Global Field-Erected Cooling Tower Market Analysis, Segmentation till 2023

Posted by Anvi on March 20th, 2020

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. 

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.

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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