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Evaporative Cooling Tower Market Size
Evaporative Cooling Tower Market size surpassed USD 1.7 billion in 2023 and is anticipated to depict 4.6% CAGR from 2024 to 2032. Robust industrialization along with rapid development of manufacturing facilities across the developing economies will propel the industry growth.
Ongoing concerns toward environmental conservations, energy efficiency and technological advancement has led to favorable business scenario for the market players. Moreover, reduced space requirement and lower capital expenditure makes their adoption preferable over other alternatives. Over the coming years, continuous technological developments toward improvement in efficiency, communication capability and flexibility will raise the share of evaporative cooling towers.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 1.7 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.6% |
| 2032 Value Projection: | USD 2.6 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 718 |
| Segments covered: | Design, Build, Construction Material, Flow, Application, Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The increasing use across various industrial processes, including power generation, HVAC systems, and chemical processing will positively influence the evaporative cooling tower market landscape. However, the growing use of sensors and control systems that enable real-time monitoring and optimization will further propel the industry development. Additionally, the accelerating integrations of these towers with renewable energy technology including solar, and wind will propel the market.
COVID-19 Impact
The temporarily shut down of various industries along with delayed maintenance across various industries has led to significant decline in the general industry evolution. Also, reduced demand, supply chain disruptions, and changes in maintenance and monitoring practices had led to significant decline in the industry development. Hence, the government & private players are collaborating to effectively deal with the current situation. Furthermore, manufacturers require new forms of collaborations and innovative approaches to increase the resilience for mitigating and impacts of the pandemic on the supply chain.
Evaporative Cooling Tower Market Analysis
The concrete build cooling towers segment will observe 4.5% growth rate till 2032. The concrete as a construction material has witnessed a high penetration across the industry on account of its high load carrying capacity, high strength, and stability. Ongoing investments toward generation capacity addition and development of heavy-duty industrial sector has enhanced the product demand. Hence, increasing investments toward addition of large-scale thermal power plants across India, Indonesia, China, and other Middle East countries will foster the evaporative cooling tower market expansion by 2032.
The increasing investments in the energy intensive industries including petrochemical plants, oil refineries, and natural gas plants will propel the natural draft towers. The use of natural ventilation, shading, and other passive cooling strategies to regulate the temperature of buildings and other structures without relying on energy-intensive mechanical cooling systems will augment the market. Moreover, the increasing investments in sustainable and energy-efficient solutions to address the challenges of climate change and rising energy costs has also fuel the industry statistics.
The increasing investments toward capacity addition for power generation along with the development of large-scale industries primarily in the developing nations will drive the field erected cooling towers. Furthermore, they are usually prefabricated, marked, and shipped to the site for final installation/assembly. These systems can also be counterflow or crossflow depending on the type of applications.
In addition, the product can be created and customized according to the requirements related to heavy industrial applications and high-power requirement industries. Accelerating investments toward technological advancement and development of FRP, HDPE and steel as an efficient component and construction material will spur the evaporative cooling tower market demand.
Power generation market accounted for USD 700 million in 2022. The ongoing expansion of thermal power generating stations along with a positive outlook toward the utilization of sustainable energy resources will bolster the product demand. The introduction of stringent emission norms has resulted in the increasing espousal of supercritical, ultra-supercritical, and combined cycle plants, which, in turns will boost the evaporative cooling tower market progression. Additionally, the increasing demand for electricity in the emerging economies on account of rapid industrialization and improvement in standard of living will impel the business outlook. Technological advancements along with increasing use of non-corrosive to material for manufacturing of components will provide favorable growth opportunities for the participants.
The increasing investments toward development of commercial and industrial structure including commercial spaces, malls and colleges will boost the heating, ventilation, air-conditioning & refrigeration (HVACR) applications. The rapid development of urban area and improvement in standard of living will lead to the large-scale deployment of HVACR systems therefore, augmenting the evaporative cooling market growth. The rising infrastructure industry primarily across the developing nations will provide favorable business scenario for the industry leader to grow.
The counter flow cooling towers are commonly used in large-scale industrial applications, such as power plants, chemical processing facilities, and oil refineries, where substantial amounts of heat must be dissipated from industrial processes. They are typically more efficient than cross flow cooling towers, which use a cross current flow of air and water and can handle a wider range of water temperatures and flow rates. Moreover, the increasing demand for energy-efficient and eco-friendly cooling solutions that can help reduce energy consumption and carbon emissions will push the business demand.
North America evaporative cooling tower market is estimated to amass USD 360 million by 2032. The industry is dynamically driven by the evolution of the manufacturing sector and increasing need for sustainable power generation in the region. For instance, favorable regulatory policies pertaining to the development of low emission systems have substantially widened the deployment spectrum. Technological advancement relating to the product innovation and rise in disposable income have also encouraged leading manufacturers to invest in the region contributing to a significant business expansion.
Growing utilization of cogeneration technology across the European region is significantly driving the cooling tower industry dynamics. For example, proposed introduction of incentives & subsidies by the government pertaining to the adoption of CHP plays an influential role in the stimulation of sector growth. Increasing construction and commercial activities notably in Nordic region will lead to substantial increase in the demand of these towers. The emission and environmental compliances will further lead to the production of advanced and sustainable product thereby stimulating the industry growth.
Evaporative Cooling Tower Market Share
The key industry participants operating in the evaporative cooling tower market includes:
- SPX Cooling Technologies Inc.
- ENEXIO Management GmbH
- S.A. HAMON
- Baltimore Aircoil Company (BAC)
- Paharpur Cooling Tower
- Johnson Controls
- SPIG S.p.A.
- EVAPCO, Inc.
- Delta Cooling Towers, Inc.
- Thermax Limited
- International Cooling Tower Inc.
- ENGIE Refrigeration GmbH
- Brentwood Industries, Inc.
- BERG Chilling Systems, Inc.
The key players are focusing on inorganic growth ventures and robust technological advancement in product design, development to enhance their presence across the value chain.
Evaporative Cooling Tower Industry News
- In January 2022, S.A. HAMON was awarded a contract with SK Ecopla to provide wet induced draft cooling for a combined cycle plant which is under construction in Ulsan, Korea. The power plant will use LPG and LNG as sustainable fuels for power generation with an overall capacity of 1.12 GW.
- In June 2021, SPX Cooling introduced MH Fluid Cooler line which is designed to expand their presence across a diverse range of applications. The product provides improved heat transfer, and corrosion resistance when compared with other products. The product uses a combination of prime surface coils and evaporative fill media, the MH Fluid Cooler provides significant improved performance over other non-hybrid systems.
This evaporative cooling tower market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD’ from 2023 to 2032 for the following segments:
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Market, By Design
- Mechanical
- Natural
Market, By Build
- Field-erected
- Packaged
Market, By Construction Material
- Concrete
- Steel
- FRP
- Wood
- Others
Market, By Flow
- Cross Flow
- Counter Flow
Market, By Application
- Chemicals & Fertilizers
- Oil & Gas
- Power Generation
- HVACR
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Italy
- Sweden
- Netherlands
- Denmark
- Spain
- Russia
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Malaysia
- Indonesia
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- Oman
- Kuwait
- Egypt
- South Africa
- Turkey
- Middle East & Africa
- Brazil
- Argentina
- Chile
- Peru
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