Market Size of Cooling Tower Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
