Cooling Towers Market Growth is Propelled by Growing Need for Energy Efficiency Across Several Application Fields

Cooling Towers Industry Overview

The global cooling towers market is expected to reach USD 4.75 billion by 2028, according to a new report conducted by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.1% from 2021 to 2028. Cooling towers are used in power plants, particularly in thermoelectric power plants, to remove excess heat from the plant. With the rising global demand for electricity, the number of power plants is also expected to increase, thereby driving growth of this market.

Furthermore, a tremendous rise in the number of construction activities across the residential and commercial sectors in developing countries is expected to boost the demand for this product. Additionally, rapid global industrialization is also a key driver expected to favorably impact the cooling towers market growth over the forecast period.

Cooling Towers Market Segmentation

Grand View Research has segmented the cooling towers market on the basis of type, material, application, and region:

Based on the Type Insights, the market is segmented into Open-circuit, Closed-circuit, and Hybrid

• The open-circuit segment accounted for the largest market share of over 40% in 2020.
• The hybrid segment is expected to register a CAGR exceeding 5% over the forecast period.

Based on the Material Insights, the market is segmented into Fiber Reinforced Plastic (FRP), Steel, Concrete, Wood, and High-Density Polyethylene (HDPE)

• The high-density polyethylene (HDPE) segment is expected to register the highest CAGR of more than 5% over the forecast period.
• The fiber-reinforced plastic (FRP) segment accounted for the largest market share in 2020.
• The steel segment also accounted for a substantial market share in 2020. Steel cooling towers are made up of galvanized and stainless steel and hence offer high structural strength.

Based on the Application Insights, the market is segmented into HVAC, Power Generation, Oil & Gas, and Industrial

• The power generation segment accounted for the largest market share of over 20% in 2020.
• The HVAC segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the increase in the construction of residential and commercial establishments.
• Cooling towers also play a vital role in providing optimal cooling for industrial facilities. As such, incumbents of heavy industries, including chemicals, pulp and paper, cement, and oil and gas, are aggressively adopting cooling towers.

Cooling Towers Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Market players are pursuing various inorganic strategies-, such as mergers and acquisitions and joint ventures, to sustain in the intense competition. Market players are also developing and introducing new products to maintain a competitive edge in the market.

Some prominent players in the global Cooling Towers market include:

• SPX Corporation
• Babcock & Wilcox Enterprises, Inc.
• Baltimore Aircoil Company
• EVAPCO, Inc.
• A. Hamon
• Engie Refrigeration GmbH
• Paharpur Cooling Towers

Order a free sample PDF of the Cooling Towers Market Intelligence Study, published by Grand View Research.