The global cooling tower market size was estimated at USD 3.85 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% 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. HVAC systems ensure a cool and comfortable environment in large commercial buildings that include office buildings, airports, hospitals, conference centers, hotels, etc. These systems use cooling towers to provide optimal cooling in buildings. A consistent rise in commercial construction projects around the world, along with a gradual increase in HVAC installations, is anticipated to boost market prospects for cooling towers over the coming years.
Construction spending in the power sector in the United States grew from USD 110,610 in December 2022 to USD 111,598 in January 2023; for the manufacturing sector, this number rose from USD 131,894 to USD 139,770 in the same assessment period. The increasing spending on manufacturing and power facilities is expected to boost demand for cooling towers in the country. These devices play a vital role in removing excessive heat generated in such facilities, resulting in safer operations, which is expected to drive the demand for cooling towers in the coming years. Growing investments in the U.S. to boost the industrial sector, advance building firms, and improve the installation of eco-friendly products to minimize pollution are factors poised to propel market growth.
Increasing HVAC investments combined with rising demand for energy-efficient solutions are expected to drive the demand for cooling towers used in HVAC applications. According to industry reports, the HVAC industry in India is scheduled to invest USD 611.6 million in new technologies to boost efficiency. The primary advantages of adopting cooling towers in HVAC applications are low installation cost, ease of operation, energy efficiency, and low maintenance cost.
The governments of the UK and the U.S. have established energy standards that manufacturers must meet. They are expected to reduce the energy required in motor operations by a considerable amount, causing them to design high-efficiency motors rather than standard-efficiency motors. For instance, the National Emission Standards for Hazardous Air Pollutants (NESHAP) establishes standards for chromium compounds discharged into the air by cooling towers during cooling processes. These aforementioned factors are anticipated to drive market demand for open-circuit cooling towers over the forecast period.
Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.
• The global automotive sunroof market size was valued at USD 12.2 billion in 2023 and is projected to grow at a CAGR of 7.6% from 2024 to 2030. With the evolving integration of technology in the automobile sector, smart sunroofs have emerged as a popular trend among customers, mainly among Gen Z.
• The global semiconductor pellicle market size was estimated at USD 1.33 billion in 2023 and is estimated to grow at a CAGR of 7.1% from 2024 to 2030. This growth is attributed to the rising advancements in semiconductor production technology, especially in extreme ultraviolet lithography (EUV).
Cooling Tower Market Segmentation
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
o U.S.
o Canada
• Europe
o UK
o France
o Germany
o Italy
o Spain
• Asia Pacific
o China
o India
o Japan
o Australia
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
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Key Companies profiled:
• Babcock & Wilcox Enterprises, Inc.
• Baltimore Aircoil Company
• Cenk Endüstri Tesisleri Imalat Ve Taahhüt A.Åž.
• 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.
