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Field-Erected Cooling Tower Market size is projected to register substantial gains between 2023 and 2032 due to increasing product application in a wide range of applications such as refineries, industrial processes, manufacturing, power plants, and HVAC.
A field-erected cooling tower transfers heat from an industrial fluid to the atmosphere via evaporative cooling. Thermal power plants, nuclear power plants, oil refineries, chemical facilities, and HVAC systems are the most common applications for these systems. They are also used in iron, metallurgy, steel, and paper mills.
Electricity consumption is increasing at an exponential rate as a result of increased urbanization, commercial expansion, and industrial development. According to the United States Energy Information Administration (EIA), total primary energy consumption in the United States will reach 93 quadrillion British thermal units (Btu) in 2020. In addition to increased energy demand, the growing deployment of industrial HVAC systems is propelling the industry growth.
It is estimated that the petrochemical and oil & gas sectors are expected to account for a significant revenue portion of the global field-erected cooling tower market by the year 2032. The oil and gas sector has been progressively gaining traction in the past couple of years. Upcoming onshore and offshore exploration and production projects will open up new prospects for field-erected cooling towers deployment in the future.
Based on the geographical outlook, Europe will emerge as a profitable avenue for the field-erected cooling towers market by 2032. The rising number of cooling towers for power generation, chemical plants, oil refineries, and steel processing units will influence bio-polyethylene (bio-PE) segment growth. The region has also witnessed an increase in HVAC adoption in recent years which will create new opportunities for product suppliers over the forecast period.
A few of the prominent players in the field-erected cooling tower market include SPX Cooling Technologies, Thermal Care, ENEXIO, Johnson Controls, Thermax (RDA Holdings Private Limited), Bell Cooling Tower, and Paharpur Cooling Tower.
Rapid developments across different end-use industries have motivated manufacturers to design innovative products that meet industry-specific requirements and comply with the latest market standards. For instance, in October 2020, SPX Cooling Technologies launched the new Marley MH Element Fluid Cooler. It is a closed-circuit, crossflow cooling tower designed for HVAC, process cooling applications, and industrial.
The development of new power generation projects is constantly creating new opportunities for manufacturers. For instance, in November 2020, Thermax energy solutions provider received a USD 42.95 million order for setting up a CHP plant for Assam Bio-Refinery Pvt Ltd (ABRPL) in India.