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.
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.
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Industry
Segmentation:
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. 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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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.
Key
Players
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.
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