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Cooling Towers Market to Exhibit 4.0% CAGR till 2028; Emergence of Crossflow Designs to Surge Productivity and Save Energy will Favor Growth Worldwide

July 06, 2021 | Machinery & Equipment

The global cooling towers market size is projected to grow from USD 3.82 billion in 2021 to USD 5.03 billion in 2028. Several manufacturers worldwide are striving persistently to develop novel and environmentally friendly products featuring antimicrobial properties. These would help in the prevention of a large number of diseases, such as Legionnaires disease. In May 2021, for instance, Advantech launched a cloud-based solution that allows manufacturers and designers to remotely monitor and diagnose cooling tower assets. Fortune Business Insights™ published this in a study, 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, 2021-2028.” The study further declares that the market stood at USD 3.72 billion in 2020. It is set to exhibit a CAGR of 4.0% during the forecast period in 2021-2028.

SPX Cooling Technologies Unveils Marley Control Panel and Monitoring Equipment

In January 2019, SPX Cooling Technologies, Inc. unveiled its latest numerous monitoring and control panel equipment called Marley. These products are capable of simplifying data collection, operation, and tower installation. Besides, they can help users to conveniently communicate conditions by developing unique management systems through relay status outputs, network communications, and visual displays. These are equipped with the cutting-edge ultrasonic technology that promises to reduce the limitations of conventional solutions and build an advanced management system.

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Need to Reduce Algae Formation and Evaporation to Propel Growth

The introduction of crossflow design in cooling towers by various manufacturers is anticipated to save energy consumption and provide an adjustable flow of operation. In these products, the energy is consumed only when the facility requires it for cooling purposes. Hence, it is very efficient in surging the entire productivity level. Additionally, this particular design prevents direct sun exposure to cold water basins, which, in turn, reduces the formation of algae and evaporation. However, customers nowadays are concerned about corrosion issues in these towers because of certain heavy chemicals that are present in the water. At the same time, the installation and repair involve high cost spending, which may hinder the cooling towers market growth.

Key Participants Aim to Improve Customer Efficiency by Launching Modular Designs

The market houses a large number of renowned companies that are trying to introduce modular designs to enhance customer efficiency in the global energy industry. A few others are also placing advertisements in newspapers, social media, and magazines, as well as participating in exhibitions to strengthen their presence. SPX Corporation is a leading player that is currently aiming to reconstruct its aging towers and replace their heat transfer media for surging the cooling capacity and structural integrity.

Fortune Business Insights™ lists out the names of prominent manufacturers operating in the global market. They are as follows:

  • Krones AG (Germany)

  • SPX CORPORATION (United States)

  • Babcock & Wilcox Enterprises, Inc. (United States)

  • EWK (Spain)

  • Kelvion Holding GmbH (Germany)


  • MITA Cooling Technologies Srl (Italy)

  • Johnson Controls (Ireland)

  • Paharpur Cooling Towers Ltd (India)

  • Baltimore Aircoil Company (United States)

  • EVAPCO, Inc. (United States)


  • Thermax Limited (India)

  • Cenk Endüstri Tesisleri İmalat ve Taahhüt A.Ş. (Turkey)

  • Cooling Tower Systems, Inc. (United States)

  • Delta Cooling Towers, Inc. (United States)


  • Brentwood Industries (United States)

A Notable Industry Development-

  • November 2020: Linde GmbH chose Hamon & CIE (International) S.A. for the delivery, production, and designing of an 18 cell - cooling tower. It will be installed in Amur Gas Chemical Complex, Russia. The state-of-the-art tower will enable operation even under extreme low ambient temperatures.

Further Report Findings-

  • North America is anticipated to remain at the forefront in the near future on account of the spurring infrastructure development. Also, these towers release lots of hazardous emissions in the atmosphere. Hence, government authorities are implementing strict norms to control water consumption. The region held USD 1.60 billion in terms of revenue in 2020.

  • In Asia Pacific, India is one of the leading countries in the market because of the presence of various reputed manufacturers, such as Johnson Controls, Paharpur Cooling Towers Ltd., and Babcock & Wilcox Enterprises, Inc. that are majorly focusing on the development of heating, ventilation, and cooling (HVAC) systems.

  • By type, the market is categorized into hybrid towers, dry towers, and wet towers. Out of these, the dry towers segment procured 12.9% in terms of the India cooling towers market share in 2020. This growth is attributable to their ability to reduce maintenance and operating costs. They can also operate in harsh weather conditions.

The market can be segmented in the following way:



Study Period

   2017 – 2028

Base Year


Forecast Period

  2021 – 2028

Historical Period

  2017 – 2019


  Value (USD Billion)


  Type, Application and Region

By Type

  • Wet

  • Dry

  • Hybrid

By Application

  • Chemicals & Petrochemicals

  • Pharmaceutical

  • Power Generation

  • HVAC

  • Food & Beverages

  • Others (Paper & Pulp, Plastic, and others)

By Region

  • North America (By Type, Application, and Country)

    • United States (By Type)

    • Canada (By Type)

  • Europe (By Type, Application, and Country)

    • Germany (By Type)

    • France (By Type)

    • United Kingdom (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Russia (By Type)

    • Benelux (By Type)

    • Nordics (By Type)

    • Rest of Europe

  • Asia Pacific (By Type, Application, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • South Korea (By Type)

    • ASEAN (By Type)

    • Oceania (By Type)

    • Rest of Asia Pacific

  • The Middle East and Africa (By Type, Application, and Country)

    • Turkey (By Type)

    • Israel (By Type)

    • GCC (By Type)

    • North Africa (By Type)

    • South Africa (By Type)

    • Rest of the Middle East and Africa

  • Latin America (By Type, Application and Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America

Cooling Towers Market
  • PDF
  • 2020
  • 2017-2019
  • 120


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