Cooling Tower Market Opportunities: Investing in Advanced Cooling Solutions

The global cooling tower market size is expected to reach USD 5,237.0 million by 2030, expanding at a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growing demand for energy-efficient cooling systems in commercial and industrial applications is anticipated to drive the growth of the market over the forecast period. In addition, the surging global demand for cooling towers can be ascribed to the increasing number of industrial and commercial establishments worldwide.

With the continuous rise in electricity demand, there is a need to bridge the gap between demand and supply through renewable and non-renewable sources. Various power plants, including thermoelectric (oil, natural gas, nuclear, and coal) and hydroelectric, are utilized to generate abundant electricity. These power plants generate a large amount of electricity along with an innovative production of electricity, which can be effectively cooled using cooling towers to eliminate excess heat from the plant. Thus, thereby fueling the market demand over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Cooling Tower Market

Research undertaken for developing advanced cooling technologies for power plants focuses on several different aspects. For instance, in the case of wet cooling systems, research is aimed at minimizing the evaporative loss in cooling towers. On the other hand, for dry cooling systems, research focuses on reducing the steam condensation temperature. Such technological progress is anticipated to drive the demand for cooling towers in power plant applications globally.

Cooling Tower Market Report Highlights

The open-circuit segment dominated the cooling towers industry in 2023 by accounting for a share of over 42.3% of the market in terms of revenue. The growth of this segment can be attributed to superior cooling, reduced process temperatures, and small carbon footprint offered by open-circuit cooling towers

The demand for fiberglass reinforced plastic (FRP) material segment accounted for a 28.5% share of the global revenue in 2023. The global demand for FRP is rising owing to its high resistance to corrosion, acid rain, and snow

The industrial application segment accounted for a 28.8% share of the global revenue in 2023. The increasing number of new industrial facilities being established worldwide is fueling the global demand for cooling towers

Asia Pacific accounted for 30.4% of the global revenue share in 2023. The improving economy of China, India, Thailand, Indonesia, and Malaysia is forcing governments to frame supportive policies to promote investments in the extraction of natural resources including crude oil and natural gas. This is expected to escalate the oil extraction units in the region and correspondingly augment the demand for cooling towers in the region

In February 2023, EVAPCO, Inc. announced the acquisition of Canada-based carbon dioxide refrigeration system manufacturer, Systèmes LMP. With this new alliance, the former focuses on catering to the growing market demand for sustainable refrigeration systems

Browse through Grand View Research's Advanced Interior Materials Industry Research Reports.

Axial Flow Pump Market: The global axial flow pump market size was estimated at USD 4,138.5 million in 2024 and is anticipated to grow at a CAGR of 3.5% from 2025 to 2030.

Cryocooler Market: The global cryocooler market size was estimated at USD 2.87 billion in 2024 and is anticipated to grow at a CAGR of 7.6% from 2025 to 2030.

Cooling Tower Market Segmentation

Grand View Research has segmented the global cooling tower market based on product, material, application, and region:

Cooling Tower Product Outlook (Revenue, USD Million, 2018 - 2030)