Cooling Towers Market to Grow at a CAGR of 5.1% Over the Forecast Period; Growing Awareness About Environment-Friendly Products to Propel Market Expansion

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:

• January 2025: Delta Tower unveiled engineered plastic cooling towers with advanced plastic technology. This new TMX Series of cooling towers offers an efficient cooling capacity as well as a reliable high-density polyethlyne design.

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:

• 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.)


• Artec Cooling Towers Pvt. Ltd. (India)


• Torraval Cooling (Germany)


• DELTA Cooling Towers Inc. (U.S.)


• Marley Cooling (U.S.)


• Baltimore Airrcoil Company, Inc. (U.S.)


• Composite Custom Cooling Solutions (U.S.)


• Tower Tech (India)


• American Cooling Tower (U.S.)


• National Cooling Towers (India)

Further Report Findings

• Asia Pacific held the highest cooling towers market share due to the growing economic status of countries including India, China, and Australia. These areas have affordable raw materials and labor, contributing to regional growth.


• Market growth in North America is driven by the region’s strict government policies, limiting the water depletion in the power generating plants and the cooling machinery.


• The rise in need for energy efficient cooling systems in industrial and commercial applications across the region drives market expansion in Europe.


• In terms of type, the wet cooling towers segment accounted for the highest revenue market share in 2024 due to its growing importance in industrial units.

Table of Segmentation