The cooling tower market size is projected to grow from USD 3.0 billion in 2024 to USD 3.9 billion by 2029, registering a CAGR of 5.3% during the forecast period. The global demand for cooling towers is on the rise due to burgeoning industrial activities, particularly in emerging economies, necessitating efficient thermal management systems. Moreover, the escalating construction of infrastructure, including power plants and commercial buildings, fuels the need for reliable cooling solutions.
The cooling tower market is expected to continue to grow in the coming years due to the factors mentioned above. The key players in the market are focusing on developing innovative and new products to meet the growing demand. They are also expanding their geographic reach to tap into new market players. They have adopted various strategies to ensure long-term growth and strengthen their market positions. These strategies enable them to efficiently meet the growing demand for type, design, construction material, flow type, technology, and application. Also, companies operating in this market, such as Baltimore Aircoil Company Inc. (US), John Cockerill (Belgium), SPX Technologies (US), Ebara Corporation (Japan), Evapco, Inc. (US), Krones AG (Germany), Babcock & Wilcox Enterprises Inc. (US), Seagull Cooling Tower Co., Ltd (Malaysia), Enexio (Germany), and Paharpur Cooling Tower Limited (India) adopt acquisitions, new product launches, agreements, expansions, collaborations, and partnerships to increase their market shares and expand their geographic presence.
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Baltimore Aircoil Company Inc. is one of the global leaders in the development of cooling towers. The company specializes in the design and manufacturing of evaporative cooling towers, thermal storage solutions, and heat transfer equipment. Its product portfolio encompasses a broad range of cooling towers, including closed-circuit and evaporative variants. Baltimore Aircoil Company Inc. excels in providing innovative evaporative cooling solutions aimed at optimizing energy efficiency across diverse industries. The company’s cooling towers find extensive use in various sectors, including district cooling plants, HVAC systems, refrigeration, light and heavy industrial manufacturing, and chemical and petroleum processing applications.
John Cockerill stands as a prominent provider of cooling solutions. Specializing in the design and supply of top-tier cooling towers, including wet and wet-dry variants, as well as air-cooled condensers, the company excels in integrating these products with complementary equipment. In 2022, John Cockerill expanded its cooling portfolio by acquiring the cooling activities of the ex-Hamon group in various countries, including Belgium, France, Spain, South Korea, Indonesia, and the UK, solidifying its position as the sole successor of the ex-Hamon group. Operating across Energy, Hydrogen, Defense, Industry, and Environment segments, John Cockerill delivers cutting-edge cooling solutions primarily under the Energy segment. With a global footprint, the company boasts established teams in Belgium, France, Spain, the UK, Brazil, Saudi Arabia, Indonesia, and South Korea.
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SPX Technologies is a global, diversified provider of infrastructure equipment with a robust presence in the heating, ventilation, and air conditioning (HVAC) systems, detection and measurement markets, and power and energy sectors. With operations in 15 countries, the company operates through two main business segments: HVAC, and Detection and Measurement. The HVAC segment includes a range of products such as residential and commercial boilers, packaged and process cooling equipment, engineered air movement solutions, and comfort heating and ventilation products. Through its HVAC business segment and subsidiary, SPX Cooling Tech, LLC, the company offers a variety of cooling towers. SPX Technologies maintains a global presence, with operations in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions.
EVAPCO, Inc. is an employee-owned manufacturing firm that provides global solutions for heat transfer applications. Specializing in the design and manufacture of products for industrial refrigeration and evaporative cooling, the company offers cutting-edge cooling towers, including evaporative, hybrid, adiabatic, and dry models. These products cater to various industries such as power generation, oil and gas processing, and food processing. EVAPCO, Inc. focuses on serving the power generation, commercial HVAC, industrial process (including data centers), and industrial refrigeration markets with its innovative solutions. The company has a strong global presence, with sales offices and manufacturing facilities in numerous locations worldwide. EVAPCO products are engineered and produced in approximately 36 facilities across 14 countries and are distributed through a network of over 200 sales offices.
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Babcock & Wilcox Enterprises Inc. is one of the leading global providers of cooling towers. Babcock & Wilcox provides a diverse array of cooling solutions for various industries, including petrochemical, steel and metals, food processing, pulp and paper, oil and gas, power generation, and district heating and cooling. The company also offers services such as equipment upgrades, online performance monitoring, preventive maintenance, replacement and spare parts, and is dedicated to the research and development of efficient cooling systems. Through SPIG Cooling Systems, Babcock & Wilcox operates across three main areas: wet cooling systems (mechanical and natural draft), dry cooling systems, and hybrid cooling solutions. The company maintains a strong presence in the cooling tower market, especially in North America, Europe, and South America, with additional operations in the Middle East and Asia Pacific.
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