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

Global 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).

Rising construction activities with advanced technologies are the major driver for global cooling tower market as the number of constructions is increasing it is developing a subsequent demand for heating, ventilation, cooling, and refrigeration (HVAC) equipment which is driving the growth of the market. Also, the new technologies in cooling like crossflow designs which allow an adjustable flow of operation are ultimately reducing the water flow rate as well as energy consumption rate in the cool months.

Cooling tower refers to a heat exchanger that lowers the temperature of the water by pushing air and water into direct contact. A small amount of water evaporates throughout the colling tower operation, lowering the water level that is pumped throughout the tower. Industrial cooling towers are used to remove heat from the circulating cooling water systems used in power plants, oil refineries, petrochemical plants, natural gas processing plants, food processing plants, and other industrial facilities. They are larger than HVAC systems.

It is used to maintain the temperature in the chillers for several industrial applications and is mainly used in the manufacturing and power industries to keep the environment cool. With the use of cooling tower heat regulation can be done easily by maintaining an air conditioning system. The cooling tower is an important factor of a nuclear reactor. The performance properties of a cooling tower have a significant impact on the overall efficiency and power output of a nuclear power plant. Cooling towers used in nuclear power plants are mainly based on hybrid or wet technology. They are used for high-pressure and temperature applications and various manufacturing processes where process cooling is required. These are used in different nuclear processes such as closed-loop system cooling, central cooling, moisture separator heating, and various others. As nuclear energy is one of the most emerging future energy sources, it presents many opportunities for the cooling tower market.

US Cooling Towers Market is poised to grow at a sustainable CAGR for the next forcast year.