The
field-erected cooling tower is specially designed to cool water by extracting
heat and transmit to the surrounding atmosphere. This process is majorly done
through evaporative cooling technology. The field-erected cooling tower is also
called a heat rejection device, which helps in rejecting heat to the atmosphere
by utilizing cooler water as a transfer medium. The field-erected cooling tower
is prominently used for various application in industries, such as oil
refineries, petrochemical, paper mills, thermal power, and others for heat
rejection and rejuvenating the working fluid quality.
The global
field-erected cooling tower market is anticipated to have a vast number of
developments through the forecast period, owing to incessant technological
advancements in the energy sector, coupled with growing power demand. The
market is likely to have high expansion activities by multinational and
well-established firms. Mergers and acquisition are expected to be seen during
the forecast period with several contracts and agreements between top EPC and governments
across the globe.
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Growth
in industrial activities, increasing efficiency of cooling thermal and nuclear
power, phenomenal technological advancement, need for a higher rate of cooling
water carrying capacity, and low maintenance cost are the prominent factors
creating a lucrative market for the field-erected cooling tower. However,
volatility in oil & gas prices, decreasing steel production due to excess
supply compared to demand, and price fluctuation in oil & gas sector, along
with global economic crises, are expected to hinder the market growth
throughout the forecast period.
Segmental Analysis:
The
global field-erected cooling tower market has been segmented based on type,
design, end-user, and region.
Based
on type, the market is segmented into wet, dry, and hybrid.
By design,
the market is segmented into natural draft, forced draft, and induced draft.
Based
on end-user, the market is segmented into power generation, petrochemicals
& oil & gas, iron & steel & metallurgy, paper mills, and
others.
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Regional Outlook:
The
global field-erected cooling tower market is segmented into four prominent
regions, namely Asia Pacific, North America, Europe, and Rest of the World.
The
Asia Pacific region is expected to grow at the highest CAGR during the forecast
period. This growth is accredited to growing industrialization, urbanization,
and increasing renewable power generation capacity in the region. Prominent
countries such as China, Japan, and India are driving the field-erected cooling
tower market in the Asia Pacific region. North America and Europe held a
substantial market share in 2016 and are expected to witness a stagnant growth
over the forecast period. This growth is prominently attributed to the rise in
nuclear and thermal power plants. Moreover, the growing industrialization has
resulted in creating a productive market for the field-erected cooling tower.
Competitive Dashboard:
The
key players of global field-erected cooling tower market are 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.).
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