The global Field-Erected Cooling Towers Market size is expected to reach USD 3.22 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. The increasing application of cooling towers in chemical plants, thermal stations, and nuclear power plants will have a significant impact on the global market, states Fortune Business Insights, in a report, titled “Field-Erected Cooling Towers Market Size, Share & COVID-19 Impact Analysis, By Type (Dry, Wet), By Design (Natural Draft, Forced Draft, Induced Draft), By Application (HVAC, Power Generation, Oil & Gas, Others) and Regional Forecast, 2020-2027.” The market size stood at USD 2.30 billion in 2019.
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Field-Erected Cooling Towers Market Please Visit: https://www.fortunebusinessinsights.com/industry-reports/field-erected-cooling-towers-market-101298
The report on the field-erected cooling towers market Contains:
Exceptional insights into the market
Systematic study of cooling towers
Latest trends, drivers, and limitations
Dynamic information about renowned players
Important information about leading regions
COVID-19 impact on the market
Market Driver:
Heavy Demand for Cost-effective Cooling Solutiona to Influence Growth
The growing need for cost-effective and efficient cooling solutions in various industries is expected to propel the healthy growth of the market. The towers eject waste heat to the atmosphere by cooling the hot water stream utilizing the airflow in the cooling tower. The increasing requirement for heat dissipation solutions in energy-producing plants will fuel demand for cooling towers, in turn boosting the growth of the market. Moreover, the development of manufacturing industries such as iron & steel, petroleum refineries, chemical plants, paper mills, and food processing plants will bolster the healthy growth of the market.
Disrupted Power Stations to Dampen Business Amid Coronavirus
The halt on energy and industrial operations has severely impacted the global market in various countries. The drop-in oil and gas demand has resulted in an enormous loss for the industry. The increasing focus towards renewable energy sources will subsequently retard the expansion of the market. Thus, critically damaging the market in the forthcoming years. However, the slowly recovering industries can simultaneously improve the prospects of the market in the near future. Besides, the heavy investments by major companies will enhance the potential of the market post-pandemic.
Regional Analysis:
Escalating Energy Demand to Foster Growth in Asia Pacific
The market for field-erected cooling towers in Asia Pacific is expected to dominate the global market during the forecast period. The expanding industrial activities are expected to bode well for the market in the region. The substantial investments in power, oil and gas, and industrial sectors by governments of developing countries such as India and China. The evolving chemical industry in China is expected to contribute positively to the market. North America and Europe are expected to dominate the global market owing to the development of refineries and power generation in the regions. The growing popularity of HVAC in the US will boost the growth of the market. Latin America and the Middle East are expected to hold a significant share owing to the rising energy demand and prospering industrial sector in the regions.
Key Development:
March 2016: Paharpur cooling towers announced that it has signed a contract to acquire the dry cooling business of SPX Corporation Inc., a world leader in the dry cooling business. The USD 48.9 million transactions comprise of four companies- SPX Dry Cooling (Belgium) SPRL in Belgium, SPX Dry Cooling Technologies (Zhangjiakou) Co. Ltd, SPX Dry Cooling Technologies (Beijing) Co. Ltd in China and SPX Dry Cooling LLC in the USA.
