Field-Erected Cooling Tower Market Analysis

Global Field-Erected Cooling Tower Market Overview:

Field-Erected Cooling Tower Market Size was valued at USD 1.98 Billion in 2023. The Field-Erected Cooling Tower market industry is projected to grow from USD 2.07 Billion in 2024 to USD 2.82 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.95% during the forecast period (2024 - 2032). Power generation demand, stringent environmental regulations, water scarcity concerns, energy efficiency emphasis, replacement and upgradation needs, global industrial growth, resilience to extreme weather, collaboration between manufacturers and end-users, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Field-Erected Cooling Tower Market Trends

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  Stringent environmental regulations is driving the market growth

  
  

The market for field-erected cooling towers is expanding as a result of strict environmental laws. Industries are under increasing pressure to adopt policies that reduce their ecological footprint as knowledge of environmental sustainability and resource conservation grows on a worldwide scale. The way industrial processes are run has fundamentally changed as a result of this paradigm shift, with a stronger emphasis now being placed on lowering emissions, thermal pollution, and water usage.

Strict water consumption restrictions are one of the key ways that tough environmental rules are fueling the market expansion of field-erected cooling towers. Once-through cooling is one example of a traditional cooling system that frequently uses large amounts of water during operation, causing significant water waste and ecological disruption. Since closed-loop cooling systems considerably reduce water intake and have a little impact on aquatic ecosystems, regulatory organizations are responding by enforcing strict regulations that force industry to adopt them. Field-erected cooling towers, which are renowned for their water-efficient designs and cutting-edge heat exchange technology, have become the solution of choice for adhering to these rules. Their capacity to reuse and recycle water in a closed system complies with regulatory agencies' environmental guidelines.

The desire for field-erected cooling towers has been further spurred by worries about thermal pollution, which occurs when industrial activities dump heated water into natural water bodies. Regulations require businesses to use devices that reduce thermal pollution and keep the temperature of water released within acceptable bounds. Field-erected cooling towers excel in this area because, before the water is released, they effectively absorb excess heat from industrial processes. In addition to preventing negative effects on aquatic life, doing so guarantees adherence to stringent thermal discharge requirements.

The cooling tower industry and regulatory agencies working together has sparked technological and design innovation. Manufacturers must create cooling systems that not only follow current standards but also foresee emerging regulatory developments. Due to this, hybrid cooling systems, dry cooling towers, and other cutting-edge technologies that maximize efficiency while minimizing environmental effect have been developed. The market for field-erected cooling towers has seen considerable growth as a result of the regulatory-driven demand for these cutting-edge solutions. Thus, driving the Field-Erected Cooling Tower market revenue.

Field-Erected Cooling Tower Market Segment Insights:

Field-Erected Cooling Tower Type Insights

The Field-Erected Cooling Tower Market segmentation, based on type, includes Wet, Dry, Hybrid. The wet segment dominated the market in 2022. Wet cooling towers are known for their high efficiency in heat exchange. Water, as a cooling medium, has a high heat capacity, allowing it to absorb and dissipate large amounts of heat quickly. This efficiency is crucial in industries where effective heat removal is essential for maintaining optimal operating conditions.

Field-Erected Cooling Tower Design Insights

The Field-Erected Cooling Tower Market segmentation, based on Design, includes Natural Draft, Forced Draft, and Induced Draft. The induced draft category generated the most income in 2022. The induced draft design draws air through the tower using fans that are mounted at the top. In general, induced draft systems use less energy to run than forced draft designs, which use fans at the bottom to force air upward. This decreased power use is in line with the rising emphasis on energy-efficient solutions and helps reduce costs.

Figure 1: Field-Erected Cooling Tower Market, by Design, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Field-Erected Cooling Tower end-user Insights

The Field-Erected Cooling Tower Market segmentation, based on end-user, includes Power Generation, Petrochemicals & Oil & Gas, Iron & Steel, Metallurgy, and Paper Mills. The petrochemicals & oil & gas segment dominated the market in 2022. Distillation, cracking, and chemical reactions are just a few of the processes that petrochemical and oil refineries deal with. Field-erected cooling towers offer effective heat dissipation solutions that contribute to maintaining ideal operating temperatures and avoiding equipment damage.

Field-Erected Cooling Tower Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Field-Erected Cooling Tower Market dominated this market in 2022 (45.80%). Due to its dense population and active industrial sector, North America has a high need for power. To maintain ideal operating temperatures, the power production industry, including coal, natural gas, and nuclear plants, needs effective cooling technologies. Modern and effective cooling towers may become more in demand as more aged power stations undergo renovations or replacement. Further, the U.S. Field-Erected Cooling Tower market held the largest market share, and the Canada Field-Erected Cooling Tower market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Field-Erected Cooling Tower Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific Field-Erected Cooling Tower Market accounts for the second-largest market share. Water scarcity is a problem in many Asia-Pacific nations. Due to this scarcity, there is a greater awareness of the need for water conservation and effective industrial water use. Field-erected cooling towers are recommended options because they use less water than conventional cooling techniques and provide options like dry cooling and hybrid cooling systems. Moreover, China’s Field-Erected Cooling Tower market held the largest market share, and the Indian Field-Erected Cooling Tower market was the fastest growing market in the Asia-Pacific region.

Europe Field-Erected Cooling Tower market is expected to grow at the fastest CAGR from 2024 to 2032. Europe has been at the forefront of putting into effect strict environmental rules meant to cut back on thermal pollution, water use, and emissions. For instance, the Industrial Emissions Directive and Water Framework Directive of the European Union (EU) both provide strict guidelines for water use and discharge quality. Field-erected cooling towers are essential for enterprises attempting to adhere to these rules because they provide effective heat dissipation and water recycling. Further, the German Field-Erected Cooling Tower market held the largest market share, and the UK Field-Erected Cooling Tower market was the fastest growing market in the European region.

Field-Erected Cooling Tower Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Field-Erected Cooling Tower market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Field-Erected Cooling Tower industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Field-Erected Cooling Tower industry to benefit clients and increase the market sector. In recent years, the Field-Erected Cooling Tower industry has offered some of the most significant advantages to medicine. Major players in the Industrial Cooling Towers market, including SPX Cooling Technologies, Inc. (U.S.), ENEXIO Management GmbH (Germany), Hamon & Cie (International) SA (Belgium), Baltimore Aircoil Company, Inc. (U.S.), Paharpur Cooling Towers Ltd. (India), Babcock & Wilcox Enterprises, Inc. (U.S.), Brentwood Industries, Inc. (U.S.), Delta Cooling Towers P. Ltd. (India), Evapco, Inc. (U.S.), International Cooling Tower Inc. (U.S.), Mesan (U.S.), Evaptech, Inc. (U.S.), Composite Cooling Solutions, L.P. (U.S), Cycro, inc. (U.S.), and STAR Cooling Towers (U.S.) and others, are attempting to increase market demand by investing in research and development operations.

SPX Technologies Inc. (SPX) is a provider of engineered solutions. It offers products, technologies, and services that are highly engineered. The company's product line includes equipment for detection and measurement as well as HVAC (heating, ventilation, and air conditioning) products. It offers residential and commercial boilers, package cooling towers, underground locators, specialty lighting, fare collection systems, comfort heating solutions, and inspection tools. The industries that SPX's products and services support include infrastructure, buildings, industrial processes, power, and energy. The company operates in a number of countries around the Americas, Asia Pacific, Middle East, and Africa. The headquarters of SPX are located in Charlotte, North Carolina, in the US.

Babcock & Wilcox Enterprises Inc (B&W) is a supplier of technology, engineering solutions, and aftermarket services. Its solutions help customers' technology portfolios, adapt their businesses to market changes, and safely expand their markets. The company sells a variety of products, including boilers, emissions control, cooling systems, ash & material handling, controls & monitoring, and related parts. B&W also provides other services including retrofit and upgrades and field technical assistance. It serves clients in the oil & gas, chemical, industrial, and power generation sectors in Asia Pacific, Europe, the Americas, Africa, and other regions. Among the nations where the company maintains R&D, production, administrative, warehousing, and service sites are China, Scotland, Mexico, the US, Canada, Denmark, and Italy. The B&W headquarters are located in Barberton, Ohio, in the US.

Key Companies in the Field-Erected Cooling Tower market include

• SPX Cooling Technologies, Inc. (U.S.)


• ENEXIO Management GmbH (Germany)


• Hamon & Cie (International) SA (Belgium)


• Baltimore Aircoil Company, Inc. (U.S.)


• Paharpur Cooling Towers Ltd. (India)


• Babcock & Wilcox Enterprises, Inc. (U.S.)


• Brentwood Industries, Inc. (U.S.)


• Delta Cooling Towers P. Ltd. (India)


• Evapco, Inc. (U.S.)


• International Cooling Tower Inc. (U.S.)


• Mesan (U.S.)


• Evaptech, Inc. (U.S.)


• Composite Cooling Solutions, L.P. (U.S)


• Cycro, inc. (U.S.)


• STAR Cooling Towers (U.S.)

Field-Erected Cooling Tower Industry Developments

In May 2023, TSMC installed an energy-saving cooling tower fan that saved it 6.54 million kWh of electricity.

Babcock & Wilcox (B&W) announced on March 20th, 2023 that its B&W Environmental business segment has been contracted to design and deliver two coolers for a clean hydrogen manufacturing plant in the Middle East with a value above $9 million. The aim is to supply a pair of SPIG® FRP cooling towers made out of fiberglass-reinforced polymer (FRP). These will enable efficient and low-emission cooling at a renewable-energy powered facility that manufactures hydrogen.

In June 2022, John Cockerill took over the “Cooling” activities of Hamon Group. This merger relates to water-cooling systems that include those used in nuclear power plants. Additionally, they relate to their technical design, production installation, commissioning, and maintenance.

In December 2021, Specialty Welding and Turnarounds, LLC (SWAT) announced the acquisition of Midwest Cooling Tower Services (MWCTS) from Dorilton Capital. The Company offers key solutions for cooling towers, including inspection services, maintenance and repair services, specialty distribution, and rentals across the United States.

Baltimore Aircoil Company (BAC), a global pioneer in chilling solutions for commercial refrigeration as well as industrial markets, acquired Italian-based Eurocoil SPA in July 2021.

By November 2021, Babcock and Wilcox Enterprises had announced that the B&W Environmental segment was awarded a contract worth $5m. That’s towards a new petrochemical industry by SPIG S.P.A requiring this much on chillers alone to cool propylene production lines and PDH units with this double effect evaporative cooler producing less water discharge.

Field-Erected Cooling Tower Market Segmentation:

Field-Erected Cooling Tower Type Outlook

• Wet


• Dry


• Hybrid

Field-Erected Cooling Tower Design Outlook

• Natural Draft


• Forced Draft


• Induced Draft

Field-Erected Cooling Tower end-User Outlook

• Power Generation


• Petrochemicals & Oil & Gas


• Iron & Steel


• Metallurgy


• Paper Mills

Field-Erected Cooling Tower Regional Outlook

• North America
  
  
  
  • U.S.
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America