Water Cooling Tower Market Growth Report 2021 to 2031
The Water Cooling Tower market size is projected to reach US$ 3.3 billion by 2031 from US$ 2.3 billion in 2023. The market is expected to register a CAGR of 4.7% during 2023–2031. With growing concerns over sustainability and reducing the carbon footprint, the demand for eco-friendly products for water tower cooling has increased. Thus, increased sustainability is likely to remain a key trend in the market.
Water Cooling Tower Market Analysis
The demand for water cooling towers has increased in the power sector. As the demand for energy is growing, the spending on the construction of power plants and, thus, the overall number of power plants has increased in the past few years. For instance, as per the data published by the US government, the country is focusing on building 55% more power plants in 2024 compared to 2023. Such construction spending in the power sector is driving the demand for the water cooling tower market.
Water Cooling Tower Market Overview
In 2023, North America accounted for a notable market share of the global water cooling tower market. Countries such as the US and Canada are leading the North American water cooling tower market. One of the factors that is driving the market is strong industrial growth. Data centers require a strong cooling system to maintain operational efficiency. Thus, many of the data centers are installed with cooling towers to maintain the temperature. Cooling towers in the data centers use air and water to transfer the heat of the data centers. These cooling systems have greater efficiency over the traditional air cooling methods, lower operational costs and flexibility. As per the data by Cloudscene, the US has approximately 5400 data centers in the US. Thus, owing to the presence of a vast number of data centers, the demand for water cooling towers has increased in the past few years.
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Water Cooling Tower Market: Strategic Insights
Market Size Value in US$ 1,635.2 Million in 2021 Market Size Value by US$ 2,105.0 Million by 2028 Growth rate CAGR of 3.7% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Water Cooling Tower Market: Strategic Insights
| Market Size Value in | US$ 1,635.2 Million in 2021 |
| Market Size Value by | US$ 2,105.0 Million by 2028 |
| Growth rate | CAGR of 3.7% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Water Cooling Tower Market Drivers and Opportunities
Increased residential and commercial construction to Favor Market
Commercial and residential constructions are growing rapidly owing to significant urbanization and industrialization. Approximately more than 93% of the total buildings are residential and commercial construction; in addition, approximately 85% of the total buildings' square feet are dedicated to residential and commercial construction. With such higher penetration of residential and commercial construction, the demand for HVAC systems has increased, ultimately driving the water cooling tower market.
Growing number of nuclear power plants
As the requirement for the energy is increasing, the demand of the nuclear power plants is increasing. Further, owing to increased awareness of carbon emissions, the focus on nuclear power plants has increased as they are more efficient and effective. As per the data published by the Nuclear Energy Institute, in the US, approximately 471 million metric tons of carbon is prevented by using nuclear power plants. In addition, as of now, nuclear power sources are contributing to 10% of the world’s electricity. Hence, governments across the globe are increasing the contribution of nuclear power plants by building more power plants. For instance, as per the data published by the World Nuclear Association, there are 60 nuclear power plants under construction. Thus, increased demand for nuclear power plants is projected to generate notable revenue opportunities in the coming years.
Water Cooling Tower Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Water Cooling Tower market analysis are type and application.
- Based on type, the Water Cooling Tower market is divided into crossflow, counterflow, forced draft, induced draft, and others. The cross-flow segment held a larger market share in 2023.
- By application, the market is segmented into industrial, power plant, and HVAC. The industrial segment held a notable share of the market in 2023.
Water Cooling Tower Market Share Analysis by Geography
The geographic scope of the Water Cooling Tower market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific held the dominant market share in the global water cooling tower market. Countries such as China, India, Indonesia, and the Philippines are growing notably. Such growth is leading to increased demand for energy as the industrial sector is growing rapidly. Further, owing to urbanization, the demand for residential and commercial sectors has increased. With such growth in the construction, industrial, and energy sectors, the demand for cost-effective cooling systems increased, ultimately driving the water cooling tower market.
Water Cooling Tower Market Report Scope
Water Cooling Tower Market News and Recent Developments
The Water Cooling Tower market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Water Cooling Tower market are listed below:
- Baltimore Aircoil Company (BAC) announces the release of its new TrilliumSeries Adiabatic Cooler. This adiabatic cooler is ideal for applications that demand a combination of energy efficiency and limited water use. BAC’s innovative design maximizes both water and energy efficiency, ultimately minimizing costs. In addition, the TrilliumSeries Cooler is designed to make installation and ongoing maintenance simple. (Source: Baltimore Aircoil Company, Press Release, February 2022)
- Tower Tech, the leading cooling tower manufacturer, is proud to announce its line of cooling towers featuring StormStrong Fiber Reinforced Polymer (FRP) corrosion-resistant technology. The StormStrong cooling towers are capable of handling hurricane-force winds, earthquakes, and weather-related stresses with minimal to no damage. (Source: Tower Tech, Press Release, September 2022)
Water Cooling Tower Market Report Coverage and Deliverables
The “Water Cooling Tower Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Water Cooling Tower market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Water Cooling Tower market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Water Cooling Tower market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the Water Cooling Tower market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the water cooling tower market in 2023
Continuous growth in the oil and gas sector is driving the water cooling tower market
Babcock And Wilcox Enterprises, Inc., Baltimore Aircoil Company, Bell Cooling Towers, Delta Cooling Towers, Inc., Evapco, Inc., Hamon, Mesan Group, Samco Technologies, Inc., SPX Cooling Technologies, Inc., and Vistech Cooling Systems
US$ 3.3 billion estimated value of the water cooling tower market by 2031
4.7% is the expected CAGR of the water cooling tower market
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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