Market Size of Field Erected Cooling Tower Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Field-Erected Cooling Tower Market Analysis
The field-erected cooling tower market is expected to register a CAGR of more than 3% during the forecast period, 2022-2027. The field-erected towers are larger towers usually deployed in oil refineries, thermal power stations, petrochemical plants, etc., to maintain water circulation at the required temperature by dissipating the waste heat. The COVID-19 pandemic has impacted the industrial and energy sectors globally. Moreover, sudden shutdowns in the industrial activities, where a large portion of field-erected cooling towers are deployed, and the drop in demand for oil and gas affected the studied market. However, post the COVID-19 impacts, the growth in industrial activities requiring cooling towers, such as the oil refineries, petrochemical plants, and a few other manufacturing industries, and stringent environmental regulations are expected to increase the demand for the field-erected cooling towers market globally. However, there is an increasing demand for alternative energy like renewable energy sources. The concerns over carbon emission increase result in less operation of conventional power plants, which use field-erected cooling towers. This, in turn, is expected to restrain the growth of the studied market during the forecast period.
- 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 due to increased industrial activities and energy demand in the region over the forecast period.
Field-Erected Cooling Tower Industry Segmentation
The field-erected cooling tower market report includes:
| Type | |
| Wet | |
| Dry | |
| Hybrid |
| Design | |
| Natural | |
| Induced | |
| Forced |
| End User | |
| Power Generation | |
| Petrochemicals | |
| Oil & Gas | |
| Other End Users |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle East & Africa | |
| South America |
Field Erected Cooling Tower Market Size Summary
The field-erected cooling tower market is poised for growth, driven by the increasing demand for efficient cooling solutions in industrial sectors such as oil refineries, thermal power stations, and petrochemical plants. These large-scale towers are essential for maintaining optimal water circulation by dissipating waste heat. Despite the challenges posed by the COVID-19 pandemic, which led to temporary shutdowns and reduced demand in some sectors, the market is expected to recover as industrial activities ramp up. However, the shift towards renewable energy sources and concerns over carbon emissions may pose challenges to the market's expansion. The wet-type cooling towers, known for their high effectiveness and low maintenance costs, are anticipated to hold a significant share of the market due to their widespread application in nuclear and thermal power plants.
Asia-Pacific is projected to be the dominant region in the field-erected cooling tower market, fueled by rising industrial activities and energy demand, particularly in countries like India and China. The region's untapped energy resources and ongoing exploration activities further bolster the market's growth prospects. The increasing refinery capacity and investments in thermal and nuclear power projects in Asia-Pacific are expected to drive the demand for cooling towers. Major players in the fragmented market, such as ENEXIO Management GmbH and SPX Cooling Technologies, Inc., continue to innovate and expand their offerings, contributing to the market's competitive landscape. These factors collectively suggest a robust growth trajectory for the field-erected cooling tower market in the coming years.
Field Erected Cooling Tower Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Wet
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2.1.2 Dry
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2.1.3 Hybrid
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2.2 Design
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2.2.1 Natural
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2.2.2 Induced
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2.2.3 Forced
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2.3 End User
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2.3.1 Power Generation
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2.3.2 Petrochemicals
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2.3.3 Oil & Gas
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2.3.4 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Middle East & Africa
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2.4.5 South America
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Field Erected Cooling Tower Market Size FAQs
What is the current Field Erected Cooling Tower Market size?
The Field Erected Cooling Tower Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Field Erected Cooling Tower Market?
ENEXIO Management GmbH , SPX Cooling Technologies, Inc. , Towertech Cooling System Pvt. Ltd , Watco Group and Paharpur Cooling Towers LTD are the major companies operating in the Field Erected Cooling Tower Market.
