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Cooling Tower Market Research Report - Segmentation By Product (Evaporative/Wet, Dry and Hybrid), By Technology (Open Circuit, Closed Circuit and Hybrid), By Design (Mechanical and Natural), By Build (Field Erection and Package), and Region - Industry Forecast of 2022 to 2027

Published: January, 2022
ID: 10629
Pages: 175

Cooling Tower Market Size (2022 - 2027):

The Global Cooling Tower Market was at US$ 2.1 billion in 2021 and is predicted to reach US$ 2.6 Billion in 2027, with a CAGR of 4.5% between 2022 - 2027.

Market Overview:

A cooling tower is a device that eliminates waste heat from a water stream by chilling it and releasing it into the atmosphere. A cooling tower cools the water in the cooling system as it circulates. It's a device that removes waste heat from the cooling system and releases it into the atmosphere. Evaporation or blowing air through the heated water cools the flowing water. Open cooling towers and closed-circuit cooling towers are the two types of cooling towers. Cooling towers are utilized in a variety of sectors, including chemical, oil and gas, food processing, power plants, and other air-conditioning applications.

Market Drivers

The need for cooling towers has been supported by moderate expansion in the worldwide commercial building industry, as well as increased modernization and urbanization in emerging nations. Increased government investments in this industry have resulted in an increase in HVACR deployments, which is fueling the market growth. During the projection period, the growing demand for cooling towers is likely to continue, boosting worldwide demand. Cooling towers that employ evaporation technology are extremely energy efficient. Heat is removed from the water that flows in the system by evaporating a tiny amount of it in evaporative cooling towers. These cooling towers are commonly used in HVACR systems for commercial building constructions such as offices, hospitals, shopping malls, and other similar buildings. Climate change and technological advancements have accelerated the deployment of HVACR equipment. The need for air conditioning equipment has also risen as a result of changing, and unpredictable weather conditions brought on by global warming.

Market Restraints

Europe and North America's cooling tower markets are mature and seeing sluggish expansion. Despite their considerable market share, growth in these areas is likely to be slower than in other regions throughout the projection period. This is mostly due to the region's dominant market and weak economic activity. An increased focus on improving energy efficiency and following environmental laws is likely to enhance demand in these regions. In these places, cooling tower replacements are projected to be in high demand, necessitating merely upgrades to existing legacy cooling towers. As a result, new installations are not feasible in Europe and North America, leading to a slower total growth rate. In comparison to the North American market, market growth in Europe is predicted to be slower. This is due to the increased energy costs involved with cooling tower components and composite manufacturing. These components take more energy to manufacture, which is predicted to result in higher energy prices and lower growth rates, particularly in Europe.

Market Opportunities

A nuclear reactor's cooling tower is a critical component. A cooling tower's performance has a substantial influence on a nuclear power plant's overall efficiency and electricity production. Hybrid or wet technology cooling towers are most commonly used in nuclear power facilities. Cooling towers are used in nuclear power reactors for high-pressure and high-temperature applications, as well as for numerous manufacturing processes that require process cooling. They're used in a variety of nuclear operations, including closed-loop system cooling, central cooling, moisture separator reheating, and more.

Market Challenges

Corrosion in cooling tower systems caused by continual usage is a recurring issue. Corrosion is caused by thick substances flowing into the water supply, posing a danger to the equipment's usefulness and efficiency. Corrosion has two effects on the cooling tower system. First, equipment failure occurs as a result of corrosion, resulting in higher installation expenses, repairs, and timely maintenance. Second, owing to the loss of heat transmission, the plant's efficiency drops. These variables have an impact on the market's growth.




Market Size Available

2021 – 2027

Base Year


Forecast Period

2022 - 2027



Segments Covered

By Product, Technology, Design, Build, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa




Market Leaders Profiled

Bell Cooling Tower, Baltimore Aircoil Company, Hamon & Cie International SA, Brentwood Industries Inc., Paharpur Cooling Towers, Enexio, Star Cooling Towers Private Ltd., Johnson Controls Inc., SPIG S.P.A., and SPX Corporation. The other major players dominating the global cooling tower market include Composite Cooling Solutions L.P., Kimre, Inc., EvapTech, Inc., Changzhou Kwell Cooling Equipment Co., Ltd., and Liang Chi Industry Co. Ltd.

Global Cooling Tower Market

Market Segmentation:

Cooling Tower Market - By Product:

  • Evaporative/Wet
  • Dry
  • Hybrid

The wet/evaporative cooling tower market was worth more than $ 1 billion in 2018. Reduced noise pollution, reduced maintenance costs, high performance and energy efficiency are some of the key features. that will drive adoption. of the product.

Cooling Tower Market - By Technology:

  • Open Circuit
  • Closed Circuit
  • Hybrid

Escalating investments in heating, ventilation, air conditioning and refrigeration (HVACR) systems due to the emerging construction industry will increase the share of the open loop industry.

Cooling Tower Market - By Design:

  • Mechanical
  • Natural

Mechanical design in 2018 accounted for more than 50% of the cooling tower market share. Greater stability, lower investment cost, minimal effect on the environment through humidity and high thermal performance are some of the key parameters that will drive the adoption of the product.

Cooling Tower Market - By Build:

  • Field Erection
  • Package

The strong increase in conventional power plants, including coal, coupled with increased investment in the development of large industries, will drive the size of the cooling tower market for field construction.

Regional Analysis:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

Asia-Pacific dominates the global cooling tower market due to increased call from the HVACR applications segment. Population expansion, industrialization, and growing concerns about infrastructure development have dramatically increased the expansion of the region's construction and building industry, triggering call for cooling towers. Power generation and HVACR are the top two applications contributing to the growing call for cooling towers in the Asia Pacific. Europe is the second largest cooling tower market in the world. Asia-Pacific and the rest of the world dominate the worldwide cooling tower market. The markets in these regions are booming mainly due to the emerging Indian market.

China is also an important sales market for cooling tower systems. The reason for the dominance of these regions is the increase in the number of rapid industrializations, power plants and the growingcall of the population. The weak expansion of cooling towers in Europe and North America limits the development of the market. Although these regions have a huge market size, cooling tower expansion is predicted to be relatively slower than other regions during the conjecture period. The North American market is supposed to represent the largest revenue share in the worldwide market. The growing need to maintain temperature in manufacturing units, especially in the food and beverage industry, and the rapidly growing industrialization in North America are important factors that are anticipated to drive the expansion of the Automotive market in this area.

Market Key Players:

The key players investing major of their shares in the global cooling tower market include

  1. Bell Cooling Tower
  2. Baltimore Aircoil Company
  3. Hamon & Cie International SA
  4. Brentwood Industries Inc.
  5. Paharpur Cooling Towers
  6. Enexio
  7. Star Cooling Towers Private Ltd.
  8. Johnson Controls Inc.
  9. SPIG S.P.A.
  10. SPX Corporation

The other major players dominating the global cooling tower market include Composite Cooling Solutions L.P., Kimre, Inc., EvapTech, Inc., Changzhou Kwell Cooling Equipment Co., Ltd., and Liang Chi Industry Co. Ltd.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Cooling Tower Market, By Product                   

                                6.1.1 Evaporative/Wet  

                                6.1.2 Dry             

                                6.1.3 Hybrid       

                                6.1.4 Market Size Estimations & Forecasts (2022 - 2027)   

                                6.1.5 Y-o-Y Growth Rate Analysis             

                                6.1.6 Market Attractiveness Index          

                6.2 Cooling Tower Market, By Technology                           

                                6.2.1 Open Circuit           

                                6.2.2 Closed Circuit         

                                6.2.3 Hybrid       

                                6.2.4 Market Size Estimations & Forecasts (2022 - 2027)   

                                6.2.5 Y-o-Y Growth Rate Analysis             

                                6.2.6 Market Attractiveness Index          

                6.3 Cooling Tower Market, By Design                     

                                6.3.1 Mechanical             

                                6.3.2 Natural     

                                6.3.3 Market Size Estimations & Forecasts (2022 - 2027)   

                                6.3.4 Y-o-Y Growth Rate Analysis             

                                6.3.5 Market Attractiveness Index          

                6.4 Cooling Tower Market, By Build                         

                                6.4.1 Field Erection         

                                6.4.2 Package    

                                6.4.3 Market Size Estimations & Forecasts (2022 - 2027)   

                                6.4.4 Y-o-Y Growth Rate Analysis             

                                6.4.5 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Identity Governance and Administration Market, by Region                  

                7.2 North America - Market Analysis (2018 - 2024)                            

                                7.2.1 By Country              



                                7.2.2 By Product              

                                7.2.3 By Technology       

                                7.2.4 By Design 

                                7.2.5 By Build    

                7.3 Europe                         

                                7.3.1 By Country              






                                       Rest of Europe

                                7.3.2 By Product              

                                7.3.3 By Technology       

                                7.3.4 By Design 

                                7.3.5 By Build    

                7.4 Asia Pacific                  

                                7.4.1 By Country              




                                       South Korea

                                       South East Asia

                                       Australia & NZ

                                       Rest of Asia-Pacific

                                7.4.2 By Product              

                                7.4.3 By Technology       

                                7.4.4 By Design 

                                7.4.5 By Build    

                7.5 Latin America                             

                                7.5.1 By Country              




                                       Rest of Latin America

                                7.5.2 By Product              

                                7.5.3 By Technology       

                                7.5.4 By Design 

                                7.5.5 By Build    

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                       Middle East


                                7.6.2 By Product              

                                7.6.3 By Technology       

                                7.6.4 By Design 

                                7.6.5 By Build    

8. Key Player Analysis                                    

                8.1 Bell Cooling Tower                   

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Baltimore Aircoil Company                   

                8.3 Hamon & Cie International SA                            

                8.4 Brentwood Industries Inc                     

                8.5 Paharpur Cooling Towers                     

                8.6 Enexio                          

                8.7 Star Cooling Towers Private Ltd                         

                8.8 Johnson Controls Inc                              

                8.9 SPIG S.P.A                   

                8.10 SPX Corporation                     

9. Market Outlook & Investment Opportunities                                


                List of Tables                     

                List of Figures                   

  1. Global Cooling Tower  Market By Region, From 2022 - 2027 ( USD Billion )
  2. Global Cooling Tower  Market By Product, From 2022 - 2027 ( USD Billion )
  3. Global Evaporative/Wet Market By Region, From 2022 - 2027 ( USD Billion )
  4. Global Dry Market By Region, From 2022 - 2027 ( USD Billion )
  5. Global Hybrid Market By Region, From 2022 - 2027 ( USD Billion )
  6. Global Cooling Tower  Market By Technology, From 2022 - 2027 ( USD Billion )
  7. Global Open Circuit Market By Region, From 2022 - 2027 ( USD Billion )
  8. Global Closed Circuit Market By Region, From 2022 - 2027 ( USD Billion )
  9. Global Hybrid Market By Region, From 2022 - 2027 ( USD Billion )
  10. Global Cooling Tower  Market By Design , From 2022 - 2027 ( USD Billion )
  11. Global Mechanical Market By Region, From 2022 - 2027 ( USD Billion )
  12. Global Natural Market By Region, From 2022 - 2027 ( USD Billion )
  13. Global Cooling Tower  Market By Build, From 2022 - 2027 ( USD Billion )
  14. Global Field Erection Market By Region, From 2022 - 2027 ( USD Billion )
  15. Global Package Market By Region, From 2022 - 2027 ( USD Billion )

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1. What is the cooling tower market estimated size?

The global market for cooling towers was anticipated to be worth US$2.1 billion in 2021.

2. What is the segmentation in the cooling tower market?

By Product, Technology, Design, Build, Region.

3. What are the three major participants in the cooling tower market?

Bell Cooling Tower, Baltimore Aircoil Company, Hamon & Cie International SA

4. What is the estimated future size of the power cooling tower market?

The market for power cooling towers is developing at a rate of 4.5 percent each year.

5. What is the estimated future size of the cooling tower market?

The cooling tower market is expected to expand to US$2.6 billion by 2027.




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