Cooling Towers Market

Some of the primary factors driving the revenue growth of the global cooling towers market include the rampant pace of industrialisation and urbanisation that has led to growth in demand for efficient cooling solutions across industries such as power generation, petrochemical, and HVAC. Increasing stringency of environmental regulations in favour of water conservation and energy efficiency further boosts the growth of the market.

The biggest names in this industry include companies like SPX Corporation, EVAPCO, Baltimore Aircoil Company Inc., Johnson Controls Inc., Enexio, Cooling Tower Systems, Inc., Delta Cooling Towers Inc., and Engie Refrigeration GmbH.

The approximately US$2.2 Bn market for cooling towers in 2022 is all set for a growth rate of 4.8% through 2030. The market valuation is likely to reach past US$3 Bn.

By type, dry cooling towers surge ahead in sales, whereas based on design, the mechanical draft segment leads the market. By region, Asia Pacific presently leads the cooling towers market.

The increasing adoption of renewable energy sources, particularly solar and wind power, is having a twofold impact on the cooling towers market. Firstly, the shift towards cleaner energy sources has led to the construction of new power plants, often requiring cooling towers for efficient heat dissipation. Growing integration of renewables into existing power grids has been driving demand for eco-friendly cooling tower solutions.