The global field-erected cooling tower market size is slated for steady expansion with rising demand for electricity from industries. According to OECD’s World Energy Outlook Report, the industrial sector consumes close to 54% of the total delivered energy produced in the world. The report projects that industrial energy consumption is increasing at 1.2% per year. By 2040, the total global energy consumption by industries, the report predicts, will be 309 quadrillion Btu (British thermal units). Moreover, the world is seeing an increasing demand for alternative sources of energy, such as geothermal and nuclear, which can give a major boost to the global field-erected cooling tower market growth during the forecast period.
Fortune Business Insights has provided a comprehensive analysis in its report, titled “Field-Erected Cooling Tower Market Size, Share and Global Trend By Type (Wet, Dry, Hybrid), By Design (Natural Draft, Forced Draft, Induced Draft), By End-user (Power Generation, Petrochemical, Iron & Steel, Paper Mills, Others) and Geography Forecast Till 2026”. The report contains an in-depth evaluation of the factors that will chart the course of development of the market in the coming decade. The report also highlights the most promising regions and segments that will fuel the global field-erected cooling tower market revenue.
Cooling towers are viewed as “heat rejection” structures in that they throw out the waste heat into the atmosphere, lowering the temperature in a plant or factory using water. These towers are crucial for ensuring that plants do not overheat and explode and the safety of the workers and nearby areas is maintained. Field-erected cooling towers, with their larger size and capacity, are utilized by facilities such as petrochemical plants and nuclear power plants due to their greater heat rejection requirements.
Growing Preference for Clean and Alternative Energy Sources to Boost the Market
The global field-erected cooling tower market is poised for a robust growth period on account of increasing importance of sustainable development measures. Using nuclear energy for electricity production is gathering momentum. For example, the World Nuclear Association estimates that about 11% of the world’s electricity is generated from nuclear energy. Furthermore, according to a report by the International Atomic Energy Agency, by 2030, electricity generated through nuclear power will increase by 30% from the current capacity. The global field-erected cooling tower market stands to gain from these statistics as nuclear power plants require efficient and high capacity cooling towers.
Environmental Concerns May Inhibit Market Growth
Cooling towers use water to regulate temperature in plants and factories. This waste water is then released into nearby water bodies, causing long-term pollution. For example, thermoelectric power plants are infamous for degrading water quality in the water bodies in their vicinity. This could be a serious roadblock for the global field-erected cooling tower market in the forecast period.
Greater Employment of Nuclear Energy for Electricity Generation to Propel the Market in North America
North America is anticipated to hold a sizeable chunk in the global field-erected cooling tower market share owing to rising electricity production through nuclear power. Rapid industrial development in India and China will put Asia-Pacific on the map. In Latin America, countries such as Venezuela and Brazil have increased their oil and gas production capacities which will significantly expand the global field-erected tower market size.
Innovation Opportunities Being Lapped Up by Market Players
Several key players are adopting different strategies to enlarge their share in the global field-erected cooling tower market revenue. The most favoured strategy is researching and developing innovative products. For example, in April 2019, Baltimore Aircoil Company launched the HXV Hybrid Cooler which is capable of evaporative and dry cooling, thereby saving water and being energy-efficient.
Fortune Business Insights covers some of the important players in the global field-erected cooling tower market:
- Paharpur Cooling Towers
- Evapco Inc
- SPX Cooling Technologies Inc
- Marley Flow Control Pty Ltd
- Rain Stone LLC
- WATCO Group ltd
- Chesapeake Systems LLC
- Composite Cooling Solutions
- Baltimore Aircoil Company
- Waterline Controls
- Brentwood Cooling Tower
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