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Field-Erected Cooling Tower Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

Published on by randy

According to the report published by Zion Market Research, the global Field-Erected Cooling Tower Market size was valued at USD 2,206.10 Million in 2022 and is predicted to reach USD 3,500.26 Million by the end of 2030. The market is expected to grow with a CAGR of 5.94% during the forecast period. The report analyzes the global Field-Erected Cooling Tower Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Field-Erected Cooling Tower Market industry.

Global Field-Erected Cooling Tower Market: Overview

The field-erected cooling tower is specially designed to cool water by removing heat and transfer it to the atmosphere; this may be carried out through the evaporative cooling process. The field-erected cooling tower is heat rejection device that helps to reject heat to the atmosphere by lower temperature of the water. It is mostly used in various applications such as oil refineries, petrochemical, paper mills, thermal power and others. The device is widely used in steel processing plants, power plants, and petrochemical plants owing to the greater capacity of heat rejection. The field-erected cooling tower is huge in size as compared to the package-type cooling tower.

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Global Field-Erected Cooling Tower Market: Growth Factors

Oil field cooling tower underwent modification and replacement by a number of renewable energy sources for power generation globally; this is the key factor responsible for the global field-erected cooling tower market growth. Increasing demand from healthcare, transport, power plants, and steel industries is anticipated to contribute to the major market growth. Government support for installation of new power plants to meet increasing demand of the population may further give rise to improved productivity of the market. However, unstable oil prices, diminishing oil & gas reservoirs, and increasing demand compared to production of steel may hinder the global field-erected cooling tower market growth.

Global Field-Erected Cooling Tower Market: Segmentation

The global field-erected cooling tower market is categorized based on type as hybrid field erected a cooling tower, wet field erected a cooling tower, and dry field erected cooling tower. Of these, wet field erected cooling tower is the leading segment across the world contributing the largest share. Based on end-users, the global market is classified as iron & steel and metallurgy, power generation, paper mills, petrochemical and oil & gas, and others. Of these, power generation is the dominating region across the world.

Global Field-Erected Cooling Tower Market: Regional Analysis

Asia Pacific is the dominating region in the global field-erected cooling tower market due to increasing urbanization and increasing energy demand across the world. Other economically developing countries such as Brazil, China, and India. However, government focus on the installation of power plants for higher generation of electricity and to compete for ever-increasing electricity demand in future may boost the global market growth.

Ever increasing population and economic stability in China and India are anticipated to propel the global field-erected cooling tower market growth. Rising demand for improved electricity for the household purpose, industrial, and transport may open up new growth opportunities in future. Europe and North America contributed for the largest market chunk owing to moderate growth in these regions in next few years. The Middle East & Africa also show significant growth in the near future due to the presence of a large number of petrochemical plants. Moreover, changing the focus of this region towards tourism and healthcare has increased the demand for electricity, which is anticipated to contribute to the growth of the market.