Cooling Tower Market Size

Cooling Tower Market Size

Cooling Tower Market Size exceeded USD 3 billion in 2023 and is projected to grow at a CAGR of over 4.5% from 2024 to 2032. An increase in industrial and manufacturing activities along with the expansion of chemical, automotive, oil & gas, petrochemical, and fertilizer industries will complement the market growth.

Moreover, the introduction of favorable regulatory policies on renewable power-generating sources development combined with the shifting consumer inclination toward sustainable cooling technologies will augment product adoption.
 

Ongoing developments and utilization of cogeneration technologies followed by strict government mandates for the reduction of coal-based plants will boost the market expansion. Rapid industrial growth across developing economies along with technological enhancements related to components and tower structures will further propel the business growth. Growing electricity demand coupled with increasing investments toward capacity addition across the power generation sector will stimulate the industry landscape. In addition, changing climatic conditions in line with government targets to reduce GHG emissions will lead to the development of sustainable cooling systems.