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Cooling Tower Market Share, Growth 2025 | Industry Analysis Report

Cooling Tower Market Analysis Report By Type, By Material, By Application, By Region And Segment Forecasts From 2018 To 2025

Report ID: MN17619757  |  Published: May 2020  |  No of Pages: 90
Format: Electronic (PDF)  |  Industry: HVAC (Heating, Ventilation, & Air Conditioning)  |  Publisher: Grand View Research

Industry Insights

The global cooling tower market size was worth USD 3,280.9 million in the year 2016 and is expected to register a considerable growth due to its higher demand in several heavy industries. Factors like the requirement of energy efficiency and high electricity consumption in different areas are anticipated to surge the demand for this market by 2025. Moreover, numerous construction activities globally are one of the major drivers of market growth.

India cooling tower market

In contrast, awareness relating to environmental protection regarding cooling towers such as drift and plume are expected to hinder their usage. However, the development of drift eliminators and plume abated towers are expected to combat the environmental concerns and boost the demand for hybrid towers in the upcoming years. Technological innovations to lower environmental distress relating to traditional cooling systems are anticipated to create lucrative opportunities for industry growth in the near future.

Type Insights

The closed-circuit segment held the largest share in 2016 of the cooling tower market. However, hybrid towers are predicted to acquire a considerable market share over the forecast period. The growth can be attributed to the benefits provided by hybrid towers like water conservation, optimal cooling, and plume abatement.

Furthermore, open-circuit also held a substantial share in 2016 due to its supreme cooling features. The segment is predicted to grow at a steady pace over the projected period owing to the environmental concerns relating to plume, water contamination, and drift.

Material Insights

Cooling towers consist of materials like steel, wood, concrete, High-Density Polyethylene (HDPE), and Fiber-Reinforced Plastic (FRP). FRP held the largest share in 2016 due to the benefits such as cost-effectiveness, ease of installation, and high corrosion resistance. However, the HDPE segment is expected to account for a higher CAGR over the forecast period owing to its benefits like fewer maintenance requirements and longer durability.

Global cooling towers market

Moreover, steel towers which consist of stainless and galvanized steel also held a significant share in 2016 due to high structural strength and resistance to corrosion. It is succeeded by concrete material division which is predicted to account for moderate growth due to its operating life longevity.

Application Insights

The power generation application segment, especially, thermoelectric power plants held the largest cooling tower market share in 2016 owing to the higher consumption of electricity due to increase in disposable income, globalization, and industrialization. The surging demand for electricity has further increased the demand for these cooling towers among power plants to prevent extra heat to be generated during electricity production. Furthermore, HVAC is expected to witness the fastest growth due to the rise in the number of construction activities in the commercial and residential sectors.

The development of various heavy industries like chemical, food & beverage, oil & gas, pulp & paper, and cement, are anticipated to fuel the demand for these towers. Therefore, cooling towers are of vital importance in the operations of these industries by offering ideal cooling. These are extensively adopted in heavy industries as they reduce the downtime through simple maintenance procedures and deliver high heat rejection.

Regional Insights

Asia Pacific accounted for the largest share exceeding 20% in terms of revenue in 2016 succeeded by Europe. Moreover, Asia Pacific is expected to register the fastest growth with a CAGR more than 5.0% over the forecast period. The rising number manufacturing units coupled with the spread of the industrial sector is anticipated to accelerate the demand for cooling towers in the region. The region’s rising focus on the development of nuclear power plant is also likely to augment market demand in the future.

Europe is expected to significantly grow over the projected period due to strict government regulations relating to the use of these towers along with the rising number of industries in this region. The increasing penetration of oil & gas industries in MEA is expected to have a positive impact on market growth of the region.

Cooling Tower Market Share Insight

The key players include SPX Corporation, Baltimore Aircoil Company Inc., Hamon & CIE International SA, Evapco, Inc., Paharpur Cooling Towers, Enexio, and Babcock & Wilcox SPIG. The market comprises of high competition among large and small players providing a variety of products.

Industry participants predominantly emphasize strategies like joint ventures and mergers & acquisitions to combat competition. For example, in 2016, the SPX dry cooling business was acquired by Paharpur Cooling Towers to enhance their cooling solution offerings.

Report Scope



Base year for estimation


Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Country Scope         

U.S., Canada, UK, Germany, France, Japan, China, India, Brazil, and Mexico

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Million Insights has segmented the global cooling tower market on the basis of types, materials, applications, and region:

• Type Outlook (Revenue, USD Million; 2014 - 2025)
    • Open-circuit
    • Closed-circuit
    • Hybrid

• Material Outlook (Revenue, USD Million; 2014 - 2025)
    • Fiber-Reinforced Plastic (FRP)
    • Steel
    • Concrete
    • Wood
    • High-Density Polyethylene (HDPE)

• Application Outlook (Revenue, USD Million; 2014 - 2025)
    • HVAC
    • Power Generation
    • Oil & Gas
    • Industrial

• Regional Outlook (Revenue, USD Million; 2014 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
        • France
    • Asia Pacific
        • China
        • India
        • Japan
    • Latin America
        • Brazil
        • Mexico
    • Middle East & Africa (MEA)

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