Cooling Tower Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Cooling Tower Market is segmented by Application Type (Oil Industry, HVACR, Chemical Industry, Power Generation, and Others), Flow Type (Cross Flow and Counter Flow), Type (Evaporative Cooling Tower, Dry Cooling Tower, and Hybrid Cooling Tower) and by Geography (North America, Asia-Pacific, Europe, South America, and Middle East, and Africa). The report offers the market size and forecasts for Cooling Tower Market in revenue (USD Billion) for all the above segments.

Cooling Tower Market Size

Cooling Tower Market
Study Period 2020 - 2029
Base Year For Estimation 2023
CAGR 5.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Cooling Tower Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Cooling Tower Market Analysis

Cooling Tower Market is projected to register a CAGR of over 5% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has reached pre-pandemic levels.

  • Over the medium term, the increasing technological advancements in HVAC systems and construction activities are expected to increase the demand for a cooling tower market.
  • On the other hand, the difficulty in operations, high operations, and maintenance costs are expected to hinder market growth.
  • Nevertheless, the reignited interest in nuclear energy, where cooling towers are an essential part of the power plant, is expected to create huge opportunities for the cooling tower market.
  • Asia-Pacific is expected to dominate the market during the forecasted period due to the region's increasing infrastructure development and HVAC product requirements, especially in countries like India and China.

Cooling Tower Market Trends

This section covers the major market trends shaping the Cooling Tower Market according to our research experts:

Power Generation Expected to Witness Growth

  • A cooling tower is a device that dissipates the heat generated from various activities or processes in power plants, generally a stream of water. These towers either release heat by evaporating water using another coolant liquid in counter-flow or cross-flow fluid movement, or it relies entirely on air to bring the temperature down of the fluids utilized.
  • These towers are critical in power generation facilities deployed in thermal and nuclear power plants. For instance, in thermal power plants, steam is condensed in the condenser using raw water or cooling water after expanding in the steam turbine to reuse that water (steam) in the cycle. The cooling water is heated by absorbing heat from the condenser's steam. This cooling water must cool before it can be reused in the condenser. As a result, this cooling water is cooled in the cooling tower either spontaneously or with the assistance of fans.
  • Furthermore, the electricity generation from coal has increased significantly in recent years. In 2021 the electricity generated from coal was recorded at around 8.8% compared to 2020. In 2021 10244 TWh of electricity was generated from coal compared to 9439.3 TWh. A similar trend will be followed over the medium term during the forecasted period.
  • Moreover, In September 2022, China approved 15 gigawatts of a new coal-fired thermal power plant in Shanghai, China. According to the Chinese department of energy, provincial governments across China approved plans to add 8.63 gigawatts (GW) of new coal power plants in the first quarter of 2022.
  • Additionally, due to the Russia-Ukraine war, many countries suffered a gas supply shortage which significantly affected their power generation facilities and made countries like Japan and France reignite their interests in nuclear energy to meet the increasing electricity demands.
  • Thus the power generation segment is expected to grow significantly during the forecasted period.
Cooling Tower Market - Electricity Generated by Coal, in TWh, Global, 2017-2021

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region is expected to witness significant growth during the forecasted period due to the increasing infrastructure development activities, increasing power generation through fossil fuels, increasing usage of HVAC products in the region, and increasing data centers. These increasing industries are expected to create significant demand for cooling towers in the region.
  • The rapid pace of development of infrastructure around the region is increasing the demand for these structures. Construction activity in developing economies is driving demand for heating, ventilation, cooling, and refrigeration equipment, projected to drive the market. Thus, expanding transportation infrastructures such as airports, bridges, and port expansion is likely to drive market growth.
  • Furthermore, India is experiencing tremendous growth in this area. Massive investments in industrial expansion would boost cooling tower growth in the country's area industry. Furthermore, the increased need for energy-efficient systems in the food and beverage industry will likely boost the market growth in the country and increase the worldwide cooling towers market share throughout the forecast period.
  • Additionally, the electricity demand in the region is constantly increasing; the electricity generation increased by almost 8.4% in 2021 compared to 2020. In 2021 total electricity generated was 13994.4 TWh, and in 2020 total electricity generated was 12949.3 TWh. Although countries in the region are working on renewable energy sources to meet current electricity demands, many countries, such as Thailand, India, and China, are working on generating electricity through thermal power plants.
  • For instance, According to the Ministry of Energy India, the country is preparing to add as much as 56 GW of coal-fired generation capacity by 2030 to meet the growing electricity demand. The increase in coal-fired capacity would represent about a 25% jump above the country's current 204 GW of coal-fueled generation from 285 coal thermal power plants.
  • Thus due to the abovementioned points, the Asia-Pacific region is expected to dominate the market segment during the forecasted period.
Cooling Tower Market: Growth Rate by Region, 2023-2028

Cooling Tower Industry Overview

The Global Cooling Tower Market is moderately fragmented. Some key players in this market (in no particular order) include Baltimore Aircoil Company Inc, Hamon, CIE, SPX Cooling Tech LLC, Johnson Control, and Thermax Limited.

Cooling Tower Market Leaders

  1. Baltimore Aircoil Company Inc

  2. Hamon and CIE

  3. SPX Cooling Tech LLC

  4. Johnson Control

  5. Thermax Limited

*Disclaimer: Major Players sorted in no particular order

Cooling Tower Market Concentration
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Cooling Tower Market News

  • In February 2023, Baltimore Aircoil Company (BAC) revealed its new TrilliumSeries Adiabatic Cooler. This adiabatic cooling Tower is ideal for energy efficiency and limited water use applications. The design maximizes both water and energy efficiency, ultimately minimizing costs. In addition, the TrilliumSeries Cooler is designed to make installation and ongoing maintenance simple.
  • In November 2022, Russia announced the successful installation of a new cooling tower for nuclear power plant. The cooling tower was installed in Kursk II nuclear power plant. This is Russia's tallest cooling tower standing at 179m. This cooling tower, expected to last 100 years, is 8 meters taller than the previous tallest tower in Russian history.

Cooling Tower Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2028

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.7.1 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Consumers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitutes Products and Services

      5. 4.7.5 Intensity of Competitive Rivalry


    1. 5.1 Application

      1. 5.1.1 Oil Industry

      2. 5.1.2 HVACR

      3. 5.1.3 Chemical Industry

      4. 5.1.4 Power Generation

      5. 5.1.5 Others

    2. 5.2 Flow Type

      1. 5.2.1 Cross Flow

      2. 5.2.2 Counter Flow

    3. 5.3 Type

      1. 5.3.1 Evaporative Cooling Tower

      2. 5.3.2 Dry Cooling Tower

      3. 5.3.3 Hybrid Cooling Tower

    4. 5.4 Geography [Market Size and Demand Forecast till 2028 (for regions only)]

      1. 5.4.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.4.2 Europe

        1. Germany

        2. France

        3. United Kingdom

        4. Russia

        5. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. India

        3. Australia

        4. Malaysia

        5. Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. Saudi Arabia

        2. United Arab Emirates

        3. Nigeria

        4. Rest of Middle East and Africa

      5. 5.4.5 South America

        1. Brazil

        2. Argentina

        3. Columbia

        4. Rest of South America


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Baltimore Aircoil Company Inc

      2. 6.3.2 Hamon and CIE

      3. 6.3.3 SPX Cooling Tech LLC

      4. 6.3.4 Johnson Control

      5. 6.3.5 Evapco Inc

      6. 6.3.6 Artech Cooling Towers Pvt. Ltd

      7. 6.3.7 Babcock and Wilcox Enterprises Inc

      8. 6.3.8 Brentwood Industries Inc

      9. 6.3.9 Enexio Management Gmbh

      10. 6.3.10 Thermax Limited

    4. *List Not Exhaustive

**Subject to Availability
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Cooling Tower Industry Segmentation

The cooling tower is a specially designed heat exchanger in which air and water are brought into direct contact to lower the water temperature. As a result, a small amount of water evaporates, lowering the temperature of the water cycle through the tower. Cooling towers are typically used for heating, ventilation, air conditioning (HVAC), and industrial operations. Cooling towers enable the cost-effective and energy-efficient operation of cooling systems.

The Cooling Tower Market is segmented by application type, flow type, type, and geography. By application type, the market is segmented into the oil industry, HVACR, chemical industry, power generation, and others. By flow type, the market is segmented into cross-flow and counter-flow. By type, the market is segmented into evaporative, dry, and hybrid cooling towers. The report also covers the size and forecasts for the cooling tower market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

Oil Industry
Chemical Industry
Power Generation
Flow Type
Cross Flow
Counter Flow
Evaporative Cooling Tower
Dry Cooling Tower
Hybrid Cooling Tower
Geography [Market Size and Demand Forecast till 2028 (for regions only)]
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of Middle East and Africa
South America
Rest of South America
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Cooling Tower Market Research FAQs

The Cooling Tower Market is projected to register a CAGR of 5% during the forecast period (2024-2029)

Baltimore Aircoil Company Inc, Hamon and CIE, SPX Cooling Tech LLC, Johnson Control and Thermax Limited are the major companies operating in the Cooling Tower Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Cooling Tower Market.

The report covers the Cooling Tower Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Cooling Tower Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Cooling Tower Industry Report

Statistics for the 2024 Cooling Tower market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Cooling Tower analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Cooling Tower Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)