Saudi Arabia, the world's largest crude exporter, more than doubled its fuel imports from Russia in the second quarter compared with the same period last year. Saudi Arabia imported 647,000 tonnes of fuel oil from Russia via ports in Russia and Estonia between April and June, compared with 320,000 tonnes in the same period last year, the data showed. In addition, the Emirate of Fujairah in the UNITED Arab Emirates has received 1.17 million tons of Russian fuel this year, up from 900,000 tons in the same period last year, and another 900,000 tons will arrive in Fujairah this month. According to traders, Saudi Arabia has increased imports of Russian fuel via Fujairah, though it is unclear by how much.
According to reports, Saudi Arabia imports fuel from Russia mainly for power generation in summer, the peak period for electricity consumption, while the "saved" domestic crude oil is exported and sold on the international market at a higher price.
Saudi Arabia's crown prince says the country's oil production capacity will not exceed 13 million barrels a day for the time being
Saudi Arabia will continue to increase investment in both fossil and clean energy over the next two decades to meet the world's growing demand for energy, Crown Prince Mohammed bin Salman said on Wednesday. He also revealed that Saudi Arabia "has the ability" to increase its domestic crude oil production capacity to 13m b/d, but has no immediate capacity to increase output further.
Mohammed made the remarks at the "security and development" summit in Jeddah. He also said that "policies that do not take into account the reality of emissions reduction" could lead to inflation and rising unemployment, and called on countries to achieve low-carbon emission reduction and economic diversification targets without affecting economic growth and supply chains.
The global cooling tower market is estimated at 2.1 billion in 2021 and is expected to reach us $2.6 billion by 2026, with a COMPOUND annual growth rate of 4.5%. Growing demand in emerging markets, stringent environmental regulations, increased DEPLOYMENT of HVACR and technological advances are driving demand for cooling towers and chillers cooling towers.
Global cooling tower market introduction
Cooling towers are heat exchange devices in which water and air are in direct contact to lower the temperature of water. When water and air meet, a small amount of water evaporates, creating a cooling effect. There are various types of cooling towers and not all of them are suitable for use in the end-use industry. Each project is different and requires a specific cooling tower. A recent trend is to use hePA filters in cooling towers instead of traditional sand filters. Growth in the end-use industry is a key factor expected to drive demand for cooling towers during the forecast period. The same goes for cooling towers and chillers . The market for cooling towers and chillers is also expected to grow due to developments in the HVAC, power generation and oil and gas industries.
Europe is already the industrialized continent with the most power plants. Cooling towers have been installed in Europe for years. In addition to the shrinkage of new cooling towers, Europe is also seeing a need to replace them. All these factors make Europe the largest cooling tower market in the world. Like Europe, North America is highly industrialized, and demand for new cooling towers and replacement towers will rise. North America is the world's second largest cooling tower market. The Asia-pacific region is the fastest growing market for cooling towers.
The cooling towers and chillers market development changes
The construction of new power plants fueled by coal (thermal power plant) and natural gas is increasing all over the world, oil, biofuels, waste, nuclear, hydro, geothermal, solar photovoltaic, solar thermal, wind, tidal and so on. This development, together with increased capital expenditure in the oil and gas sector, is driving the number of oil RIGS worldwide and are the two main factors likely to drive growth in the cooling towers and chillers market during the forecast period. cooling towers and chillers are said to be the most prominent type by far. Evaporative cooling towers are expected to occupy the largest market share during the forecast period, followed by dry and hybrid cooling towers. Dry cooling tower is mainly used in places lacking water. As they do not use water and are cost-effective, dry cooling towers are expected to provide profitable opportunities for cooling tower suppliers and manufacturers during the forecast period. Hybrid cooling towers are also growing in popularity because they help reduce heat plumes and reduce the amount of fresh water consumed by factories. As a result, the market is expected to grow significantly during the forecast period.
Regional outlook of global cooling tower market
Germany is the largest market for cooling towers in Europe, followed by Italy. In Europe, five countries - Germany, Italy, France, the United Kingdom and Poland - account for two-thirds of the cooling tower market. Germany is one of The largest manufacturing powers in Europe, leading to increased demand for cooling towers in the country. In Europe, new demand for cooling towers and replacement of existing cooling towers is driving the market as it matures. Among the rest of Europe, Poland's cooling towers and chillers market recorded double-digit growth of around 25.0%.
The Asia-Pacific region is expected to show high growth rates for global cooling towers and chillers . China has the largest number of coal-fired, gas-fired and nuclear power plants among asia-pacific countries. It also has the largest hVAC market in the region. All these factors make China a major cooling tower market in the region. In addition, growing industrial growth is driving demand for cooling towers in India. In Japan, in addition to the need for new cooling towers, there is also a large need to replace cooling towers. The rest of Asia Pacific consists of a variety of smaller cooling tower markets.
Impact of COVID-19 on the global cooling tower market
Power generation is one of the important consumers of cooling towers, as it requires energy saving, increased efficiency and strengthening of pipes, machinery, tanks and boilers. Most electricity consumption is in the industrial sector, followed by the residential, commercial and service sectors.
Demand in the sector declined by about 2.5% in the first quarter of 2020 compared to the same period in 2019. The decline was attributable to lower consumption in the industrial and commercial sectors. Businesses have been forced to close because of government-sponsored lockdowns, social distancing measures and restricted supply chains. However, demand is normalising again, helped by a recovery in economic activity across countries.
As a result of the pandemic, demand in the oil and gas industry has dropped significantly. The oil and gas industry has been weak for the past few years as oil prices fell sharply and accelerated from mid-2014.
The industry experienced additional shocks in 2019-2021 due to the COVID-19 outbreak. The outbreak of the COVID-19 pandemic and the drop in demand caused by the global lockdown have forced major refiners to shut down their operations.
Market drivers for cooling towers and chillers
Drivers: Increased DEPLOYMENT of HVACR and increased industrial activity
The modest growth of the global commercial construction industry, along with accelerated modernization and urbanization in emerging economies, is driving demand for cooling towers. The increased deployment of HVACR is further driving market growth due to increased government investment in cooling towers and chillers industries. Cooling towers are widely used as part of building HVACR systems through which excess heat from the cooler is treated. As a result, the surge in demand for this HVACR equipment in construction and industrial applications is expected to drive the global cooling tower market. Factors such as climate change and technological innovation have driven the adoption of cooling towers and chillers . Changeable and unpredictable weather conditions caused by global warming have also increased the need for cooling towers.
Processional Cooling Machinery Manufacturer cooling towers and chillers supplier
Wuxi Master Cooling Machinery Manufacturing Co., Ltd. is a professional manufacturer of water cooling towers and related equipments including cooling tower, chiller, evaporative condenser, water treatment and other accessory parts.
Master Cooling products are widely used in electric power, chemical industrial, metallurgy, cooling, light industrial, civil facilities and other fields. We have an excellent scientific research and development team whom onstantly design new products always more efficient and more innovative in order to meet the different needs from different customers. We also have excellent after-sales service team. If you have any questions about the cooling towers and chillers, please feel free to contact us. Send an email to: email@example.com
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