Market Size of Field Erected Cooling Tower Industry
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| 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.
