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The global field-erected cooling towers market size is expected to reach USD 3.22 billion by 2027. The enormous investments in power generation and petrochemical sectors is expected to foster the healthy growth of the market, mentioned 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 and is expected to exhibit a CAGR of 4.7% between 2020 and 2027.
Contract between Kelvion and HRS Leader to Augment Growth
Kelvion Thermal Solutions S.A.S, a major leader in heat exchangers and other cooling & heating system announced that it has signed its first agreement with a French manufacturer of hydrogen refueling stations (HRS) employing Kelvion’s diffusion bonded heat exchanger. K°Bond has the ability to precool hydrogen to a temperature of approximately - 37°C to prevent it from getting too hot when it is dispensed into the fuel tank. Since cars are fueled at a pressure of up to 700 bar at hydrogen fuel stations, it is important to maintain the temperature. Kelvion’s K°Bond can withstand pressures up to 1.000 bar and temperatures from cryogenic -200 to 600 °C. The new development of companies is expected to aid the expansion of the global market owing to Kelvion’s standardized solution and short delivery times. Thus, ensuring fast and reactive delivery for all forthcoming projects. Also, the exponentially growing French market is expected to further create opportunities for the market in the near future.
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Ever-increasing Energy Demand to Uplift Market
The rising need for power generation owing to the rapidly growing population will significantly boost the growth of the market. The global power production in 2015 stood at 24081 TWh, which has increased to 26599 TWh by the end of 2019. Thus, the increasing employment of field-erected cooling towers in power plants will aid the development of the market. Also, the massive investment in the power generation sector will subsequently propel the growth of the market. Besides, the blooming food processing plants can fuel demand for the cooling towers, hence aiding the market in the foreseeable future.
Emphasis on Robust Supply Chain by Prominent Players to Reinforce Industry
The key players in the market such as Paharpur Cooling Towers, Evapco, Inc, and SPX Cooling Technologies are concentrated on enhancing product portfolio to gain a competitive edge over other rivals. For instance, the Paharpur cooling tower holds the maximum field-erected cooling towers market share due to its well-established supply chain and distribution systems. The implementation of strategies such as acquisitions, partnerships, and new projects by key players will have a tremendous impact on the global market. In addition, the focus on customer reach and satisfaction will augur well for the market. hence, improve business for emerging companies in the industry.
The Report Lists the Key Companies in this Market:
Further Report Findings:
The global Field-Erected Cooling Towers Market is Segmented into:
Value (USD Billion)