Field Erected Cooling Tower Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Field Erected Cooling Tower Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Field-erected towers are larger towers usually deployed in oil refineries, thermal stations, petrochemical plants, etc., for maintaining the circulation of water at the required temperature by dissipating the waste heat. The field-erected cooling tower market is expected to grow at a CAGR of more than 2% over the forecast period. The COVID-19 pandemic has impacted the industrial and energy sectors across the globe as a whole. The sudden shutdowns in the industrial sectors, where a large portion of field-erected cooling towers are deployed, and the reduction in demand for oil and gas affected the studied market. However, post the COVID-19 impacts, the growth in industrial activities that require cooling towers such as petroleum refineries, petrochemical plants, and other manufacturing industries and stringent environmental regulations are expected to drive the demand for field-erected cooling towers market globally. However, the increasing demand for alternative energy like renewable energy sources as the concerns over carbon emission increasing results in less operation of conventional power plants, which uses field-erected cooling towers. This, in turn, is likely to restrain the growth of the studied market.

Key Highlights

• The wet type segment is expected to hold the largest share in the market during the forecast period.
• Increasing energy production from nuclear power is expected to offer lucrative opportunities to the market players in the near future.
• Asia-Pacific is expected to dominate the market due to increased industrial activities and energy demand in the region over the forecast period.

Key Market TrendsWet Type Segment to Dominate the Market

• Wet-type cooling towers are very much preferred due to the high effectiveness of cooling in nuclear and thermal power plants and the simple accessibility of water. The benefits of a wet cooling tower are there is no need for electrical or mechanical elements, negligible maintenance cost, and large water loading capability.
• The growth is primarily attributed to upgrades in utility infrastructure, growing investments in the industrial sector, and related government regulations in various countries, which is likely to continue during the forecast period.
• In terms of design, mechanical draft wet field-erected cooling towers hold the largest share in the market, owing to their use in a wide range of cooling applications such as power plants, industrial processes, refining, manufacturing, and HVAC.
• Wet cooling towers offer an outstanding performance by taking full advantage of the ambient air humidity. Wet cooling, also called evaporative cooling, is a technology that can generate outstanding fuel-saving and carbon emission reduction. Therefore, it is more preferred by the end-users of different industries.

Asia-Pacific to Dominate the Market

• Asia-Pacific is expected to dominate the market owing to several driving factors such as increasing industrial activities, population, and energy demand in the region. Among Asia-Pacific countries, India and China are expected to lead the market due to increased energy demand and upcoming thermal and nuclear power plant projects.
• For instance, as of September 2020, there are about 135 operable nuclear power reactors in the Asia-Pacific region. Moreover, about 35 are under construction and have plans to build an additional 60-70 nuclear reactor plants in the Asia-Pacific region. Hence, this, in turn, is likely to boost the market for field-erected cooling towers.
• The Asia-Pacific region has untapped energy resources and is also a significant region for exploration activities to be carried out. Therefore, in one way or another, the use of field-erected cooling towers is mandatory for rising industrial activities, which is expected to boost the market growth over the forecast period.
• The rise in refinery capacity in the region also pushes the requirement of field-erected cooling towers in the large refinery industry. As of 2019, the refining capacity has reached 35,518 thousand barrels per day in Asia-Pacific with a growth rate of 2.3% to the previous year.

Competitive Landscape

The field erected cooling tower market is fragmented. Some of the major players in the market include ENEXIO Management GmbH, SPX Cooling Technologies, Inc, Towertech Cooling System Pvt. Ltd, Watco Group, and Paharpur Cooling Towers Ltd.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
ENEXIO Management GmbH
Towertech Cooling System Pvt. Ltd
Watco Group Ltd
Paharpur Cooling Towers Ltd
SPX Cooling Technologies Inc.
Hamon & Cie International SA
Babcock & Wilcox Enterprises Inc.
Evapco Inc.
Cyrco Inc.
Marley Flow Control Pty Ltd

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