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Cooling Tower Market Size To Reach $7,459.1Mn By 2033

Cooling Tower Market Size To Reach $7,459.1 Million By 2033

July 2025 | Report Format: Electronic (PDF)

Cooling Tower Market Growth & Trends

The global cooling tower market size is expected to reach USD 7,459.1 million by 2033, registering a CAGR of 6.6% from 2025 to 2033, 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.

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.

The rise in the demand for thermoelectric power plants is expected to drive the growth of the cooling tower industry. These power plants generate enormous amounts of heat, which mandates the use of cooling towers. Cooling towers play a vital role in removing the excess heat generated in the power plants and hence, contribute to the safety of operations in power plants, which is expected to drive the demand for cooling towers over the forecast period.

Cooling tower manufacturers are undertaking collaborations, mergers, and acquisitions to develop advanced and innovative solutions. In addition, manufacturers are also adopting several strategies like new product development, and geographical expansion, to enhance their market penetration and cater to end-use industries. For instance, in January 2023, Johnson Controls International Plc. acquired Hybrid Energy AS, a leading provider of high-temperature energy management solutions, to expand in Europe by launching new and cost-effective solutions.

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Cooling Tower Market Report Highlights

Fiber Reinforced Plastic (FRP) dominates the cooling tower material segment and accounted for 28.9% market revenue share in 2024. High Density Polyethylene (HDPE) segment is expected to grow at a considerable CAGR of 8.0% from 2025 to 2033 in terms of revenue.
Open circuit segment dominated the cooling tower market, with the largest share of 42.4% in 2024. Hybrid cooling towers segment is expected to grow at a significant CAGR of 7.8% from 2025 to 2033 in terms of revenue.
The industrial segment accounted for a share of 29.0% in 2024 owing to its extensive use in power plants, chemical facilities, oil refineries, and manufacturing units. The HVAC segment is expected to grow at a considerable CAGR of 8.2% from 2025 to 2033 in terms of revenue.
Asia Pacific is a dominant market and accounted for a share of 31.3% in 2024, owing to rapid industrialization, urbanization, and expanding energy infrastructure, especially in China and India.