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Pulished Date April, 2021
ID: 11431
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Cooling Towers Market segmentation By Type ( Evaporative Cooling, Hybrid Cooling, Dry Cooling) By Form ( Natural draft cooling towers, Cross towers, Counterflow towers, Hyperbolic cooling towers, Induced draft cooling towers, Passive draft cooling towers, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2026.

Pulished: April, 2021
ID: 11431
Pages: 175

Cooling Towers Market Size and Growth 2021-2026:

The cooling towers market is worth $3.53 billion in 2020 and is estimated to grow at a CAGR of 6.12% to $4.75 billion by 2027.

A cooling tower is a heat removal mechanism that transfers waste heat into the atmosphere using water. Water conservation, appropriate cooling, cost-effectiveness, energy efficiency, corrosion resistance, ease of installation, longer service life, high structural strength, and reduced noise pollution are just a few of the benefits. As a result, it is widely used in HVAC systems, petroleum refineries, cold storage units, electric power production, and food processing industries. It's also utilized to provide comfort cooling in major commercial facilities like airports, schools, hospitals, and hotels, among others.

Recent Developments:

VODA A/S, a prominent multi-brand aftermarket parts and service provider for energy plants in Scandinavia, has been completed by Babcock & Wilcox Enterprises, Inc., as previously reported. The company's B&W Renewable sector will include the combined VODA A/S and B&W service businesses, creating a platform for renewable service expansion across Europe.

Johnson Controls and Electron, one of the world's leading technology-led electric vehicle (EV) solution suppliers, have signed a collaboration agreement. The agreement with Electromin, a brand owned by top Saudi automotive and lubricants company Petromin Corporation, is aimed at developing York's economic cooperation through energy supply and generation services to coordinate in operating Electromin facilities, according to a statement from the Saudi group.

A private power company has given Thermax an order worth Rs 830 crore to install flue gas desulphurization equipment. To reduce SOx emissions and meet air quality regulations specified for fossil fuel-based power plants, FGD systems will be deployed.

OEM in the United States To complement its water-cooled models, Evapco has created a new compact low-charge air-cooled ammonia chiller. A top-mounted air-cooled condenser is featured on the new LCR-C-A variant. The model was unveiled in June and will be offered in a variety of variants. The LCR-C-A is intended for use in humid and cool locations where air-cooled technology can be used all year. For moderate and dry regions, the LCR-C series offers the option of using an adiabatic condenser instead of an air-cooled one.

Market Drivers

Construction activity is expanding in both developed and developing countries, resulting in a demand for heating, ventilation, cooling, and refrigeration (HVAC) equipment, which is propelling the cooling tower market forward. Furthermore, the introduction of novel cooling technology, such as crossflow designs, allows for an adjustable flow of operation, lowering the water flow rate and lowering energy usage during the cooler months. It ensures that energy is only used for cooling when the facility requires it, resulting in increased production. Furthermore, the crossflow design protects the cold water basins from direct sunlight, decreasing evaporation and algae formation, which can affect the tower's efficiency and require more maintenance.


The growing corrosion of these towers continues to be a source of concern among customers, limiting market expansion. Corrosion is caused by thick substances prevalent in the water supply, posing a hazard to the equipment's effectiveness and safety. Furthermore, the expensive cost of installation, repairs, and regular maintenance is a key stumbling block to market expansion.

Market Segmentation

Type: The market is segmented into Wet, Dry, and Hybrid.

The wet towers segment is predicted to gain the largest market share due to its ability to operate successfully in high ambient conditions. Furthermore, their ability to cool huge amounts of water and high cooling capacity per unit across a wide range of manufacturing industries is projected to drive this market forward in the forecast period. In addition, prominent manufacturers' efforts to upgrade existing wet cooler technology are a major factor driving demand for these towers.

In the projection period, Hybrid Cooling has the greatest CAGR of 7.52 %. These cooling towers provide an excellent balance of wet and dry cooling while also having a positive environmental impact and meeting stringent environmental requirements. They make it possible to reduce steam drift. The removal of the steam plume is especially advantageous in metropolitan regions, industrial locations, and areas near highways that may ice. In addition, the hybrid cooling towers use less water and supply the total heat rate that the customer requires. Furthermore, this module will use the surrounding air to lower the temperature of the cooling water before it enters the wet portion. The steam plume is eliminated when hot air from dry cooling is combined with saturated air from the wet section.

Material: The market is segmented into Fiber Reinforced Plastic (FRP), Steel, Concrete, Wood, and High-Density Polyethylene (HDPE).

Over the projected period, the high-density polyethylene (HDPE) category is expected to grow at a CAGR of more than 5%. HDPE cooling towers are less expensive and have strong corrosion resistance. Because these towers are lightweight, they are easier to move and install. They are also resistant to chlorine assaults and provide improved corrosion and leakage protection.

In 2020, the fiber-reinforced plastic (FRP) sector held the biggest market share. FRP cooling towers provide many advantages, including superior corrosion resistance and the ability to withstand a wide range of climatic conditions. The exorbitant costs of FRP cooling towers, on the other hand, are predicted to stymie their uptake. Steel accounted for a significant portion of the market. Steel cooling towers are made of galvanised and stainless steel, and so have a strong structural foundation. These towers are also superb conductors and allow for efficient cooling, making them ideal for large facilities.

Form: The market is segmented into Natural draft cooling towers, Cross towers, Counterflow towers, Hyperbolic cooling towers, Induced draft cooling towers, Passive draft cooling towers, and Others.

During the forecast period, Cross Flow Tower is expected to increase at a CAGR of 5.93 %. Water flows vertically through the fill in crossflow towers, while air flows horizontally across the flow of falling water. The hot water is distributed perpendicular to the wind in this form of the cooling tower. While the cooling tower fan drags air horizontally across the fill, water flows from the top of the cooling tower via the hot water gravity distribution basin and into the fill. Crossflow towers have an internal access plenum with an internal platform that may be used to service the drive system and examine the complete fill assembly. An exterior service platform or a ladder with railings can be added to these towers to enable safe maintenance access to the hot water basin. The cross-flow single-cell cooling tower has a capacity of 70 to 255 M3/Hour.

Application: The market is segmented into HVAC, Power Generation, Oil & Gas and Industrial.

In 2020, the power generation segment had the biggest market share of more than 20%. New power plants are being built all over the world to meet the increased demand for electricity that has resulted from rapid industrialisation. Cooling towers are essential for removing excess heat from power plants, therefore demand for cooling towers is likely to rise in tandem with the continuous construction of new power plants. Due to a growth in the building of residential and commercial facilities, the HVAC segment is expected to be the fastest-growing category over the projected period. In addition to providing adequate cooling for industrial buildings, cooling towers are also important. As a result, heavy industry incumbents such as chemicals, pulp and paper, cement, and oil and gas are implementing cooling towers rapidly.

Regional Analysis

During the projection period, North America is in the greatest position to lead the market. The government's strict limits on water use, dangerous environmental pollution generated by towers, and expanding infrastructure development have all contributed to this domination. Furthermore, the presence of major manufacturers, as well as the increasing adoption of new technologies across this globe, is a key factor driving the vital market growth.

Due to the presence of both approved and unauthorized local firms operating in this industry category, Asia Pacific is expected to grow significantly over the projection period. Furthermore, as a result of expanding industrialization and infrastructural development, the penetration of these towers in nations like China, Japan, and India is increasing. Furthermore, the construction of nuclear and electricity production plants, as well as strict emissions and water consumption standards, are all having an impact on the market.

The Middle East and Africa are expected to see a substantial increase in the use of towers in the future, owing to the increasing number of oil and gas and power-producing units. Regulatory agencies' substantial investments in smart manufacturing facilities are also expected to boost product demand.

Following the Middle East and Africa, Europe and Latin America are expected to expand at a moderate pace, owing to lower adoption of these towers in European countries, owing to the cold climate. In addition, to serve the unattended market, numerous manufacturers are expanding their geographical reach by establishing manufacturing factories and distribution centers in rising markets such as Brazil and Argentina.

Market Leader

Artech Cooling Tower Pvt Ltd, based in Ankleshwar, India, is the leading manufacturer and exporter in the global cooling tower market.

Key Players

  1. SPX Corp (US)
  2. Cooling Tower Systems Inc (US)
  3. Hamon Corp (US)
  4. Babcock & Wilcox (US)
  5. Baltimore Aircoil Co (US)
  6. EVAPCO (US)
  7. Thermax Ltd (India)
  8. Bell Cooling Tower (India)
  9. Paharpur Cooling Towers Ltd (India)
  10. MITA (Italy)
  11. Krones AG (Germany)
  12. ENEXIO Management (Germany)
  13. Johnson Controls (Ireland)
  14. Cenk Industrial Plants Manufacturing and Contracting Co (Turkey)

Impact of COVID-19

The COVID-19 pandemic has impacted negatively on the global industrial industry. Manufacturing facilities are experiencing a labor shortage as a result of the lockdown. Manufacturing companies are struggling to move items due to a lack of staff.

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 Towers Market, By Type                

                    6.1.1 Evaporative cooling  

                    6.1.2 Hybrid cooling         

                    6.1.3 Dry cooling    

                    6.1.4 Market Size Estimations & Forecasts (2021-2026)        

                    6.1.5 Y-o-Y Growth Rate Analysis         

                    6.1.6 Market Attractiveness Index         

          6.2 Cooling Towers Market, By Form               

                    6.2.1 Natural draft cooling towers         

                    6.2.2 Cross towers 

                    6.2.3 Counterflow towers  

                    6.2.4 Hyperbolic cooling towers  

                    6.2.5 Induced draft cooling towers        

                    6.2.6 Passive draft cooling towers         

                    6.2.7 Others 

                    6.2.8 Market Size Estimations & Forecasts (2021-2026)        

                    6.2.9 Y-o-Y Growth Rate Analysis         

                    6.2.10 Market Attractiveness Index       

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2021- 2026)             

                    7.2.1 By Country     



                    7.2.2 By Type         

                    7.2.3 By Form         

          7.3 Europe             

                    7.3.1 By Country     






                     Rest of Europe

                    7.3.2 By Type         

                    7.3.3 By Form         

          7.4 Asia Pacific                 

                    7.4.1 By Country     




                     South Korea

                     South East Asia

                     Australia & NZ

                     Rest of Asia-Pacific

                    7.4.2 By Type         

                    7.4.3 By Form         

          7.5 Latin America             

                    7.5.1 By Country     




                     Rest of Latin America

                    7.5.2 By Type         

                    7.5.3 By Form         

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                     Middle East


                    7.6.2 By Type         

                    7.6.3 By Form         

8. Key Player Analysis                           

          8.1 ENEXIO             

                    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 Paharpur Cooling Tower                  

          8.3 Haman             

          8.4 SPX Cooling                

          8.5 Baltimore          

          8.6 SPIG                 

          8.7 Johnson Controls                  

          8.8 Delta                

          8.9 Thermal Care              

          8.10 Thermax                   

          8.11 Reymsa          

9. Market Outlook & Investment Opportunities                     


          List of Tables          

          List of Figures                  

  • Global, Regional level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identifying the regions that are still untapped
  • The segment-level analysis in terms of by type, by Material , along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis lists out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies, and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Cooling Towers Market By Region, From 2021-2026 ( USD Billion )
  2. Global Cooling Towers Market By Type, From 2021-2026 ( USD Billion )
  3. Global Evaporative cooling Market By Region, From 2021-2026 ( USD Billion )
  4. Global Hybrid cooling Market By Region, From 2021-2026 ( USD Billion )
  5. Global Dry cooling Market By Region, From 2021-2026 ( USD Billion )
  6. Global Cooling Towers Market By Form, From 2021-2026 ( USD Billion )
  7. Global Natural draft cooling towers Market By Region, From 2021-2026 ( USD Billion )
  8. Global Cross towers Market By Region, From 2021-2026 ( USD Billion )
  9. Global Counterflow towers Market By Region, From 2021-2026 ( USD Billion )
  10. Global Hyperbolic cooling towers Market By Region, From 2021-2026 ( USD Billion )
  11. Global Induced draft cooling towers Market By Region, From 2021-2026 ( USD Billion )
  12. Global Passive draft cooling towers Market By Region, From 2021-2026 ( USD Billion )
  13. Global Others Market By Region, From 2021-2026 ( USD Billion )

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