Pune, Aug. 30, 2019 (GLOBE NEWSWIRE) -- The increasing demand for electricity in household and industrial sectors is a key factor predicted to boost the global Field-Erected Cooling Towers Market, states Fortune Business Insights in a report, titled “Field Erected Cooling Towers Market: Global Market Analysis, Insights, and Forecast, 2018-2026.” The market was valued at US$ 2.2 Bn in 2018. Fortune Business Insights states that the market will reach US$ 3 Bn by the end of 2026, thereby exhibiting a CAGR of 4.67%.
A cooling tower is used by industries to reduce the water cooling requirement. The cooling tower helps in equipment maintenance, resulting in effective industrial operations. The surge in new industries set up, which involves petroleum refineries, petrochemical plants, and food processing plants, and other manufacturing industries all over the world have enabled the growth of the global Field-Erected Cooling Towers Market. Furthermore, the increasing demand for electricity attributed to the rising population will also contribute positively to the global Field-Erected Cooling Towers Market growth in the forthcoming year.
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Rising Energy Demand Will Favour Growth
The industrial expansion has become an inevitable requirement for every country that aims at economic development. The rapid industrialization has led to the adoption of advanced technology to make operations efficient and easy. Therefore, the increasing demand for field-erected cooling towers for industrial purposes will stimulate healthy growth of the global Field-Erected Cooling Towers Market. Moreover, the rising energy demand from power plants and nuclear power plants will also encourage the growth of the Field-Erected Cooling Towers Market revenue owing to the cooling tower’s efficacy to prevent machines from overheating. In addition, the up-gradation of cooling towers by key companies to improve performance will also enable the global Field-Erected Cooling Towers Market growth during the forecast period. For instance, Babcock & Wilcox secured a contract to upgrade cooling tower to improve the performance of current plant for BASF Dow HPPO Production BVBA’s propylene oxide manufacturing facility in Antwerp, Belgium.
Construction of New Plants Will Create Growth Opportunities
The surge in the development and construction of new plants by key companies will propel the growth of the global Field-Erected Cooling Towers Market. For instance, Leers Weinzapfel Associates completed the construction of the 10,592 s/f chiller plant at the University of Massachusetts. The new plants replaced the earlier existing plant and nearly triples the facility’s chilled and condensed water service capacity. Furthermore, the requirement of a cooling tower in power plants, as the power plant uses the steam to run the turbine for energy generation. This factor is likely to fuel demand among power plant operators to employ cooling tower, which will, in turn, boost the global Field-Erected Cooling Towers Market growth.
Key Companies Covered in the Report
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