The increasing government regulations implementing the use of closed-loop systems for cooling processes are driving the demand for field-erected cooling towers market. Moreover, sustainable energy deployment in off-grid systems is growing slowly in both developed and developing countries. Government supportive policies, reducing costs, and the increasing efficiency of solar photovoltaic are also major drivers for sustainable energy generation. Thus, the growth in renewable energy declines the scope for the growth of the field-erected cooling tower market in the long term which is one of the restraining factors for the market. However, increasing energy generation from nuclear power is directly depended upon the performance of the cooling tower and thus can impact overall efficiency and power output. Another challenge for the market is that it requires large amounts of water for cooling and its availability is a major concern in the market.
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Market Trends
- In January 2018, Paharpur Cooling Towers acquired the SPX dry cooling business and this joint venture can viable alternative for power generation and operations globally.
- In February 2017, Baltimore Aircoil launches its new models to the PT2 cooling tower product line. The PT2 is a counter flow cooling tower and is responsible for an efficient solution for installations with space restrictions.
- Wet-type cooling towers are especially preferred because of the high effectiveness of cooling in atomic and nuclear energy plants and the basic accessibility of water. The advantages of a wet cooling tower are there is no requirement for electrical or mechanical components, minimum maintenance cost, and huge water loading ability.
- The development is principally credited to updates in utility infrastructure, developing investments in the industry sector, and related government regulations in different nations, which is probably going to keep during the forecasted period.
- Wet cooling towers offer a remarkable execution by exploiting the encompassing air moistness. Wet cooling is an innovation that can create extraordinary fuel-saving and carbon emission reduction. Hence, it is more preferred by the end-clients of various industries.
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COVID-19 Impact analysis
- The COVID-19 pandemic has majorly affected the industrial and energy sectors across the globe. Due to the shutdowns in the industrial sectors, where a major application of field-erected cooling towers is deployed affected due to the market growth.
- Due to the COVID-19 outbreak globally, the reduction in demand for oil and gas affected the field erected cooling tower market.
- However, post the COVID-19 impacts, the development in industrial activities that require cooling towers such as petroleum refineries, petrochemical plants, and other manufacturing industries are expected to boost the demand for field-erected cooling towers market globally.
- The trade restrictions due to the COVID-19 pandemic hamper demand and supply chain of the field-erected cooling towers market.
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