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The global cooling towers market size was valued at USD 4.23 billion in 2024. The market is projected to grow from USD 4.40 billion in 2025 to USD 6.21 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period.
Fortune Business Insights™ presents this information in its report titled, “Cooling Towers Market Size, Share & Industry Analysis, By Type (Wet, Dry, and Hybrid), By Application (Chemicals & Petrochemicals, Pharmaceutical, Power Generation, HVAC, Food & Beverages, and Others), and Regional Forecast, 2025-2032”.
Cooling towers are devices that avoids the release of waste heat to the surroundings with the help of cooling a stream of coolant, basically water, to a lesser temperature. These use the evaporation of water to expel the heat generated during the process and cool the working fluid in order to address the wet bulb air temperature in drying towers. Additionally, this is highly dependent on the air to reduce the temperature of the working fluid. The market is highly applicable in circulating the water that is used in different chemical plants, control stations, oil refineries, and atomic control stations as well as HVAC frameworks for cooling buildings.
The COVID-19 pandemic hampered the market as buildings were not in use or unoccupied for a longer duration, creating a risk of bacterial growth. This made it crucial to enable a safe re-opening of the buildings and offices with preventive maintenance of the cooling towers post-pandemic.
Introduction of Advanced Products by Key Players to Fuel Market Development
In June 2023, Johson Controls International Plc. Collaborated with Accenture to bring in new OpenBlue Innovation Centers in Bangalore as well as Hyderabad, India. It aims at expediting the growth of building control systems and services.
Growing Technology HVAC Systems and the Rise in Constructions to Augment Market Growth
The growth in infrastructure development aids the need for HVAC systems, owing to extensive construction activity in advanced and emerging economies. This infrastructure development could include transportation mediums such as airports, ports, and bridges where the demand for heating, cooling, ventilation, and refrigeration tools is higher. Additionally, different airport expansion projects, including John F. Kennedy International Airport’s introduction of 2 new international terminal complexes by the end of 2025. It underscores the growth scale in the industry. All these factors collaboratively contribute to the cooling towers market growth.
Conversely, the higher cost of maintenance and ongoing corrosion is hindering market growth.
Top Players Emphasize Acquisitions to Strengthen Their Market Presence
Key players in the global market are highly focused on adopting modular designs that would allow them to increase customer efficiency in the decentralized and advanced energy markets. Different manufacturers are also aiming to expand the range of products that are offered to the end users.
Notable Industry Development:
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/cooling-towers-market-102747
List of the Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2032 |
Historical Period | 2019-2023 |
Growth Rate | CAGR of 5.1% from 2025 to 2032 |
Unit | Value (USD Billion) |
Segmentation | By Type
By Application
By Region
|
Companies Profiled 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 Hybrid Technologies AG (U.S.), EVAPCO, Inc. (U.S.) |