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Cooling Tower Market Size Projected to Reach USD 3.07 Billion by 2031 With CAGR of 5.01% | Driven by Increasing Industrial Demand


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The Cooling Tower Market Size is expected to grow steadily over the next few years, reaching nearly USD 3.07 billion by 2031.

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Some of Major Key Players in this Report:

  • SPIG S.p.A
  • Absolute Cooling Tower Services Ltd.
  • ESINDUS S.A (Hamon Group)
  • Paharpur Cooling Towers Limited
  • FANS a.s.
  • Delta Cooling Towers, Inc.
  • SPX Corporation
  • Cooling Tower Depot, Inc.
  • Superchill Australia Pty Ltd.

One key factor is the rapid industrialization in developing nations, particularly across Asia Pacific, which is projected to witness a significant 5.5% growth rate.

This industrial boom translates to a rising demand for efficient cooling solutions in sectors like power generation and refineries, which rely heavily on temperature control for their processes. Additionally, stringent environmental regulations are pushing for advancements in cooling tower technology. This is leading to a rise in demand for closed-circuit cooling towers expected to be the fastest-growing segment that offer benefits like minimized water usage and reduced risk of legionella bacteria growth, a public health concern.

“A projected 30% growth in the adoption of artificial intelligence and automation for cooling tower operations presents a challenge for traditional maintenance service providers, who will need to adapt or risk losing market share” -SNS Insider Analysis

Key Trends:

  • The rising demand for modular cooling towers around 31% of the market growth according to SNS Insider. These pre-fabricated units offer faster installation times compared to traditional on-site construction, minimizing downtime for businesses.
  • Stringent environmental regulations are pushing for the adoption of eco-friendly technologies. Over 44% of the market share is expected to be captured by evaporative cooling towers, which utilize water evaporation for a more sustainable cooling process.
  • The need for energy-saving solutions is driving the development of high-efficiency cooling towers. This trend is particularly prominent in the HVAC sector, where investments in energy-efficient technologies are projected to rise significantly.

Segment Analysis:

The cooling tower market thrives on a variety of applications, with power generation leading the charge at roughly 40% dominance. This segment’s growth is driven by the rising demand for electricity and the need for efficient cooling in power plants.  However, the HVACR sector is catching up rapidly, accounting for nearly 30% of the market share. This rise is attributed to the increasing focus on energy-saving cooling systems in commercial and industrial buildings.

The oil and gas industry holds a significant position at around 15%, driven by the need for cooling processes in refineries and petrochemical plants. Interestingly, the FRP material segment is anticipated to witness the fastest growth at over 7% annually.

Industrial expansion, particularly in developing economies like China and India, is projected to fuel demand by a significant 5.5% annually.

This growth is further spurred by a relentless rise in electricity demand exceeding 8% year-on-year.  The region is not only an expanding consumer but also a key producer, capitalizing on cost-effective manufacturing.  Furthermore, stringent environmental regulations are pushing the adoption of water-saving technologies like closed-circuit cooling towers, projected to be a dominant segment. This trend aligns with the growing focus on energy-efficient systems across industries like food and beverage, creating an intense effect throughout the market.

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Recent Developments:

Baltimore Aircoil Company (BAC) recently acquired Eurocoil SPA, an Italian firm specializing in commercial and refrigeration heat exchangers. This strategic move strengthens BAC’s foothold in the European market by 20%, particularly for energy-efficient cooling solutions.

Babcock & Wilcox Enterprises (B&W) secured a USD 5 million contract to deliver a water-conserving cooling tower system to a petrochemical plant in the Middle East.

Key Takeaways:

  • Modular cooling towers, boasting faster installation times and reduced downtime, are expected to be a major growth driver at a projected rate unlike traditional options. This resonates with industries seeking efficient operations.
  • The HVACR segment, encompassing industrial and commercial applications, is forecast to witness the fastest growth. This is likely due to the increasing need for temperature control in large buildings like offices, hospitals, and data centers.
  • On the other hand, the power generation sector, while still dominant due to its reliance on cooling towers for heat dissipation, is expected to see more stable growth.
  • Stringent environmental regulations and concerns regarding emissions from power plants and chemical industries are pushing for innovation in cooling tower technology.

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