PUNE, India — The global cooling tower market is forecast to grow from $2.34 billion in 2015 to $2.88 billion by 2020, at a compound annual growth rate (CAGR) of 4.2 percent, according to a new report published by MarketsandMarkets.
The market is being driven by rising HVACR deployments, increasing power generation capacity, and technological advances in cooling towers. Asia-Pacific is expected to witness strong growth in the next five years. The demand across the region is reinforced by the emerging markets, namely China and India.