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PUBLISHER: Grand View Research | PRODUCT CODE: 1404665
PUBLISHER: Grand View Research | PRODUCT CODE: 1404665
Cooling Tower Market Size, Share & Trends Analysis Report By Product (Open-circuit, Closed-circuit, Hybrid), By Material (FRP, Steel, Concrete, Wood), By Application (HVAC, Power Generation, Oil & Gas), By Region, And Segment Forecasts, 2024 - 2030
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Cooling Tower Market Growth & Trends:
The global cooling tower market size is expected to reach USD 5,237.0 million by 2030, expanding at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for energy-efficient cooling systems in commercial and industrial applications is anticipated to drive the growth of the market over the forecast period. In addition, the surging global demand for cooling towers can be ascribed to the increasing number of industrial and commercial establishments worldwide.
With the continuous rise in electricity demand, there is a need to bridge the gap between demand and supply through renewable and non-renewable sources. Various power plants, including thermoelectric (oil, natural gas, nuclear, and coal) and hydroelectric, are utilized to generate abundant electricity. These power plants generate a large amount of electricity along with an innovative production of electricity, which can be effectively cooled using cooling towers to eliminate excess heat from the plant. Thus, thereby fueling the market demand over the forecast period.
Research undertaken for developing advanced cooling technologies for power plants focuses on several different aspects. For instance, in the case of wet cooling systems, research is aimed at minimizing the evaporative loss in cooling towers. On the other hand, for dry cooling systems, research focuses on reducing the steam condensation temperature. Such technological progress is anticipated to drive the demand for cooling towers in power plant applications globally.
The rise in the demand for thermoelectric power plants is expected to drive the growth of the cooling tower industry. These power plants generate enormous amounts of heat, which mandates the use of cooling towers. Cooling towers play a vital role in removing the excess heat generated in the power plants and hence, contribute to the safety of operations in power plants, which is expected to drive the demand for cooling towers over the forecast period.
Cooling tower manufacturers are undertaking collaborations, mergers, and acquisitions to develop advanced and innovative solutions. In addition, manufacturers are also adopting several strategies like new product development, and geographical expansion, to enhance their market penetration and cater to end-use industries. For instance, in January 2023, Johnson Controls International Plc. acquired Hybrid Energy AS, a leading provider of high-temperature energy management solutions, to expand in Europe by launching new and cost-effective solutions.
Cooling Tower Market Report Highlights:
- The open-circuit segment dominated the cooling towers industry in 2023 by accounting for a share of over 42.3% of the market in terms of revenue. The growth of this segment can be attributed to superior cooling, reduced process temperatures, and small carbon footprint offered by open-circuit cooling towers
- The demand for fiberglass reinforced plastic (FRP) material segment accounted for a 28.5% share of the global revenue in 2023. The global demand for FRP is rising owing to its high resistance to corrosion, acid rain, and snow
- The industrial application segment accounted for a 28.8% share of the global revenue in 2023. The increasing number of new industrial facilities being established worldwide is fueling the global demand for cooling towers
- Asia Pacific accounted for 30.4% of the global revenue share in 2023. The improving economy of China, India, Thailand, Indonesia, and Malaysia is forcing governments to frame supportive policies to promote investments in the extraction of natural resources including crude oil and natural gas. This is expected to escalate the oil extraction units in the region and correspondingly augment the demand for cooling towers in the region
- In February 2023, EVAPCO, Inc. announced the acquisition of Canada-based carbon dioxide refrigeration system manufacturer, Systemes LMP. With this new alliance, the former focuses on catering to the growing market demand for sustainable refrigeration systems
Product Code: GVR-1-68038-562-5
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope & Assumption
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources
- 1.3.4. Third-Party Perspectives
- 1.3.5. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends & Scope
- 3.1. Market Segmentation & Scope
- 3.2. Penetration and Growth Prospect Mapping
- 3.3. Industry Value Chain Analysis
- 3.4. Technology Overview
- 3.5. Regulatory Framework
- 3.6. Market Dynamics
- 3.6.1. Market Driver Analysis
- 3.6.2. Market Restraint Analysis
- 3.6.3. Market Opportunity Analysis
- 3.6.4. Industry Challenges
- 3.7. Industry Analysis -
- 3.7.1. Porter's analysis
- 3.7.2. Macroeconomic Analysis
- 3.8. Economic Mega-Trend Analysis
- 3.9. Pricing Analysis
- 3.10. Vendor Matrix
- 3.10.1. List of key raw material providers
- 3.10.2. List of key manufacturers
- 3.10.3. List of key distributors
- 3.10.4. List of end-users
Chapter 4. Cooling Towers Market: Product Estimates & Trend Analysis
- 4.1. Product Analysis & Market Share, 2023 & 2030
- 4.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.2. Open circuit
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.3. Closed circuit
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 4.4. Hybrid
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. Cooling Towers Market: Material Estimates & Trend Analysis
- 5.1. Material Analysis & Market Share, 2023 & 2030
- 5.1.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.2. FRP
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.3. Steel
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.4. Concrete
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.5. Wood
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 5.6. HDPE
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. Cooling Towers Market: Application Estimates & Trend Analysis
- 6.1. Application Movement Analysis & Market Share, 2023 & 2030
- 6.2. HVAC
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.3. Power Generation
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.4. Oil & Gas
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 6.5. Industrial
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 7. Cooling Towers Market: Regional Estimates & Trend Analysis
- 7.1. Regional Market Snapshot
- 7.2. North America
- 7.2.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.2.3. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.2.4. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.2.5. U.S.
- 7.2.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.2.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.2.5.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.2.6. Canada
- 7.2.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.2.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.2.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.2.6.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.3. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.3.4. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.5. France
- 7.3.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.5.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.3.6. Germany
- 7.3.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.6.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.3.7. Italy
- 7.3.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.7.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.7.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.3.8. UK
- 7.3.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.8.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.8.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.8.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.3.9. Spain
- 7.3.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.3.9.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.3.9.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.3.9.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.3. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.4.4. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.5. China
- 7.4.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.5.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.4.6. India
- 7.4.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.6.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.4.7. Japan
- 7.4.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.7.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.7.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.4.8. Australia
- 7.4.8.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.8.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.8.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.8.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.4.9. South Korea
- 7.4.9.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.4.9.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.4.9.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.4.9.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.5.3. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.5.4. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.5. Brazil
- 7.5.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.5.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.5.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.5.6. Mexico
- 7.5.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.5.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.6.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.5.7. Argentina
- 7.5.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.5.7.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.5.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.5.7.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.6. Middle East & Africa
- 7.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.6.3. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.6.4. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6.5. South Africa
- 7.6.5.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.5.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.6.5.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6.5.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.6.6. Saudi Arabia
- 7.6.6.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.6.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.6.6.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6.6.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
- 7.6.7. UAE
- 7.6.7.1. Market estimates and forecasts, 2018 - 2030 (USD Million)
- 7.6.7.2. Market estimates and forecasts, by product, 2018 - 2030 (USD Million)
- 7.6.7.3. Market estimates and forecasts, by application, 2018 - 2030 (USD Million)
- 7.6.7.4. Market estimates and forecasts, by material, 2018 - 2030 (USD Million)
Chapter 8. Competitive Analysis
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Participant's Overview
- 8.4. Financial Overview
- 8.5. Product Benchmarking
- 8.6. Company Market Positioning
- 8.7. Company Market Share Analysis, 2022
- 8.8. Company Heat Map Analysis
- 8.9. Strategy Mapping
Chapter 9. Company Profiles
- 9.1. Babcock & Wilcox Enterprises, Inc.
- 9.2. Baltimore Aircoil Company
- 9.3. Cenk Endustri Tesisleri Imalat Ve Taahhut A.Az.
- 9.4. Cooling Tower Systems, Inc.
- 9.5. Delta Cooling Towers Inc.
- 9.6. Engie Refrigeration GmbH
- 9.7. EVAPCO, Inc.
- 9.8. S.A. Hamon
- 9.9. Johnson Controls International Plc.
- 9.10. Kelvion Holdings GmbH
- 9.11. Liang Chi Industry Co. Ltd.
- 9.12. Mesan Group
- 9.13. Paharpur Cooling Towers Ltd.
- 9.14. SPX Corporation
- 9.15. Torraval Cooling S.L.
Product Code: GVR-1-68038-562-5
List of Tables
- Table 1 Cooling Towers Market Estimates and Forecasts, By Type, 2018 - 2030 (USD Million)
- Table 2 Cooling Towers Market Estimates and Forecasts, By Material, 2018 - 2030 (USD Million)
- Table 3 Cooling Towers Market Estimates and Forecasts, By Application, 2018 - 2030 (USD Million)
- Table 4 U.S. Macroeconomic Outlook
- Table 5 Canada Macroeconomic Outlook
- Table 6 UK Macroeconomic Outlook
- Table 7 France Macroeconomic Outlook
- Table 8 Germany Macroeconomic Outlook
- Table 9 Italy Macroeconomic Outlook
- Table 10 Spain Macroeconomic Outlook
- Table 11 China Macroeconomic Outlook
- Table 12 India Macroeconomic Outlook
- Table 13 Japan Macroeconomic Outlook
- Table 14 Australia Macroeconomic Outlook
- Table 15 South Korea Macroeconomic Outlook
- Table 16 Brazil Macroeconomic Outlook
- Table 17 Mexico Macroeconomic Outlook
- Table 18 Argentina Macroeconomic Outlook
- Table 19 South Africa Macroeconomic Outlook
- Table 20 UAE Macroeconomic Outlook
- Table 21 Saudi Arabia Macroeconomic Outlook
- Table 22 Recent Developments & Impact Analysis, By Key Market Participants
- Table 23 Company Market Share, 2022
- Table 24 Company Heat Map Analysis, 2022
- Table 25 Key Companies undergoing expansion
- Table 26 Key Companies involved in mergers & acquisition
List of Figures
- Fig. 1 Information Procurement
- Fig. 2 Primary Research Pattern
- Fig. 3 Primary Research Process
- Fig. 4 Market Research Approaches - Bottom-Up Approach
- Fig. 5 Market Research Approaches - Top-Down Approach
- Fig. 6 Market Research Approaches - Combined Approach
- Fig. 7 Market Outlook
- Fig. 8 Segmental Outlook
- Fig. 9 Competitive Insights
- Fig. 10 Market Segmentation & Scope
- Fig. 11 Penetration and Growth Prospect Mapping
- Fig. 12 Industry Value Chain Analysis
- Fig. 13 Market Driver Analysis
- Fig. 14 Market Restraint Analysis
- Fig. 15 Cooling Towers Market: Product Movement Analysis, 2023 & 2030
- Fig. 16 Cooling Towers Market: Material Movement Analysis, 2023 & 2030
- Fig. 17 Cooling Towers Market: Application Movement Analysis, 2023 & 2030
- Fig. 18 Cooling Towers Market: Regional Movement Analysis, 2023 & 2030
- Fig. 19 Key Company/Competition Categorization
- Fig. 20 Competitive Dashboard Analysis
- Fig. 21 Market Position Analysis
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