Field-Erected Cooling Towers Market

Field-Erected Cooling Towers Market Size (2024-2029):

The Global Field-Erected Cooling Towers Market is predicted to grow from USD 1.99 billion in 2023 to reach USD 2.59 billion by 2029, at a compound annual expansion rate (CAGR) of 5.42% over the foreseen period 2024-2029.

Escalating call from developing Asia-Pacific markets, expansion in industrial activities around the world, technological advancements in field-mounted cooling towers, and strict environmental regulations are predicted to drive the worldwide market for cooling towers mounted on-site. The Field-Erected Cooling Towers are specially designed to cool water by removing heat and transferring it to the atmosphere, which can be done through the evaporative cooling process. It is mainly employed in various applications such as oil refineries, petrochemicals, paper mills, thermal energy, and others. The device is widely employed in steel processing plants, power plants, and petrochemical plants due to the increased heat rejection capacity. The field-mounted cooling tower is huge compared to the box-type cooling tower.

Market Trends:

The global field-erected cooling towers market is predicted to witness phenomenal expansion during the foreseen period. The tremendous expansion of the power sector coupled with the population boom, coupled with the escalating call for power, has boosted the market for Field-Erected Cooling Towers in various regions. The expansion is primarily attributed to utility infrastructure upgrades, growing investments in the industrial sector, and related government regulations in various countries, which are predicted to continue throughout the foreseen period.

Market Drivers

Processing plants are under pressure to meet environmental goals. Government laws and regulations prescribe reducing the volumes of water employed for cooling and reducing thermal pollution by industries. For example, in cooling applications, key players are helping to minimize the temperature difference between incoming and outgoing water to meet regulations, even during peak call. Industries are predicted to provide reliable and environmentally friendly service in accordance with government regulations. Power generation, especially by fossil fuel and nuclear power plants, requires a large amount of high-temperature and high-pressure steam to turn the turbine. The steam turbine turns the rotor of the electric generator to generate electricity. Additional exhaust/steam after turbine rotation is cooled by site-mounted single-pass or closed-loop cooling towers. The oilfield cooling tower has been modified and replaced with a number of renewable energy sources for worldwide power generation, which is the key driver responsible for the expansion of the worldwide field-erected cooling tower market. Escalating call from the healthcare, transportation, power plant, and steel industries is predicted to contribute to the significant market expansion. Government support for the installation of new power plants to meet the growing call of the population can lead to an improvement in market productivity.

Market Restraints:

The volatility of oil prices, the decline in steel production due to an oversupply of call, the decline of the oil and gas sector where steel is employed to build platforms and pipelines, and a gloomy economic environment in the world are the factors hampering the expansion of the global field-erected cooling towers market.

Market Opportunities:

Cooling towers are an essential component of a nuclear reactor; The performance of a field-erected cooling tower has a significant impact on the overall efficiency and energy production of a nuclear power plant. The cooling towers of nuclear power plants are mainly of the hybrid or wet type because they offer higher efficiency. Cooling towers are employed in nuclear power plants operating in high-pressure and temperature applications. Escalating power generation from nuclear power could also offer many expansion opportunities for players in the field-mounted cooling tower market.

Market Challenges:

The cooling towers installed in your place require large amounts of water to cool down and its availability is a major concern. Thermal power plants, for example, consume large amounts of water for cooling and require a constant source of water for cooling needs. Most industries use one-step cooling systems in which water that was previously employed for cooling is flushed and discharged. Also, to start the cooling cycle, new water is employed and discharged again. These cooling systems cause excessive water loss in industries such as oil and gas, construction, and chemicals.

Market Key Developments:

• The next generation of factory-assembled cooling towers can be delivered up to 60% faster than field-built towers and installed 80% faster. Recent developments in factory-assembled cooling tower technology are escalating applications for so-called "packaged" towers that support HVAC and industrial processes.

FIELD-ERECTED COOLING TOWERS MARKET REPORT COVERAGE:

Market Segmentation:

Field-Erected Cooling Towers Market - By Type:

• Wet
• Dry
• Hybrid

The wet field-erected cooling tower segment had the largest market share, while the dry-type segment is predicted to experience the highest expansion rate during the foreseen period. This expansion is due to the efficiency of water consumption associated with the dry-type cooling towers erected at the site.

Field-Erected Cooling Towers Market - By Design:

• Natural
• Forced
• Induced

The induced draft segment is the quickest-rising industry for field-erected cooling towers ranked, by design, throughout the outlook period. And the induced draft is more efficient compared to a forced draft cooling tower.

Field-Erected Cooling Towers Market - By End User:

• Power generation
• Petrochemical and oil & gas
• Iron & steel
• Metallurgy
• Paper mills

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific is the dominant region in the worldwide market for Field-Erected Cooling Towers due to escalating urbanization and rising call for energy around the world. Other countries in economic development are Brazil, China, and India. However, the government's focus on installing power plants for increased power generation and competing for growing energy call in the future can drive worldwide market expansion. The growing population and economic stability in China and India are predicted to drive the expansion of the worldwide market for field-mounted cooling towers. The growing call for improved electricity for domestic, industrial, and transportation purposes may open up new expansion opportunities in the future. Europe and North America accounted for the largest share due to moderate expansion in these regions over the next several years.

The Middle East and Africa are also showing significant expansion in the near future due to the presence of a large number of petrochemical plants. Additionally, the region's shift in focus towards tourism and health has increased the call for electricity, which is predicted to help market expansion. China, India, and Japan are among the key countries in the Asia-Pacific region, accounting for the majority of the Field-Erected Cooling Towers market in 2020. Growing population, urbanization, and industrialization, as well as growing concerns for infrastructure development in China and India, are some of the factors that would drive the market in the region. The growing call for energy and the growing industrial activity in the locale are some of the main parameters of the market in Asia-Pacific.

Field-Erected Cooling Towers Market Key Players:

1. SPX Cooling Technologies, Inc. (U.S.)

2. ENEXIO Management GmbH (Germany)

3. Hamon & Cie (International) SA (Belgium)

4. Baltimore Aircoil Company, Inc. (U.S.)

5. Paharpur Cooling Towers Ltd. (India)

6. Babcock & Wilcox Enterprises, Inc. (U.S.)

7. Brentwood Industries, Inc. (U.S.)

8. Delta Cooling Towers P. Ltd. (India)

9. Evapco, Inc. (U.S.)

10. International Cooling Tower Inc. (U.S.)

11. Mesan (U.S.)

12. Evaptech, Inc. (U.S.)

13. Composite Cooling Solutions, L.P. (U.S)

14. Cycro, inc. (U.S.)

15. STAR Cooling Towers (U.S.)