Field-Erected Cooling Tower Market Report 2026

The field-erected cooling tower market size has grown strongly in recent years. It will grow from $2.35 billion in 2025 to $2.49 billion in 2026 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to expansion of thermal power generation capacity, growth of heavy industrial manufacturing facilities, increased use of centralized cooling systems, rising investments in refinery and petrochemical plants, availability of large-scale civil construction expertise.

The field-erected cooling tower market size is expected to see strong growth in the next few years. It will grow to $3.08 billion in 2030 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to increasing focus on water conservation in industrial cooling, rising investments in power and energy infrastructure, expansion of process cooling demand in emerging economies, growing adoption of smart industrial utilities, increasing replacement of aging cooling infrastructure. Major trends in the forecast period include increasing adoption of water-efficient cooling tower designs, rising deployment of high-capacity industrial cooling systems, growing integration of advanced monitoring and control systems, expansion of hybrid and modular cooling tower configurations, enhanced focus on thermal performance optimization.

The growing emphasis on energy efficiency is expected to drive the expansion of the field-erected cooling tower market in the coming years. Energy efficiency involves the use of technologies, systems, or processes that minimize energy consumption while maintaining required performance levels. The global push for energy-efficient solutions is fostering the development of innovations aimed at reducing energy usage, cutting operational costs, and lowering environmental impact especially in sectors like manufacturing, transportation, and power generation. Field-erected cooling towers contribute to energy efficiency by effectively dissipating heat from industrial processes, thereby reducing excess energy use and maintaining optimal system performance to prevent overheating. For example, in March 2025, the International Energy Agency (IEA), a France-based intergovernmental organization, reported that global energy demand increased by 2.2% in the previous year, with over 80% of the growth driven by emerging and developing economies. This growing demand for energy efficiency is a significant factor fueling the field-erected cooling tower market.

Leading companies in the field-erected cooling tower market are focusing on innovative solutions such as retrofit builds to enhance efficiency, prolong equipment life, and lower energy consumption. Retrofit builds involve modifying or upgrading existing cooling tower systems to boost performance and extend functionality without replacing the entire system. For example, in May 2024, Marmon Industrial Water, a US-based water technology firm, introduced Ecodyne Modular Cooling Towers. These systems are designed for easy installation, reduced maintenance, and improved energy efficiency. Offering flexible configurations suitable for both retrofit and new build projects, the modular units aim to enhance cooling performance, reduce energy and water usage, and provide cost-effective solutions for a variety of operational needs.

In April 2023, SPX Corporation, a US-based industrial manufacturing company, acquired T. A. Morrison & Co. Inc. for an undisclosed amount. This acquisition is intended to strengthen SPX’s position in the field-erected cooling tower market and expand its offerings in the fast-growing infrastructure and industrial technology segments. T. A. Morrison, based in Canada, is a manufacturing company that specializes in services for field-erected cooling towers.

Major companies operating in the field-erected cooling tower market are Johnson Controls PLC, Lennox International Inc., Lekwa Cooling Tower Services (LCTS), SPX Cooling Technologies Inc., Baltimore Aircoil Company, Babcock & Wilcox, Evapco Inc., Jiangsu Seagull Cooling Tower Co. Ltd, Dolphin Radiators & Cooling Systems LLC, Paharpur Cooling Towers Ltd, Koch Applied Solutions, Industrial Water Cooling, Blue Chip Cooling Towers, Tower Tech Inc., Thermal care Inc., Cyrco Inc., TORRAVAL Cooling S.L., JC Equipments Pvt Ltd, Yerushalmi Water Cooling Towers, Cooling Towers LLC, Watco Group PTE LTD, Artech Cooling Towers Pvt. Ltd., Matrix Cooling (M) Sdn Bhd, Ilmed Impianti, Kool Drop Cooling Towers Pvt Ltd.

North America was the largest region in the field-erected cooling tower market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the field-erected cooling tower market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the field-erected cooling tower market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The field-erected cooling tower market consists of sales of fiberglass reinforced plastic, fan decks, cold water basins, and centrifugal fans. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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