Cooling Tower Global Market Report 2024

Cooling towers, specialized heat exchangers, lower water temperature by direct air-water contact, causing a slight water evaporation in the cooling process.

Cooling towers primarily fall into three categories such as evaporative, dry, and hybrid. Evaporative towers leverage evaporation through direct contact between air and water to achieve their core cooling function. These towers employ flow patterns classified as cross flow and counter flow, finding diverse applications across industries such as chemicals, petrochemicals, oil & gas, HVACR, food & beverages, power generation, among others.

The cooling tower market research report is one of a series of new reports from The Business Research Company that provides cooling tower market statistics, including cooling tower industry global market size, regional shares, competitors with a cooling tower market share, detailed cooling tower market segments, market trends and opportunities, and any further data you may need to thrive in the cooling tower industry. This cooling tower market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cooling tower market size has grown steadily in recent years. It will grow from $3.35 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. Historic period can be attributed to power generation expansion, air conditioning adoption, chemical process industries, water conservation, urbanization and infrastructure, globalization of industries.

The cooling tower market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. Anticipated growth in the forecast period can be attributed to upgradation of aging infrastructure, stringent energy efficiency standards, data center expansion, economic development, chemical industry evolution, focus on water treatment. Major trends in the forecast period include hybrid cooling systems, smart controls and automation, fiberglass reinforced plastic (frp) towers, customization for specific industrial, dry cooling systems for water-scarce regions, low-noise cooling tower designs.

The escalating demand for cooling towers in emerging markets is anticipated to propel the growth of the cooling tower industry. These towers play a crucial role in eliminating heat from various sectors such as nuclear and thermal power plants, refineries, petrochemical plants, food processing units, and HVACR systems. The surge in commercial construction, upscale real estate projects, and the implementation of energy-efficient policies have significantly contributed to the increased adoption of cooling towers in these burgeoning regions. As evidenced by the World Nuclear Association's February 2022 report, the Asian market boasts approximately 135-140 operational nuclear power reactors, with 35 reactors under construction and an additional 50-60 in the proposal phase. These ongoing development initiatives within emerging regions are poised to drive heightened demand for cooling towers in the foreseeable future.

The increasing need for electricity is poised to drive the expansion of the cooling tower market. Electricity, generated by the movement or accumulation of charged particles such as electrons or protons, requires efficient dissipation of excess heat. Cooling towers play a pivotal role in this process by facilitating heat release through methods such as evaporation or convection. For instance, in 2023, as reported by the International Energy Agency, a France-based intergovernmental organization, global electricity generation reached 7.7 TWh, reflecting a significant annual surge of 14.8%. Consequently, the escalating demand for electricity is expected to be a key driver propelling the growth trajectory of the cooling tower market.

The adoption of environmentally sustainable products stands out as a significant trend within the cooling tower market. These eco-friendly alternatives utilize water for heat transfer instead of air, offering a substantially higher efficiency rate-approximately 3,200 times more effective-while remaining environmentally conscious. For instance, in November 2023, Metso, a Finland-based company specializing in technology and services, introduced an upgraded Evaporative Cooling Tower. This innovative solution serves as an efficient dry gas cleaning system, specifically designed to cool high-temperature furnace off-gases via evaporation. The enhanced Metso Evaporative Cooling Tower boasts a distinctive design that ensures optimal and uniform cooling. Moreover, its advanced model-based automatic control system allows precise cooling regulation during startup and varying process conditions, further enhancing its efficiency and functionality.

Key players within the cooling tower market are actively pursuing strategic alliances to fortify their market positions. Strategic partnerships in the business realm involve collaborative endeavors between two or more entities, typically businesses, pooling resources to achieve mutual success. For instance, in November 2023, Hydroleap, a Singapore-based water treatment startup specializing in water technology, forged a significant partnership with IX Technology (IXT), also based in Singapore and renowned for providing top-notch mechanical and electrical (M&E) infrastructure solutions for data centers. This alliance holds the promise of revolutionizing water management practices within cooling towers, offering the data center industry opportunities to reduce water and chemical usage, lower their carbon footprint, and bolster compliance with regulatory standards.

In December 2021, Specialty Welding and Turnarounds (SWAT), a US-based service provider offering maintenance solutions to diverse industries such as chemical, refinery, and renewable energy, made an undisclosed acquisition of Midwest Cooling Tower Services. This strategic move allows Specialty Welding and Turnarounds (SWAT) to expand its technical expertise into the lucrative cooling tower market by integrating Midwest's outstanding management and operational teams. Midwest Cooling Tower Services LLC, the acquired company, is also based in the US and specializes in servicing cooling towers, particularly in repair and rebuild services. Their offerings encompass critical services such as inspection, maintenance, repair, and specialized distribution, catering to the essential needs of cooling tower operations.

Major companies operating in the cooling tower market report are Haier Group, Midea Group, Gree Electric Appliances, Johnson Controls, TCL Technology, Hisense Group, SPX Corporation, THERMAX LIMITED, Babcock & Wilcox Enterprises, Hamon & Cie International SA, Evapco Inc., Bell Cooling Tower, Baltimore Aircoil Company, Brentwood Industries Inc., Paharpur Cooling Towers, ENEXIO MANAGEMENT GMBH, Delta Cooling Towers Inc., Thermal Care Inc., UNITED METAL PRODUCTS, Cooling Tower Systems Inc., TOWER THERMAL PTY. LTD., Perfect Cooling Towers, Artech Cooling Towers Pvt. Ltd., STAR COOLING TOWERS PVT. LTD., ZHEJIANG AOSHUAI REFRIGERATION CO. Ltd., Cenk Endustri Tesisleri Imalat Ve Taahhut A.Az., Delta Marley Cooling Tower Services, Mesan Cooling Towers Manufacturing and Trade Inc., Liang Chi Industry Co. Ltd., King Sun Industry Co. Ltd.

North America was the largest region in the cooling tower market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cooling tower market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the cooling tower market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cooling tower market consists of sales of fill media, drift reducers, nozzles, fans, driveshafts. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Cooling Tower Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on cooling tower market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for cooling tower ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cooling tower market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Evaporative Cooling Tower; Dry Cooling Tower; Hybrid Cooling Tower
• 2) By Flow: Cross Flow; Counter Flow
• 3) By Application: Chemicals; Petrochemicals; Power Generation; HVACR; Food & Beverages; Other Applications
• Companies Mentioned: Haier Group; Midea Group; Gree Electric Appliances; Johnson Controls; TCL Technology
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.