Global
Field-Erected Cooling Tower Market Analysis
The global field-erected cooling
tower market is estimated to grow at 4.5% CAGR during the forecast period.
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.
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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.
Global
Field-Erected Cooling Tower Market 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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Asia
Pacific Field-Erected Cooling Tower market, expected to grow at the highest
CAGR
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.
Prominent
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. (U.S.),
Composite Cooling Solutions, L.P. (U.S), Cycro, inc. (U.S.), and STAR Cooling
Towers (U.S.).
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