The global cooling tower market was valued at $3.7 billion in 2021 and is estimated to grow at a compound annual growth rate of 3.4 percent, reaching $5.1 billion by the end of 2031, says market research firm TMR Research. The company developed its report for the forecast period of 2022 to 2031.

The growing significance of cooling in data centers is propelling cooling tower market expansion, says TMR. Construction of data centers is increasing, and several future projects are expected to augment cooling tower industry growth. Developments in power generation, the oil-and-gas industry and HVAC also are expected to drive cooling tower growth.