The global cooling tower market was valued at USD 3.1 billion in 2024 and is projected to reach USD 4.4 billion by 2033, growing at a CAGR of 3.8% from 2025 to 2033. This growth is driven by escalating energy costs, increasing adoption of sustainable industrial practices, and the integration of digital technologies and cloud computing into industrial operations. 

Study Assumption Years

Base Year: 2024

Historical Years: 2019–2024

Forecast Years: 2025–2033

Cooling Tower Market Key Takeaways

Market Size and Growth: The market was valued at USD 3.1 billion in 2024 and is projected to reach USD 4.4 billion by 2033, growing at a CAGR of 3.8% from 2025 to 2033.

Regional Dominance: Asia Pacific leads the market, driven by the need to dissipate heat and maintain operational efficiency, alongside a thriving power generation sector.

Tower Type Segmentation: Open-circuit cooling towers currently represent the largest market segment.

Flow Type Segmentation: Crossflow cooling towers exhibit a clear dominance in the market.

Design Segmentation: Mechanical draft cooling towers dominate the total market share.

Material Segmentation: Fiber-reinforced plastic (FRP) exhibits a clear dominance in the market.

End-User Segmentation: Power generation leads the market segment.

Key Players:

Babcock & Wilcox Enterprises Inc.

Baltimore Aircoil Company Inc. (Amsted Industries Inc.)

Brentwood Industries Inc.

Delta Cooling Towers Inc.

ENEXIO Management GmbH

Hamon Corporation (Hamon & Cie)

International Cooling Tower Inc.

Johnson Controls Inc.

SPX Cooling Technologies Inc.

Reymsa Cooling Towers Inc.

Thermal Care Inc. (IPEG Inc.)

Thermax Limited (RDA Holdings Private Limited).

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