Cooling Towers Market to Grow at a CAGR of 4.3% During 2022-2029; Increasing Construction Activities Globally To Propel Growth

The global cooling towers market size was USD 3.82 billion in 2021. The market is projected to grow from USD 3.94 billion in 2022 to USD 5.29 billion by 2029 at a CAGR of 4.3% during the 2022-2029 period.

Fortune Business Insights™ publishes this information in its report titled, "Cooling Towers Market Size, Share & COVID-19 Impact Analysis, By Type (Wet, Dry, and Hybrid), By Application (Chemicals & Petrochemicals, Pharmaceutical, Power Generation, HVAC, Food & Beverages, and Others), and Regional Forecast, 2022-2029."

Declined Demand from Oil & Gas Sector Amid Pandemic Hindered Market Growth

Due to the COVID-19 pandemic, many industrial and commercial spaces were unoccupied and unutilized due to the restrictions imposed by governments. Also, the workplaces were shut during the initial lockdown phase. These factors bolstered the risk of increasing legionella bacteria, which affected the demand for cooling towers during the pandemic period. Furthermore, the growth of the oil and gas industry was involved during the pandemic, which hampered the global cooling towers market growth.

SPIG S.P.A Upgrade its Project to Improve Business Performance

SPIG S.p.A planned to upgrade its cooling tower project at its production facility of Tasmanian Electro Metallurgical Company (TEMCO) in Tasmania. The company aims to register a higher profit rate by enhancing their project to increase productivity.

Increasing Adoption of Advanced Technologies to Augment Growth

The market is expected to witness significant growth during the forecast period due to the rising adoption of environment-friendly products globally. The increasing adoption of advanced technologies in various industries is expected to drive the market during the projected period. Also, new technology HVAC systems and increasing construction activities in developed and developing countries are expected to drive the market in the coming years. Furthermore, the increasing demand for heating, ventilation, cooling, and refrigeration equipment is anticipated to bolster market growth.

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Expansion in Production Facility Allows Leading Companies to Improve their Business Performance  The key market players are considering expanding their production facility to upgrade their cooling towers project. Also, the leading companies focus on importing required raw materials from supporting organizations to enhance their product range. Also, the companies form strategic alliances, partnerships, mergers, acquisitions, and collaborations to expand their business globally. These strategies allow key market players to improve their business performance and enhance their product portfolio.

Notable Industry Development:

• October 2019: SPIG S.p.A. (SPIG) upgraded its cooling tower project at a Tasmanian Electro Metallurgical Company (TEMCO) production facility in Tasmania. The company utilizes its service engineering expertise to design customized solutions for TEMCO.

List of Key Players Covered in the Report:

• Krones AG (Germany)


• SPX CORPORATION (U.S.)


• Babcock & Wilcox Enterprises, Inc. (U.S.)


• EWK (Spain)


• Kelvion Holding GmbH (Germany)


• HAMON & CIE (INTERNATIONAL) S.A. (Belgium)


• MITA Cooling Technologies Srl (Italy)


• JACIR – GOHL (Romania)


• ILMED IMPIANTI SRL  (Italy)


• JAEGGI Hybridtechnologie AG (U.S.)


• EVAPCO, Inc. (U.S.)

Further Report Findings:

Asia Pacific holds a dominant global cooling towers market share due to the robust economic progress of the developing countries. The regional market stood at USD 1.53 billion in 2021. Also, the increasing expenditures on industrial expansion are anticipated to fuel the regional market growth.

Based on type, the market is categorized into wet, dry, and hybrid. The wet segment is expected to grow at the highest CAGR during the projected period due to the rising industrial activities.  

Table of Segmentation: