anticipated to impact the global cooling towers market growth during forecast period of 2023 to 2030.

Data Bridge Market Research analyses that the global cooling tower market was valued at USD 3,449.44 million in 2022, and is expected to reach the value of USD 4,935.57 million by 2030, at a CAGR of 4.58% during the forecast period of 2023 to 2030. “Open-Circuit Cooling Towers” dominates the type segment of the global cooling tower market part owing to the increasing demand of cooling towers in various field such as construction, manufacturing units, power generation and air conditioning industries. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Cooling Tower Market Scope and Segmentation

Market Definition

A cooling tower is a device that removes excess heat and depends on water to transfer the waste heat into the atmosphere. It offers many advantages, such as cost-effectiveness, energy efficiency, water conservation, optimal cooling and resistance against corrosion, ease of installation, high structural strength, longer service life, and reduced noise pollution. As a result, it is widely used in ventilation, heating, and air conditioning (HVAC) systems, power production, petroleum refineries, cold storage units, and food processing industries. Aside from that, it is utilized to provide comfortable cooling in large commercial facilities such as hospitals, airports, schools, and hotels, among others.

Global Cooling Tower Market Dynamics

Drivers

• Rise in Usage of Cooling Towers in Industrial Activities

The increase in heating ventilating and air conditioning refrigeration (HVACR) deployments due to augmented government investments in this industry enhances market growth. The increasing demand is anticipated to remain the same during the forecast period of 2023 to 2030, driving the demand for cooling towers globally.

• Rapid Urbanization and Modernization

Reasonable development in the global commercial construction industry along with growing urbanization and modernization in emerging countries have increased the demand for cooling towers.

• Rise in Demand due to Climate Change

Climate changes have enhanced the adoption of HVACR equipment. Unpredictable and changing weather conditions caused by global warming have also augmented the demand for air conditioning equipment.

Opportunity

• Rising Demand from Nuclear Power Generation Sector

The cooling tower is an important constituent of a nuclear reactor. The performance of a cooling tower has a substantial impact on the overall power output and efficiency of a nuclear power plant. Cooling towers used for nuclear power plants mainly are the wet or hybrid technology types. Cooling towers in nuclear power plants are used for high pressure and temperature applications and several industrial processes where in process cooling is required. These are used in nuclear processes such as, central cooling, closed loop system cooling, moisture separator reheating, and many others.

Restraint/Challenge

• Excessive Expense

Cooling towers required a considerable amount of water, which is difficult for small and medium-sized businesses to maintain. The enormous amount of water also results in an excessive expense, putting a business's budget at risk. The worldwide cooling towers market is projected to be hampered by a fragmented market. As a result, these factors are expected to limit the global cooling towers market's growth throughout the forecast period of 2023 to 2030.

This global cooling towers market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global cooling towers market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In July 2021, Baltimore Aircoil Company Inc. acquired Eurocoil Spa (Italy), a prominent refrigeration manufacturer and European commercial. This attainment has further reinforced its position in the global cooling market
• In December 2020, Hamon acquired ESINDUS (Spain) involved in the cooling business in the Iberian Peninsula, Mexico, and South America. Hamon & Cie goals to strengthen its geographic presence in Asia, EMEA, and North America through this acquisition

Global Cooling Tower Market Scope

The global cooling towers market is segmented on the basis of type, flow type, design, construction material, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

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

Flow Type

• Cross Flow
• Counter Flow

Design

• Mechanical Draft Cooling Tower
• Natural Draft Cooling Tower

Construction Material

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

End-user

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

Global Cooling Tower Market Regional Analysis/Insights

The global cooling towers market is analyzed and market size insights and trends are provided by country, type, flow type, design, construction material, and end-user as referenced above.

The countries covered in the global cooling towers market report are U.S., Canada and Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Asia-Pacific dominates the global cooling towers market in terms of market share and revenue and will continue to flourish its dominance during the forecast period of 2023 to 2030. This is due to the rising demand for cooling tower in this region.

North America is expected to be the fastest developing region in the global cooling towers market due to the rising growth of this region's petroleum and oil and gas sectors during the forecasted period of 2023 to 2030.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Cooling Tower Market Share Analysis

The global cooling tower market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to global cooling tower market.

Some of the major players operating in the global cooling tower market are:

• Amcor plc (Australia) EVAPCO (U.S.)
• Baltimore Aircoil Company Inc. (U.S.)
• SPX Corporation (U.S.)
• Artech Cooling Towers Pvt. Ltd. (India)
• Babcock & Wilcox Enterprises (U.S.)
• Brentwood Industries (U.S.)
• Johnson Controls Inc. (Ireland)
• Paharpur Cooling Tower Ltd. (India)
• ENEXIO MANAGEMENT GMBH (Germany)
• Hamon & CIE International (Belgium)
• BELL COOLING TOWERS (India)
• Paharpur Cooling Towers Ltd. (India)
• Baltimore Aircoil Company (U.S.)
• Cannon Water Technology (U.S.)
• NALCO India (India)
• Perfect Star Heating and Air Conditioning, Inc (U.S.)
• REYMSA COOLING TOWERS, INC, (U.S.)
• Thermax Limited (India)
• Delta Cooling Towers (U.S.)
• International Cooling Tower (Canada)
• Star Cooling Towers (India)
• MESAN Group (China)