The cooling tower market is anticipated to witness robust growth by 2028 owing to increased industrial and manufacturing activities. Additionally, growth of the chemical, automotive, petrochemical, oil and gas, and fertilizer industries is estimated to further augment market growth through the forecast period.

Recently, industry players have been implementing effective expansion strategies to enhance their market presence, which has been favorable for the business landscape. For instance, in August 2021, Midwest Cooling Tower Services, a leading provider of cooling tower maintenance services for industrial plants and oil refineries, announced the acquisition of Houston-based Tower Performance Inc. (TPI), thereby increasing its presence in the region.

The cooling tower market has been segmented on the basis of product, technology, design, build, construction material, flow, application, and region. Based on product, the market has been segregated into evaporative/wet, dry, and hybrid.

By 2028, the dry cooling tower sub-segment is projected to be worth more than USD 1 billion, growing at a steady CAGR over the forecast period. The hybrid sub-segment is projected to expand significantly through the analysis timeline. Increased investments in sustainable cooling technologies across the industrial sector is expected to enhance product demand in the coming years.

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Based on technology, the market has further been bifurcated into open circuit, closed circuit, and hybrid. The market for closed circuit cooling tower systems is expected to see substantial progress to exceed USD 1 billion valuation by 2028. The hybrid cooling tower market is estimated to grow at a rate of more than 5% over the study timeframe.

In terms of design, the cooling tower market has been categorized into mechanical and natural. The natural sub-segment is slated to observe notable growth by 2028 driven by surging investments, primarily to support the development of power plants.

By build, the cooling tower market has been bifurcated into package and field erection. The package sub-segment is likely to amass considerable gains through 2028 on account of mounting investments across HVACR applications.

Based on construction material, the cooling tower market has been segregated into concrete, steel, FRP, wood, and others. The concrete sub-segment is foreseen to witness steady expansion over the review period. Growing investments for the development of large-scale industries and thermal and nuclear power facilities are set to fuel segmental growth.

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The steel sub-segment is primed to garner a sizable revenue by the end of 2028. Widespread application of steel in packaged cooling towers, along with rising need for cooling systems, is estimated to spur product demand. The wood sub-segment is forecast to register significant gains at more than 4% by 2028.

With respect to flow, the cooling tower market has been segregated into counter flow and cross flow. The cross flow sub-segment is speculated to deliver optimistic growth at a CAGR of over 4% through the study timeframe.

In terms of application, the cooling tower market has been segregated into chemicals & fertilizers, oil & gas, power generation, HVACR, and others. The chemicals & fertilizers sub-segment is likely to attain a considerable share in the market by 2028 due to an upsurge in investments towards the development of new chemical plants, particularly across European economies.

The power generation sub-segment is expected to expand at more than 4% CAGR through the assessment period. The HVACR sub-segment is anticipated to grow at a rapid pace to reach a sizable valuation by the end of the forecast timeline. Booming demand for cooling, mainly across small-scale industries and the commercial sector, is foreseen to support segmental progress.

From the regional point of view, the Middle East & Africa region is poised to account for a major share of the overall market in terms of revenue by 2028. Rising temperatures, coupled with the development and extension of electrical infrastructure, are expected to foster regional market outlook. Meanwhile, the Latin America cooling tower market is projected to expand at a CAGR of approximately 4% over the estimated period.