Cooling Towers Market Size, Share, Growth Analysis, By Type(Closed Circuit Cooling Towers, Open Cooling Towers, Hybrid Cooling Towers), By Application(Industry, Power Generation Utilities, Air Conditioning), By Region - Industry Forecast 2024-2031

Cooling Towers Market size was valued at USD 3243.1 million in 2019 and is poised to grow from USD 3420.24 million in 2023 to USD 5334.2 million by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).

cooling towers market is highly fragmented, with a high level of competition. The key Cooling Towers Market players are constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.  Applications for digital payment and security are also being equipped with technologies like Near-Field Communication (NFC) and Radio Frequency Identification (RFID) to make them more secure. For instance, Al-based interactive machines that immediately bill the customer when the items are selected from merchandising shelves were announced by ViaTouch Media. Major players in cooling tower market are SPX Corporation, Baltimore Aircoil Company, Evapco Inc, Baltimore Aircoil Company (BAC), Hamon andamp; Cie International SA, Johnson Controls, Perfect Cooling Towers et Thermal Care. 'SPX Cooling Technologies, Inc.', 'Baltimore Aircoil Company', 'Delta Cooling Towers, Inc.', 'Evapco, Inc.', 'Paharpur Cooling Towers', 'GEA Heat Exchangers', 'Johnson Controls, Inc.', 'Hamon Group', 'Enexio Management GmbH', 'Mesan Cooling Towers Inc.', 'Midwest Cooling Towers', 'Bells Power Group', 'SPIG S.p.A.', 'Brentwood Industries, Inc.', 'Berg Chilling Systems Inc.', 'Cooling Tower Depot, Inc.', 'Babcock & Wilcox Enterprises, Inc.', 'Kimre, Inc.', 'Universal Tower Parts', 'Star Cooling Towers Pvt. Ltd.'

Rise in the demand for nuclear power generation is the major driver for cooling tower market as cooling tower is an important factor in the nuclear reactor because it directly impacts overall power.

Installation of Eco-friendly products is the major key trend in Cooling tower market. In Eco- friendly products use water instead of using air to transport heat than air, which is around 3,200 times more effective and also friendly to the environment. For e.g, In September 2020 B&W Environment installed a new cooling tower system for Naturgy Generación’s which combined-cycle natural gas power plant, which helps in decreasing the need for desalination and processing of cooling water.

North America has held the largest share in the cooling tower market in 2021 and is expected to dominate the Cooling Towers Market during the forecast period. Due to the rising growth of the petroleum, gas, and oil sector in this region. The United States economy is expected to rise.