The global field-erected cooling tower market is poised to expected to compound annual growth rate (CAGR) of 4.5% from 2017 to 2023 finds Market Research Future (MRFR).
Cool towers find application in various industrial domains. These towers maintain a constant temperature in industrial settings. Owing to their cooling application they often called as heat rejection device. The technology of cooling towers has evolved tremendously over time, which is marked by the arrival of advanced cooling systems. Most of the current generation of field-erected cooling towers use water as the main cooling agent owing to its viability.
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Some of the prominent industries that require cooling towers include power generation, iron & steel & metallurgy, petrochemicals & oil & gas, and paper mills. Towers that are used in these industries are designed for high performance heat rejection capacity. They come in massive sizes and are robust. The design consists of pultruded structural components, which support consistent cooling and ensures quality, safety and reliability. The structural pultrusion in field-erected cooling tower require high durability and strength to endure the outer tension. For this purpose, fiberglass is used in cooling towers as the material has high resistance to a wide range of natural issues such as corrosion, and aging or deterioration.
Competition Analysis
Some of the top-notch companies discussed in MRFR’s report include ENEXIO Management GmbH (Germany), Baltimore Aircoil Company, Inc. (U.S.), Babcock & Wilcox Enterprises, Inc. (U.S.), Delta Cooling Towers P. Ltd. (India), International Cooling Tower Inc. (U.S.), Cycro, inc. (U.S.), SPX Cooling Technologies, Inc. (U.S.), STAR Cooling Towers (U.S.), Hamon & Cie (International) SA (Belgium), Composite Cooling Solutions, L.P. (U.S), Paharpur Cooling Towers Ltd. (India), Evapco, Inc. (U.S.), Evaptech, Inc. (U.S.), Brentwood Industries, Inc. (U.S.) and Mesan (U.S.)
Global Field-Erected Cooling Tower Market: Segmental Analysis
The report includes a comprehensive segmental analysis of the Field-Erected Cooling Tower Market based on design, type, end-user and region.
On the basis of design, the market has been segmented into induced draft, forced draft and natural draft. The induced draft segment currently accounts for the largest market share and is expected to witness a strong growth during the assessment period. Induced draft tower maintain a constant air flow regardless of the atmospheric change.
On the basis of type, the market has been segmented into hybrid, dry and wet. Of these, the wet segment is expected to retain its dominant market position throughout the assessment period. Preference for wet type cooling is relatively higher owing to widespread availability of water and high operational efficacy. Moreover, cost-benefits associated with wet cooling makes it an attractive option.
Based on the end-user, the market has been segmented into petrochemicals & oil & gas, paper mills, power generation, iron & steel & metallurgy and others. The power generation segment is expected to remain highly attractive during the forecast period. Field-electric cooling towers play an important component role in power plants. There are several components in the plant that require constant cooling which is made possible through field-erected cooling towers.
Regional Analysis
Asia Pacific is most valued market for field-erected cooling tower. It is projected that the market in APAC will exhibit the highest growth during the forecast period (2017-2022). APAC is led by China and this trend is expected to continue throughout the assessment period. Presence of a vast population base, rising demand for energy, industrial growth and rapid urbanization are some of the factors influencing the market in the region. Moreover, increased efforts towards utility infrastructure upgradation coupled with growing foreign direct investment and favourable regulatory landscape is supporting the market growth in APAC.
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