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The global field-erected cooling towers market which was valued at nearly USD 2168.10 Million in 2018, is projected to reach more than USD 3122.98 Million by the end of 2026, exhibiting a CAGR of 4.67%.
The cooling towers are the basic need in any industry to let out the excess heat in the system. The cooling towers are basically the heat exchanging devices which reject the waste heat to the atmosphere by cooling the hot water stream to a lower temperature using the airflow in the cooling towers.
Depending on the design of the cooling towers, the cooling is carried out by direct or indirect contact between air and water. The main advantage of installing a cooling tower in the industry is that the cooling towers reduce the cooling water requirement which is required to maintain the efficient working of the industry and its equipment’s.
The capacity of the cooling towers varies according to the demand, and the cooling towers are available to be constructed in various range of capacities. The Field erected cooling towers are the towers built on-site for cooling the system to maintain the temperature of the system in a specific range and avoid any misconducts in the system.
The field-erected cooling towers are large in size, and sometimes the equipment’s for the towers are manufactured in industry and assembled at the required site. The major application of the cooling towers is in the power generation, oil and gas, heating ventilation and air conditioning (HVAC) and manufacturing industries sector.
There has been an increase in the new industries being set up like petroleum refineries, petrochemical plants, and food processing plants, and other manufacturing industries all over the world, which mandatorily require a cooling tower to be installed. This factor will boost the global field cooling towers market growth in the forthcoming year.
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The Asia Pacific region has an enormous potential for the market owing to the booming industrial sector in the region. The Middle East region has been the region which has had an increased demand for cooling towers in recent years due to the coming up of new refineries. The increasing demand for energy and the rising number of air conditioner installations are the factors which will drive the growth of the global field-erected cooling towers market size in the given forecast period.
"Induced Draft Segment to Dominate the Market Share by Cooling Tower Design"
The industrial activities have been on the rise in many countries around the world, as countries are focusing on increasing power generation to satisfy the increasing demands. The various types of cooling towers are available to be used for the cooling purpose which includes natural draft, forced draft, and induced draft. The advantages provided by the induced draft design of the cooling towers include higher efficiency and low energy consumption.
These are the major factors which will see the induced draft segment dominate the global field-erected cooling towers market share in the given forecast period. The Natural draft cooling towers do not use any external source for circulation of air within the cooling towers. The forced draft and the induced draft cooling towers have a fan which is being electrically driven for the movement of air within the cooling towers. The difference in forced draft cooling towers and the induced draft cooling towers is the location of the fan which drives the airflow in the cooling towers. In the forced draft the fan is situated at the bottom of the cooling towers.
The induced draft cooling towers have fan placed at the top of the cooling tower creating a low-pressure area and therefore forcing the atmospheric air which enters the cooling towers from the bottom to flow in the upward direction. Another main advantage of the induced draft is that the exiting velocities of air from the cooling towers are high which ensure there would be no recirculation of air as it can take place in the natural draft and the forced draft cooling towers.
The hot water from the industrial processes and equipment’s is sprayed from the top of the cooling tower over a fill media by the nozzles which spread the hot water over the area of fill media. The fill media slows down the flow speed of the water and exposes maximum possible water surface area to the air, which is moving in the upward direction as it is being drawn by the fan placed upwards. The fill media ensures maximum air-water contact. During the process of contact between the air and water, some amount of water gets evaporated, and the rest of the water is cooled. The cooled water is collected at the cooling basin of the cooling tower and recirculated in the system again.
"Wet Type Cooling Towers to Hold the Largest Market Share"
The cooling towers are available in mainly two types which are wet cooling towers and dry cooling towers. The wet cooling towers, also known as evaporative cooling towers will dominate the global field cooling towers market size in every region mainly due to the higher efficiency offered as compared to the dry cooling towers.
he wet cooling towards work on the principle of evaporative cooling which ensures direct contact between the air which is flowing through the cooling tower and the hot water coming in which needs to be cooled. The water which is cooled by the wet cooling tower is collected at the bottom of the cooling tower in the collection basin and again used for capturing the heat from the industrial equipment and the industrial processes. The difference in the efficiency of operation between the dry and wet cooling towers is very high, and therefore, many players operating in the field-erected cooling towers market industry look up to wet cooling towers as their main product.
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"Increasing Investment in Power Generation Sector to Augment the Field Erected Cooling Towers Market"
In terms of the application of the field-erected cooling towers, the power generation segment holds the largest market share owing to the requirement of the cooling towers in the refineries and power plants. The nuclear power plants, thermal power plants, steel manufacturing plants are the major applications of the field-erected cooling towers.
As in recent years, the demand for power has increased across the globe; the exploration activities have increased. The demand for natural gas, in particular, has grown in the Asia Pacific, Europe, North America regions to decrease the carbon footprints and therefore each region has seen an increase in deployment of the refineries, which is the major application of the field-erected cooling towers. Nuclear power plants produce tremendous energy; therefore, cooling is the major requirement in nuclear power plants.
"The Asia Pacific will Dominate the Market with a Significant Growth Rate"
Asia Pacific region holds the largest market share in the market due to the increased energy demand and industrial activities in the region. The increased energy demand is mainly coming from China and India. The rising industrial activities in China and the presence of major players in the market has majorly affected the growth of the region. Rising energy demand and growing population have also been the factors which have impacted the field-erected cooling towers market growth in Asia Pacific.
Asia Pacific Field Erected Cooling Towers Market, 2018
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Moreover, Asia Pacific region is also a significant region for the exploration activities to be carried out. The chemical industry in which acetylene is produced also has the major market in China, these all factors coming together which in one way or the other require field-erected cooling towers to be deployed will see the Asia Pacific as the dominant region in the global market size during the given forecast period.
"Paharpur Cooling Towers Is a Major Market Player in Terms of Revenue"
The field-erected cooling towers market is highly fragmented with the presence of lots of competitive players around the world. Paharpur Cooling towers headquartered in India is the leading market player in providing the field-erected cooling towers in the world. Paharpur cooling towers is followed by various others significant players such as Evapco, Inc, HAMON, SPX Cooling Technologies, Inc., Marley Flow Control Pty Ltd, Rain Stone LLC, WATCO Group ltd., Kelvion, Chesapeake Systems, LLC, Composite Cooling Solutions, L.P., Baltimore Aircoil Company, Waterline Controls, and Brentwood Cooling Tower.
The cooling towers from an integral part of any big industry as the industrial processes are carried out at high temperatures and a cooling medium is a necessity in that particular industry. Industries are mostly set up at the place where abundant water is available, but in some cases where industries are set up at locations away from the water source the reusing cycle of the cooling tower plays an important role. The field-erected cooling towers are bigger in cooling capacity as compared to the package cooling towers. In industries dealing with heavy machinery and high temperatures, the field-erected cooling towers are preferred over the package cooling towers. With the growing number of industries and setting up of new refineries, power plants, commercial buildings, and increased installation of the heating ventilation and air conditioning, the demand for field-erected cooling towers has grown. The heating ventilation and air conditioning require cooling towers, and the demand for these systems in recent time has been one of the basic necessities in the upcoming new projects.
The report provides qualitative and quantitative insights on the field-erected cooling towers Industry and detailed analysis of field-erected cooling towers market size & growth rate for all possible segments in the market. The market is segmented by design, type, applications, and geography.
Based on the design, the global market is segmented into the natural draft, induced draft, and forced draft. Based on its type, the global market is segmented into wet cooling towers and dry cooling towers. On the basis of its application, the global market can be segmented into heating ventilation and air conditioning, power generation, oil & gas, and others. Geographically, the global market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, upstream investment scenario, technological advancement, and key industry trends.
Fortune Business Insights says that the global field-erected cooling tower market was valued at USD 2.16 Billion in 2018.
The global field-erected cooling tower market is projected to reach USD 3.12 Billion in 2026.
Growing at a CAGR of 4.67%, the field-erected cooling tower market will exhibit steady growth in the forecast period.
Asia Pacific was valued at 678.23 million in the global field-erected cooling tower market in 2018.
Field erected cooling tower having induced draft design is expected to dominate field-erected cooling tower market during the given forecast period.
Increase in the number of petroleum refineries, petrochemical plants, and food processing plants will drive the field-erected cooling tower market growth. Increased use of renewable energy sources may hamper the growth of the field-erected cooling tower market.
Paharpur cooling towers, Evapco, HAMON, and SPX Cooling Technologies are among the top companies in the field-erected cooling tower market.
Increased exploration activities will see number of processing facilities being set up and thus increase in the number of field-erected cooling towers to let out excess heat from the system.