Data Center Cooling Tower Market Size, Share & Forecast to 2035

The Data Center Cooling Tower Market is valued at USD 1.30 billion in 2026 and is projected to reach USD 2.44 billion by 2035, up from USD 1.12 billion in 2025, a compound annual growth rate (CAGR) of 8.06% from 2025 to 2035 (DC Market Insights estimate). Money in this market follows water, not heat: an evaporative cooling tower rejects data center heat with the least electricity of any method, but NVIDIA puts the water cost of conventional evaporative designs at about 2.6 million gallons per megawatt (MW) a year, and governments from the European Union to California and Utah now make operators report that water. DC Market Insights therefore models the share of new capacity that still chooses evaporative heat rejection, which falls from 45.4% of the 12,000 MW of new data center IT capacity in 2025 to 31.4% of 27,000 MW in 2035, while the amount of evaporative-served capacity still rises from 5,448 MW to 8,467 MW a year. SPX Technologies, the owner of the Marley cooling tower brand, shows the demand side in its own numbers: it raised its estimated annual data center revenue capacity to about USD 1.1 billion in July 2026. Hybrid and adiabatic coolers, which switch between dry and wet operation, are the fastest-growing product at 12.39% a year, and Latin America is the fastest-growing region at 11.99% a year.

Key Market Statistics: How Big Is the Data Center Cooling Tower Market in 2026?

DC Market Insights values the Data Center Cooling Tower Market at USD 1.30 billion in 2026, 15.65% above the USD 1.12 billion of 2025, as artificial intelligence (AI) campuses ordered in 2025 receive their heat rejection equipment.

• Market size 2025: USD 1.12 billion (USD 1,124.23 million)
• Market size 2026: USD 1.30 billion
• Market size 2030: USD 1.93 billion
• Market size 2035: USD 2.44 billion
• CAGR 2025-2035: 8.06% in the base case, 6.11% in the low case and 9.87% in the high case
• Evaporative-served new IT capacity: 5,448 MW in 2025 (45.4% of new capacity) and 8,467 MW in 2035 (31.4%)
• Largest product type: open-circuit cooling towers, 45.0% of 2025 value (USD 505.90 million)
• Fastest-growing product type: hybrid and adiabatic coolers, 12.39% a year
• Leading region: North America, 44.0% of 2025 value (USD 494.66 million)
• Fastest-growing region: Latin America, 11.99% a year
• Largest country: the United States, USD 438.45 million in 2025 (39.0% of global value)
• Market leaders: SPX Technologies (Marley), Baltimore Aircoil Company and EVAPCO, about 50% of 2025 value together (DC Market Insights assessment)

Executive Summary

The Global Data Center Cooling Tower Market size was valued at USD 564.65 million in 2020, reached USD 1.12 billion in 2025, and is anticipated to reach USD 2.44 billion by 2035, at a CAGR of 8.06% during the forecast period.

Report attribute	Details
Historical Period	2020-2024
Base Year	2025
Forecast Period	2026-2035
Data Center Cooling Tower Market Size 2025	USD 1.12 Billion
Data Center Cooling Tower Market Size 2026	USD 1.30 Billion
Data Center Cooling Tower Market, CAGR	8.06%
Data Center Cooling Tower Market Size 2035	USD 2.44 Billion

Spending on data center cooling towers grew 14.77% a year from 2020 to 2025, because new data center IT capacity doubled from 6,000 MW to 12,000 MW a year and AI halls, which reject more heat per square metre, still chose evaporative or hybrid equipment for 48% of their capacity. Growth slows to 8.06% a year to 2035 for one reason that is particular to this product: water. The evaporative share of new AI capacity falls from 48% in 2025 to 30% in 2035 as 45 °C liquid cooling lets operators reject heat with dry coolers, and as water-use disclosure laws raise the political cost of open towers. The installed base carries the rest of the growth. Replacement, rebuild and service work on 55,680 MW of evaporative-served capacity in 2025 and 124,400 MW in 2035 rises from 36.2% of the market to 43.4%.

Key Takeaways

• The market more than doubles, from USD 1.12 billion in 2025 to USD 2.44 billion in 2035, because new capacity served by evaporative heat rejection still grows 55%, from 5,448 MW to 8,467 MW a year, even as its share of new builds falls.
• Hybrid and adiabatic coolers rise from 25.0% to 37.0% of value, because they use water only on the hottest days and so fit water-disclosure rules better than open towers.
• Open-circuit towers keep the largest share in 2035 at 33.0%, because they remain the cheapest way to reject heat per kilowatt in water-rich and reclaimed-water sites.
• Replacement and rebuild work grows 9.77% a year, faster than new equipment, because fill, fans and gearboxes on towers built in the 2015-2025 boom reach mid-life.
• Dry coolers are the main substitute: a USD 800 million dry cooler order for 5 gigawatts (GW) of AI heat rejection in October 2026 shows how much new AI capacity is moving out of this market.

What Counts as a Data Center Cooling Tower?

A data center cooling tower rejects heat from a facility’s condenser-water or process-water loop by evaporating part of that water into the air, and DC Market Insights values the towers, fluid coolers and hybrid units sold to data centers, with their installation, rebuilds and service, at USD 1.12 billion in 2025.

Included. Open-circuit (direct-contact) cooling towers, factory-assembled or field-erected, that serve water-cooled chillers or warm-water liquid cooling loops; closed-circuit evaporative fluid coolers that keep the process water in a sealed coil; hybrid and adiabatic coolers that run dry most of the year and spray or wet pads on hot days; installation and commissioning; replacement towers and rebuilds (fill, drift eliminators, fans, gearboxes, motors); and maintenance contracts on the evaporative-served installed base.

Excluded. Pure dry coolers and air fin coolers that never use water, chillers (see the Data Center Chiller Market), computer room air handlers and other air-side units (see the Data Center Precision Air Conditioning Market), condenser-water pumps and piping, water treatment chemicals and make-up water, cooling towers at power plants serving data centers, and comfort-cooling towers on office buildings.

How the segments fit together. Every dollar is classified once by product type (open-circuit towers, closed-circuit fluid coolers, hybrid and adiabatic coolers), once by construction (factory-assembled or field-erected), once by data center type and once by offering (new-build equipment, installation and commissioning, replacement and rebuilds, service and maintenance). Each dimension sums to the market total in every year.

Why Do Data Center Cooling Tower Market Estimates Differ?

Estimates differ because of the water line: DC Market Insights counts USD 1.30 billion in 2026 for evaporative and hybrid heat rejection only, while broader definitions add dry coolers, chillers or the whole cooling plant.

The largest difference is dry coolers. They are the fastest-growing way to reject heat from AI halls, and the heat exchanger maker Kelvion alone expects USD 1.2 billion to 1.3 billion of data center revenue in 2026, mostly from dry and air fin coolers, according to SLB’s August 2026 offer document for the company. A market that counts every heat rejection device at data centers could therefore be twice the size of this one. Some estimates also fold in chillers, which DC Market Insights values separately, or every cooling product, which the Data Center Cooling Market report values at USD 21.86 billion in 2025; on that basis cooling towers as defined here are about 5.1% of total data center cooling spend.

Element	In DC Market Insights scope	Why
Open-circuit cooling towers	Yes, USD 505.90 million in 2025	The core evaporative product
Closed-circuit fluid coolers	Yes, USD 337.27 million	Evaporative, sealed process loop
Hybrid and adiabatic coolers	Yes, USD 281.06 million	Use water on peak days
Dry coolers and air fin coolers	No	No water, separate product class
Chillers, pumps, piping	No	Covered in sibling reports or mechanical scope
Water treatment chemicals	No	Consumables, not equipment or service

Out of scope, in plain words: dry coolers, air fin coolers, chillers, condenser pumps and piping, water treatment chemicals, the water itself, power plant cooling towers and office comfort cooling. In scope are all data center buyers, from hyperscale and AI campus operators to colocation providers, enterprises, universities, government agencies and small and medium-sized enterprises (SMEs) whose server rooms share a building cooling tower with a dedicated data center cell.

What Is Driving Data Center Cooling Tower Demand?

Three forces lift spending from USD 1.12 billion in 2025 to USD 2.44 billion in 2035: tower makers adding factory capacity for AI campuses, the efficiency penalty of dry cooling in hot climates, and an installed base that more than doubles.

SPX Raises Its Data Center Revenue Capacity to USD 1.1 Billion

SPX Technologies reported second-quarter 2026 revenue of USD 480.6 million in its heating, ventilation and air conditioning (HVAC) segment, up 27.6%, citing higher volumes of cooling equipment primarily associated with increased data center demand; it said it had raised its estimated annual data center revenue capacity to about USD 1.1 billion and had begun assembly of its Olympus Max fluid cooler in Madison, Alabama. Baltimore Aircoil Company opened its first Latin American plant in Ciénega de Flores, near Monterrey, Mexico, in May 2026, and EVAPCO announced an Indian subsidiary in August 2026, according to the two companies. DC Market Insights reads this capacity build as the 2026 step: new-build equipment rises from USD 608.28 million in 2025 to USD 709.20 million in 2026.

Evaporative Cooling Uses Less Electricity on Grid-Limited Campuses

The International Energy Agency (IEA) wrote in October 2026 that cooling towers that use evaporation are water intensive but much less energy intensive than dry alternatives. That matters where grid power, not water, is the binding constraint: an AI campus capped by its utility connection can run more IT load if its heat rejection uses less fan and compressor power on hot days. DC Market Insights therefore keeps 30% of new AI capacity on evaporative or hybrid heat rejection in 2035, against 48% in 2025, with the highest shares in grid-constrained markets of the United States, India and Southeast Asia, where wet-bulb conditions also favour evaporation.

A 124,400 MW Evaporative Installed Base by 2035

The evaporative-served installed base grows from 55,680 MW of IT load in 2025 to 124,400 MW in 2035 in the DC Market Insights model, because 48% of today’s 116 GW installed base and 40% of the 311 GW base of 2035 reject heat through towers or hybrid coolers. Each MW carries a rebuild cycle on fill and mechanical parts, which DC Market Insights models at 4% of equipment value a year, and a maintenance contract worth USD 3,500 a year in 2025 rising to USD 4,200 in 2035. Replacement and rebuild work rises from USD 211.58 million in 2025 to USD 537.41 million in 2035.

How Are Data Center Heat Rejection Designs Changing?

Two design changes reshape the USD 1.30 billion market of 2026: hybrid units that switch between dry and wet operation, and much larger modules sized for multi-megawatt AI halls.

Convertible Dry-to-Adiabatic Coolers Replace Open Towers

Suppliers now sell units that can start dry and add water later. SPX describes its OlympusMAX fluid cooler as convertible from dry to adiabatic operation, Baltimore Aircoil Company markets its TrilliumSeries adiabatic cooler and HXV hybrid cooler for data centers, and the Cooling Technology Institute (CTI) has been developing a certification programme for adiabatic fluid coolers since August 2024, according to the companies and CTI. Hybrid and adiabatic coolers grow from USD 281.06 million in 2025 to USD 903.45 million in 2035, a 12.39% CAGR, the fastest product type.

Heat Rejection Modules Reach 5 MW per Unit

EVAPCO introduced its eco-Air APEX series in February 2026 for high-density data centers, and its 2026 data center bulletin lists the unit at up to 5.0 MW of heat rejection, according to EVAPCO. Larger modules cut the number of units, pads and connections per campus, which favours factory-assembled equipment over field-erected towers: factory-assembled units rise from 72.0% to 79.0% of value between 2025 and 2035 and grow 9.07% a year.

Market Restraints: What Could Shrink Cooling Tower Spending?

Two restraints cut the 2035 market by up to USD 407.60 million in the DC Market Insights low case: chiller-free dry cooling for AI racks and laws that put a price on data center water.

NVIDIA’s 45 °C Racks Enable Dry Coolers With Zero Water

NVIDIA wrote in June 2026 that racks accepting 45 °C coolant can enable chiller-less operation with dry coolers, and it describes its reference AI factory design as using zero water against about 2.6 million gallons per MW a year for evaporative designs. Kelvion said on 7 October 2026 that it had won an USD 800 million order for more than 1,000 dry coolers providing 5 GW of heat rejection for a United States AI campus, delivered through 2027. If AI halls follow that path faster, the evaporative share of new AI capacity reaches 20% instead of 30% in 2035 and the market reaches USD 2.03 billion instead of USD 2.44 billion.

Water Disclosure Laws in California, Utah and the European Union

California’s governor signed AB 2469 on data center water use disclosure and AB 2619 on water resources and data centers on 21 September 2026, among seven data center laws that require operators to give local governments and water suppliers information about water use. Utah’s HB 76, effective 6 May 2026, requires data centers withdrawing 75 acre-feet or more a year to report water use annually, according to the Utah Legislature. In the European Union, data centers with at least 500 kilowatts (kW) of IT power already report total water input and water usage effectiveness (WUE) under Delegated Regulation (EU) 2024/1364, and the European Commission adopted a rating scheme with WUE classes on 21 September 2026. Europe is the slowest-growing region at 5.00% a year in the model as these rules steer operators toward dry and hybrid cooling.

Where Are the Openings for Cooling Tower Suppliers?

The two largest openings are hybrid retrofits of existing towers and service contracts, together worth about USD 1.06 billion in 2035.

Rebuilds and Hybrid Retrofits: USD 537.41 Million by 2035

Replacement and rebuild work reaches USD 537.41 million in 2035, 22.0% of the market, up from 18.8% in 2025, because the evaporative-served base more than doubles and older towers are replaced with hybrid units that cut water use. Singapore’s Green Mark for Data Centres 2024 already awards points for cooling tower cycles of concentration of 7 or more on potable water and 10 or more on NEWater, the national reclaimed water, according to the Building and Construction Authority, which gives suppliers a measurable target for retrofit offers.

Water Management and Maintenance Contracts: 10.36% a Year

Service and maintenance grows from USD 194.88 million in 2025 to USD 522.48 million in 2035 as operators buy contracts that cover Legionella risk management under ASHRAE Standard 188, which the United States Centers for Disease Control and Prevention (CDC) uses in its cooling tower guidance, plus water-use metering for the new disclosure laws. The outsourced Data Center Facility Management O&M Services Market is the main route to these buyers.

How Much Does Data Center Heat Rejection Cost per MW?

DC Market Insights estimates evaporative heat rejection equipment at about USD 95,000 per MW of IT load in a conventional hall and USD 140,000 per MW in an AI hall in 2025, or about USD 73 and USD 108 per kW of heat rejected, before installation at 18% of equipment value.

Year	Conventional hall (USD per MW of IT)	AI hall (USD per MW of IT)	Conventional (USD per kW of heat rejected)	Service (USD per evaporative-served MW a year)
2020	85,000	125,000	65	3,000
2025	95,000	140,000	73	3,500
2030	102,000	150,000	78	3,900
2035	108,000	156,000	83	4,200

The per-kW figures assume 1.3 MW of heat rejection per MW of IT load, which covers chiller compressor heat and redundancy. AI halls cost more per MW because they use more closed-circuit and hybrid units, which carry a sealed coil or adiabatic pads. Public anchors come from dry cooler orders, the main substitute: Kelvion’s USD 800 million order for 5 GW works out at about USD 160 per kW, above the evaporative price, which is why evaporative designs keep a cost advantage in capital as well as in electricity where water is available.

Which Rules and Standards Apply to Data Center Cooling Towers?

Seven rules and standards shape a USD 1.30 billion market in 2026, from thermal certification to water reporting.

• CTI STD-201: the Cooling Technology Institute’s thermal performance certification for cooling towers and fluid coolers; a CTI-certified model is rated to perform as specified, according to CTI.
• ANSI/ASHRAE/IES Standard 90.1: minimum performance for open cooling towers, tested to CTI ATC-105 and STD-201, with Standard 90.4 as the compliance path for data centers, according to the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE).
• ASHRAE Standard 188: Legionellosis risk management for building water systems, used by the CDC in its water management toolkit, which names cooling towers as a risk source.
• Delegated Regulation (EU) 2024/1364: data centres with at least 500 kW of IT power report total water input and WUE each year under the Energy Efficiency Directive (EU) 2023/1791.
• EU data centre rating scheme (C(2026) 3472): adopted by the European Commission on 21 September 2026, with power usage effectiveness (PUE) and WUE classes; under scrutiny by the European Parliament and Council.
• California AB 2469 and AB 2619 (2026): data center water use disclosure to local governments and water suppliers.
• Utah HB 76 (2026): annual water reporting by data centers withdrawing 75 acre-feet a year or more.

Which Cooling Tower Type Leads Data Center Spending?

Open-circuit towers lead with 45.0% of 2025 value, factory-assembled units with 72.0%, hyperscale and AI data centers with 48.0% and new-build equipment with 54.1%, in a market worth USD 1.12 billion in 2025.

By Product Type: Open-Circuit Cooling Towers Lead with 45.0%

Open-circuit towers take USD 505.90 million in 2025 but grow only 4.76% a year, the slowest product, because open water contact makes them the target of water rules; hybrid and adiabatic coolers grow fastest at 12.39%.

Product Type	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Open-Circuit Cooling Towers	505.90	45.0%	805.78	4.76%
Closed-Circuit Fluid Coolers	337.27	30.0%	732.52	8.06%
Hybrid and Adiabatic Coolers	281.06	25.0%	903.45	12.39%

By Construction: Factory-Assembled Units Lead with 72.0%

Factory-assembled units are worth USD 809.45 million in 2025 and grow 9.07% a year as module sizes reach 5 MW; field-erected towers stay in the largest water-cooled chiller plants.

Construction	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Factory-Assembled Units	809.45	72.0%	1,928.98	9.07%
Field-Erected Towers	314.78	28.0%	512.77	5.00%

By Data Center Type: Hyperscale and AI Data Centers Lead with 48.0%

Hyperscale and AI campuses spend USD 539.63 million in 2025 and grow 10.50% a year, the fastest data center type, because they add most new capacity even with lower evaporative shares; enterprise sites grow only 0.83% a year as server rooms move to colocation and cloud.

Data Center Type	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Hyperscale and AI Data Centers	539.63	48.0%	1,465.05	10.50%
Colocation Data Centers	382.24	34.0%	756.94	7.07%
Enterprise and Edge Data Centers	202.36	18.0%	219.76	0.83%

By Offering: New-Build Equipment Leads with 54.1%

New-build equipment is worth USD 608.28 million in 2025; service and maintenance grows fastest at 10.36% a year.

Offering	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
New-Build Equipment	608.28	54.1%	1,171.07	6.77%
Installation and Commissioning	109.49	9.7%	210.79	6.77%
Replacement and Rebuilds	211.58	18.8%	537.41	9.77%
Service and Maintenance	194.88	17.3%	522.48	10.36%

DC Exclusive: Water-Versus-Capital Ladder for Five Heat Rejection Designs

This DC Market Insights ladder is modelled from 10 inputs and estimates, for one MW of IT load in 2025, the equipment cost and the yearly water use of five ways to reject data center heat; it shows the trade-off that decides how much of each new campus enters this market.

Heat rejection design	In this market?	Equipment per MW of IT (USD, estimate)	Water use per MW of IT a year (cubic metres, estimate)	Relative fan and pump energy
Open-circuit cooling tower with water-cooled chiller	Yes	80,000	9,800	Lowest
Closed-circuit fluid cooler	Yes	130,000	8,000	Low
Hybrid cooler, wet only above 25 °C	Yes	155,000	2,500	Medium
Adiabatic cooler with pads, wet on peak days	Yes	165,000	1,000	Medium
Dry cooler, 45 °C liquid loop	No	208,000	0	Highest

Three points stand out. First, the open tower uses about 9,800 cubic metres of water per MW a year, consistent with the 2.6 million gallons per MW that NVIDIA cites for evaporative designs, which is why it is the design that water laws target. Second, a hybrid or adiabatic cooler cuts that water by 75% to 90% for about USD 75,000 to USD 85,000 more equipment per MW, a price most operators in water-stressed regions now accept. Third, the dry cooler removes water entirely but costs about 2.6 times the open tower per MW, using the USD 160 per kW price of the Kelvion order, and needs more fan power on hot days, which keeps evaporative and hybrid designs in hot, grid-constrained markets.

Which Region Spends the Most on Data Center Cooling Towers?

North America leads with 44.0% of 2025 value (USD 494.66 million), and Latin America is the fastest-growing region at 11.99% a year.

Region	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
North America	494.66	44.0%	976.70	7.04%
Europe	202.36	18.0%	329.64	5.00%
Asia Pacific	314.78	28.0%	817.99	10.02%
Latin America	39.35	3.5%	122.09	11.99%
Middle East and Africa	73.07	6.5%	195.34	10.33%

North America Leads with 44.0% Share

North America spends USD 494.66 million on data center cooling towers in 2025 and USD 976.70 million in 2035, growing 7.04% a year. SPX’s Alabama expansion and Baltimore Aircoil Company’s Monterrey plant both serve this demand, while California and Utah disclosure laws and Virginia’s proposed cooling-water rules for its eastern groundwater area push new sites toward hybrid units.

Asia Pacific Holds 28.0% Share

Asia Pacific is worth USD 314.78 million in 2025, growing 10.02% a year to USD 817.99 million. Hot, humid hubs such as Johor, Mumbai and Chennai favour evaporative heat rejection, and Singapore’s Green Mark scheme rewards towers that run on NEWater.

Europe Holds 18.0% Share

Europe spends USD 202.36 million in 2025 and grows 5.00% a year, the slowest region, because cool climates allow dry cooling for most of the year and the 2026 rating scheme publishes WUE classes.

Middle East and Africa Holds 6.5% Share

The Middle East and Africa is worth USD 73.07 million in 2025 and grows 10.33% a year, as Gulf AI campuses use adiabatic coolers with treated or desalinated water on summer days above 45 °C.

Latin America Holds 3.5% Share

Latin America spends USD 39.35 million in 2025 and is the fastest-growing region at 11.99% a year, reaching USD 122.09 million in 2035, as Querétaro and São Paulo campuses add capacity and a local plant shortens delivery times.

Which Countries Buy the Most Data Center Cooling Towers?

The United States leads with USD 438.45 million in 2025, 39.0% of global value, and India is the fastest-growing of the 12 largest countries at 14.82% a year.

Rank	Country	Region	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
1	United States	North America	438.45	39.0%	866.82	7.05%
2	China	Asia Pacific	134.91	12.0%	329.64	9.35%
3	Japan	Asia Pacific	44.97	4.0%	97.67	8.06%
4	Germany	Europe	39.35	3.5%	63.49	4.90%
5	India	Asia Pacific	33.73	3.0%	134.30	14.82%
6	United Kingdom	Europe	33.73	3.0%	53.72	4.76%
7	Australia	Asia Pacific	28.11	2.5%	65.93	8.90%
8	Canada	North America	28.11	2.5%	61.04	8.06%
9	Saudi Arabia	Middle East and Africa	22.48	2.0%	68.37	11.76%
10	France	Europe	22.48	2.0%	39.07	5.68%
11	Brazil	Latin America	20.24	1.8%	61.04	11.67%
12	Malaysia	Asia Pacific	16.86	1.5%	61.04	13.73%

India rises from USD 33.73 million to USD 134.30 million because its new capacity sits in hot coastal hubs where evaporative heat rejection saves scarce grid power, and Malaysia grows 13.73% a year on Johor’s campus pipeline. Germany and the United Kingdom grow under 5% a year as cool climates and water reporting favour dry coolers.

How Could the 2035 Cooling Tower Forecast Change?

The 2035 value ranges from USD 2.03 billion to USD 2.88 billion around a base case of USD 2.44 billion, depending mainly on how much new AI capacity keeps evaporative or hybrid heat rejection.

Scenario	Evaporative share of new AI capacity 2035	Price vs base	2035 value (USD million)	CAGR 2025-2035
Low	20%	-5%	2,034.15	6.11%
Base	30%	0%	2,441.75	8.06%
High	40%	+5%	2,882.14	9.87%

The low case assumes 45 °C dry-cooled designs win most AI campuses and water laws spread beyond California, Utah and the European Union; the high case assumes grid limits keep two in five new AI MW on evaporative or hybrid heat rejection.

Who Are the Leading Data Center Cooling Tower Companies?

SPX Technologies, Baltimore Aircoil Company and EVAPCO together hold about 50% of the USD 1.12 billion market in 2025, a DC Market Insights estimate based on disclosed revenue, capacity and product ranges.

• SPX Technologies (Marley, Recold)
• Baltimore Aircoil Company (Amsted Industries)
• EVAPCO
• Kelvion
• Güntner
• Johnson Controls
• Hamon
• Enexio
• Delta Cooling Towers
• Brentwood Industries
• Paharpur Cooling Towers
• King Sun Industry
• Liang Chi Industry
• Kuken Kogyo

The basis for the 50% estimate: SPX reported USD 1,518.2 million of HVAC segment revenue in 2025 in its annual report on Form 10-K, which names data centers among its industrial end markets, and it put its data center revenue capacity at about USD 1.1 billion in July 2026, though that includes dry and adiabatic products and capacity not yet sold. Baltimore Aircoil Company and EVAPCO are privately held; EVAPCO reports 28 factories in 11 countries. Kelvion, which SLB agreed to buy in August 2026 for about USD 3.4 billion in cash, is the largest dry cooler supplier and is placed lower in this evaporative ranking.

Recent Developments

• In October 2026, Kelvion won an USD 800 million order for more than 1,000 dry coolers providing 5 GW of heat rejection for a United States AI campus (Source: Kelvion).
• In September 2026, California’s governor signed AB 2469 and AB 2619 on data center water use (Source: Office of the Governor of California).
• In September 2026, the European Commission adopted a data centre rating scheme with WUE classes (Source: European Commission).
• In August 2026, SLB agreed to acquire Kelvion, whose largest end market is data centers (Source: SLB).
• In July 2026, SPX Technologies raised its estimated annual data center revenue capacity to about USD 1.1 billion (Source: SPX Technologies).
• In May 2026, Baltimore Aircoil Company opened its first Latin American plant near Monterrey, Mexico (Source: Baltimore Aircoil Company).

Methodology: How DC Market Insights Sizes the Data Center Cooling Tower Market

DC Market Insights built the Data Center Cooling Tower Market bottom-up from evaporative-served MW, equipment per MW and rebuild and service rates on the installed base, giving USD 1.12 billion in 2025 and USD 2.44 billion in 2035.

The model in numbers. New data center IT capacity of 6,000 MW in 2020, 12,000 MW in 2025, 22,000 MW in 2030 and 27,000 MW in 2035, with an AI share of 10%, 35%, 60% and 66%, is multiplied by an evaporative share (conventional 48%, 44%, 38%, 34%; AI 55%, 48%, 36%, 30%) and by equipment per MW of IT (conventional USD 85,000 to 108,000; AI USD 125,000 to 156,000), linear between anchor years. Installation adds 18% of equipment value. Rebuilds and replacement run at 4% a year of the evaporative-served installed base, which is 50%, 48%, 44% and 40% of an installed IT base of 80, 116, 196 and 311 GW, valued at the conventional price; service is USD 3,000 to 4,200 per evaporative-served MW a year. Product, construction, data center type, regional and country splits are DC Market Insights allocations that sum to the total every year, using the capacity path shared by other DC Market Insights data center reports and the DC Market Insights research methodology.

Bound checks. (1) Ceiling: if all 12,000 MW of new 2025 capacity used evaporative heat rejection at the AI-hall price, new-build equipment would be USD 1.68 billion, against USD 608.28 million in the model. (2) Ceiling: SPX’s data center revenue capacity of about USD 1.1 billion and Kelvion’s expected USD 1.2 billion to 1.3 billion of 2026 data center revenue together cover about USD 2.3 billion to 2.4 billion of heat rejection and related products, most of it dry; the evaporative market of USD 1.30 billion in 2026 sits below that total. (3) Floor: SPX’s first-half 2026 HVAC revenue rose USD 174.9 million year on year, mostly from data center cooling equipment, so one supplier’s increase alone is 13.5% of the 2026 market; adding 25% of SPX’s USD 1,518.2 million 2025 HVAC revenue as a data center floor gives about USD 380 million, below the model total.