Cooling Towers Market is predicted to reach USD 3.9 billion at a CAGR of 4.70% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Cooling Towers Market”.

The Cooling Towers market is estimated to register a CAGR of 4.70% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Cooling Towers market— Krones AG, SPX CORPORATION, Babcock & Wilcox Enterprises, Inc., EWK, Kelvion Holding GmbH, HAMON & CIE (INTERNATIONAL) S.A., MITA Cooling Technologies Srl, JACIR – GOHL, ILMED IMPIANTI SRL, JAEGGI Hybridtechnologie AG, and EVAPCO, Inc.

Market Highlights

The global cooling towers market is accounted to register a CAGR of 4.70% during the forecast period and is estimated to reach USD 3.9 Billion by 2032.

The cooling towers market is experiencing steady growth due to the increasing demand for cooling systems in industrial processes and power generation. Advancements in technology and environmental concerns are driving the adoption of more efficient and eco-friendly cooling tower solutions.

Segment Analysis

The global cooling towers market has been segmented into type and application.

On the basis of type, the market is segmented into wet, dry, and hybrid. Dry segment accounted for the largest revenue share in 2022. In dry towers, the cooling requirements are met by the evaporation process, which does not require water.

Based on application, the global cooling towers market has been segmented into chemicals & petrochemicals, pharmaceutical, power generation, HVAC, food & beverages, and others. HVAC segment dominated the global cooling towers market in 2022. Government funding in this area has increased, which has increased the deployment of HVACR, which is fueling market growth. To remove surplus heat from chillers, these towers are widely utilised as a component of HVACR systems in buildings.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Cooling Towers Market Technology

Regional Analysis

The global cooling towers market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cooling Towers market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cooling Towers market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cooling Towers market comprises of Middle East, Africa, and Latin America.

The North America cooling towers market dominated this market in 2022 (45.80%). It is believed that the area's strict government controls will spur market expansion. Government regulations that restrict the amount of water used for cooling machinery and power plants help the local market. The market is also growing as a result of the notable companies' extensive presence in North America, such as SPX Corporation, Babcock & Wilcox Enterprises, Inc., and EVAPCO, Inc.

Moreover, Europe cooling towers market accounted for the healthy market share in 2022. One of the main factors propelling the market's growth is the rise in demand for energy-efficient cooling systems in local commercial and industrial applications. These tower types also offer excellent cooling equipment for a range of companies and industry verticals, large commercial buildings, and other applications.

Additionally, the Asia Pacific cooling towers market is expected to register significant growth from 2023 to 2032. This is a result of both the general development of the Asian Pacific market and the significant economic growth of countries like China, India, Australia, and other ASEAN member states. In the Asia Pacific region, manpower and raw materials are both reasonably priced. The expanding domestic demand in the area makes it a desirable investment location for cooling tower companies. The sector in this region will increase as a result of rising population, urbanisation, industrialization, and concern over infrastructural development in China and India.

Furthermore, the rest of the world's cooling towers market is divided into the Middle East, Africa, and Latin America. The cooling towers market in Latin America is witnessing steady growth due to rising industrialization, particularly in sectors like power generation, oil & gas, and manufacturing. The region's increasing focus on energy efficiency and environmental regulations is driving the adoption of advanced and sustainable cooling tower solutions.

Key Findings of the Study

• The global cooling towers market is expected to reach USD 3.9 Billion by 2032, at a CAGR of 4.70% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market. This is a result of both the general development of the Asian Pacific market and the significant economic growth of countries like China, India, Australia, and other ASEAN member states.


• Based on application, the HVAC segment was attributed to holding the largest market in 2022


• Krones AG, SPX CORPORATION, Babcock & Wilcox Enterprises, Inc., EWK, Kelvion Holding GmbH, HAMON & CIE (INTERNATIONAL) S.A., MITA Cooling Technologies Srl, JACIR – GOHL, ILMED IMPIANTI SRL, JAEGGI Hybridtechnologie AG, and EVAPCO, Inc.