Upgrades in utility infrastructure, increasing investments in the industrial sector, and relevant government regulations in various nations are all contributing to the expansion, which is expected to continue during the projection period.
During the projected period, the global field-erected cooling tower market is expected to rise at a remarkable rate. The field-erected cooling tower market has been spurred in various countries by significant growth in the power industry due to population growth and increased energy demand.
Field-erected towers are larger towers that are typically used in oil refineries, thermal power plants, petrochemical plants, and other similar facilities to dissipate waste heat and keep water circulation at the proper temperature.
The global field-erected cooling tower market has been expanding in breadth in recent years, and it is expected to reach a certain level of expansion in the next years as a result of a steady increase in industrial activities and growing worries about the world’s environmental difficulties. The field-erected cooling tower is designed for a wide range of applications in large-scale heat rejection systems.
The global field-erected cooling tower market has been categorised by type, design, end-user, and geography. The market for field-erected cooling towers is divided into three types: wet, dry, and hybrid. The wet field-erected cooling tower segment dominated the market, while the dry type segment is expected to develop at the fastest rate over the projection period.
Cooling towers are classified by design based on the air circulation method. Natural draught, forced draught, and induced draught are the three types of cooling tower designs. Induced draught cooling towers are more efficient than forced draught cooling towers.
The market is divided into power generation, petrochemicals & oil & gas, iron & steel & metallurgy, paper mills, and others, according to the end-user.
In 2016, the power generating industry dominated the market, and over the next five years, it is expected to be the fastest-growing end-user segment. In 2017, the Asia-Pacific region, which includes China, India, and Japan, accounted for the majority of the global field-erected cooling towers market.
Due to global urbanisation and rising energy consumption, Asia Pacific dominates the global field-erected cooling tower market size. Brazil, China, and India are among the world’s fastest-growing economies. However, the government’s focus on the construction of power plants to increase energy generation and compete for ever-increasing electricity demand in the future may help to promote worldwide market growth.
The global Industrial cooling towers market is expected to increase in response to China’s and India’s growing populations and economic stability. In the future, the rising demand for better electricity for domestic, industrial, and transportation purposes could create new growth prospects. Due to sluggish growth in these regions over the next few years, Europe and North America generated the biggest market share.
It is anticipated that the rising number of construction projects in the residential and commercial sectors in developing nations would create prospective business possibilities for cooling towers. Furthermore, the market is growing as a result of the quickening pace of global industrialization. The global field-erected cooling tower market size was significantly impacted by the global pandemic, as well as the resulting constraints and interruptions in supply chains and industrial processes across a variety of industries.
Due to the presence of multiple major competitors, the sector is quite competitive. To increase their market share and obtain a competitive edge, the majority of firms are seeking inorganic growth strategies like acquisitions, mergers, and regional expansion.