Product Code: 71254
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 & gas has affected the studied market. However, post 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.
- 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 owing to the increased industrial activities and energy demand in the region over the forecast period.
Key Market Trends
Wet Type Segment to Dominate the Market
- Wet-type cooling towers are very much preferred owing to the high effectiveness of cooling in nuclear and thermal power plants as well as the simple accessibility of water. The benefits of a wet cooling tower mainly 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 its 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 owing to the 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.
- 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 in turn, is expected to boost up 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 the Asia-pacific with a growth rate of 2.3% to the previous year.
- Increasing electricity demand from emerging countries in Asia pacific where a large focus is given on installation of power plants to generate the electricity. Therefore, it is expected to drive the growth of the field erected cooling tower market in the region.
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.
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TABLE OF CONTENTS
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2026
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 Porter's Five Force Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Wet
- 5.1.2 Dry
- 5.1.3 Hybrid
- 5.2 Design
- 5.2.1 Natural
- 5.2.2 Induced
- 5.2.3 Forced
- 5.3 End-User
- 5.3.1 Power Generation
- 5.3.2 Petrochemicals
- 5.3.3 Oil & Gas
- 5.3.4 Others
- 5.4 Geography
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia-Pacific
- 5.4.4 Middle-East and Africa
- 5.4.5 South America
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 ENEXIO Management GmbH
- 6.3.2 Towertech Cooling System Pvt. Ltd
- 6.3.3 Watco Group Ltd
- 6.3.4 Paharpur Cooling Towers LTD
- 6.3.5 SPX Cooling Technologies, Inc.
- 6.3.6 Hamon & Cie International SA
- 6.3.7 Babcock & Wilcox Enterprises, Inc.
- 6.3.8 Evapco, Inc.
- 6.3.9 Cyrco, inc
- 6.3.10 Marley Flow Control Pty Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS