© Copyright Our Wall
Market Overview:
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 marketis 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 markethas
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.
Market Segmentation:
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.
Regional Classification:
Due to global urbanisation and rising energy
consumption, Asia Pacific dominates theglobal 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.
Theglobal 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.
Industry News:
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.
Related Reports
Gas Insulated Transformer Market size
The Wall