LONDON, April 19, 2016 /PRNewswire/ -- "Field-erected cooling towers market is projected to reach USD 2.11 billion by 2021."
The field-erected cooling towers market is expected to reach USD 2.11 billion by 2021, at a CAGR of 4.3% from 2016 to 2021. Strict environmental regulations, particularly by nuclear and fossil fuel-based power plants, would support the growth of the market. In addition, end-use industries such as power generation, petrochemical and oil & gas, iron & steel and metallurgy, and paper mills are deploying field-erected cooling towers for efficient heat exchange between used water and the atmosphere.
"Power generation segment is the largest market, by end-user industry"
The power generation segment is the largest end-user market. Field-erected cooling towers are used to cool the circulating water. Power plants implement closed cooling systems with the towers to deal with water scarcity. The towers initiate the cooling process by reusing the water, making power plants economical and environment-friendly. The growth in the energy demand, resulting from increasing population, is likely to drive the demand for field-erected cooling towers in the power generation industry.
"Growing energy demand clubbed with industrialization makes Asia-Pacific the largest market"
The Asia-Pacific region is expected to lead the field-erected cooling towers market with the largest market share in 2016, and is projected to grow at the highest CAGR from 2016 to 2021. This growth can be attributed to the utilization of field-erected cooling towers by countries such as India, China, and Japan, among others. Investments in the power generation, petrochemical and oil & gas end-use industries have grown considerably in the past 5 years, creating a huge demand for field-erected cooling towers in the region. Further, the region is developing as the fastest growing end-market for iron & steel and metallurgy. The region houses the world's biggest steel industry, which would further boost the field-erected cooling towers market in the region.
The primary participants for the report have been categorized on the basis of company type, designation, and region. The details are as follows:
- By Company Type: Tier 1 - 39%, Tier 2 – 15%, and Tier 3 – 46%
- By Designation: C level – 23%, Director level – 8%, and Engineer level- 69%
- By Region: Americas – 7%, Europe – 8%, Asia-Pacific – 54%, and RoW – 31%
Wet field-erected cooling towers are the most preferred for industrial processes globally. These towers are mostly used in industries which have larger cooling requirements, such as in electrical power generation. Meanwhile, energy demand in Asia-Pacific is growing at a rapid pace annually. According to Asia Development Bank, the regional demand is predicted to double till 2035, growing from 7,010.4 TWh in 2010 to 16,169.2 TWh by 2035. Catering to the increasing demand, generation capacity is expected to rise from 8,407.8 TWh in 2010 to 18,531.9 TWh in 2035, thereby stimulating the growth of the market.
List of companies profiled in the report include:
- SPX Corporation
- Hamon & CIE International Sa
- Enexio Management GmbH
- SPIG S.P.A.
- Evapco Inc.
- Baltimore Aircoil Company Inc.
- Brentwood Industries, Inc.
- Paharpur Cooling Towers Limited
- Star Cooling Towers Pvt. Ltd.
- Mesan Group
Why buy this report
1. The report identifies and addresses key markets for field-erected cooling towers, which is useful for suppliers and OEMs to review production and distribution plans.
2. The report includes analysis of key countries by end-user of field-erected cooling towers; for instance, its application in power generation, petrochemical and oil & gas, iron & steel and metallurgy, paper mills, and others. Others include food & beverage and HVAC. It analyzes historical trends and also forecast for 2021, assisting in strategic decision making.
3. It presents competition by analyzing recent market developments such as key contracts, expansions, and mergers & acquisitions by major global market players. It helps understand the competition strategies of the companies and plan respective initiatives.
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