According to MarketsandMarkets™ new market research report, the "Cooling Tower Market by Type (Evaporative, Dry, Hybrid), Design (Natural, Mechanical), Material (Concrete, Steel, FRP, Wood), Flow Type, Technology, Application (Power Generation, HVACR, Food & Beverages) and Region - Global Forecast Till 2026", size is projected to grow from USD 2.1 billion in 2021 to USD 2.6 billion by 2026, at a CAGR of 4.5% between 2021 and 2026. Cooling towers are heat exchangers which are used to dissipate unwanted heat to the atmosphere. Cooling towers such as hybrid and dry are majorly available in the market and are utilized in various industries including power generation, chemical, petrochemical and oil & gas, food & beverage, HVACR, and so on. Cooling towers which remove heat from industrial processes or chemical reactions are termed industrial process cooling towers and those which are used for HVACR applications are majorly known as comfort cooling towers.
Power generation is the largest application of cooling towers in the Asia Pacific. The availability of low-cost raw materials and labor, coupled with increasing domestic demand, makes Asia Pacific an attractive investment destination for cooling tower manufacturers. The rising population, urbanization, and industrialization along with rising concerns related to infrastructure development in China and India are some of the factors expected to drive the market in this region.