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 market, states a recent report by Research And Markets.
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, communicates the report – titled, “Field Erected Cooling Tower Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)”.
However, the increasing demand for alternative energy, like renewable energy sources, as the concerns over carbon emission is 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.
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 include that 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.
The competitive landscape
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