The global field-erected cooling tower market was estimated to be USD 1.78 Billion in 2017 and is expected to grow at a CAGR of 3.78%, during the forecast period. The market is set to grow due to the increasing demand from developing markets of Asia Pacific and the growing industrial activities, globally.
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The report "Field-Erected Cooling Tower Market by Type (Wet, Dry, and Hybrid), Design (Natural, Forced, and Induced), End-User (Power Generation, Petrochemical and Oil & Gas, Iron & Steel and Metallurgy, Paper Mills), and Region - Global Forecasts to 2022",
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The wet field-erected tower segment is expected to hold the largest share of the field-erected cooling tower market, by type, during the forecast period.
The field-erected cooling tower market has been segmented, by type, into wet, dry, and hybrid.
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The wet field-erected cooling tower segment held the major market share, whereas the dry type segment is projected to witness the highest growth rate during the forecast period. This growth is due to water consumption efficiencies associated with dry type field-erected cooling towers.
More industries are accepting this kind of design to align with environmental regulations within their respective countries.
The induced draft is the fastest growing segment of the field-erected cooling tower market, by design, during the forecast period.
Field-erected cooling towers are categorized on the basis of design required for various air circulation processes. There are three types of designs available for a cooling tower, namely, natural draft, forced draft, and induced draft.
An induced draft cooling tower is more efficient than a forced draft cooling tower. These cooling towers are used in various end-use industries such as pharmaceutical, cement industries, power generation, mining, and iron & steel.
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The power generation segment is expected to dominate the field-erected cooling tower market, by end-user, in 2017.
The field-erected cooling tower market has been segmented on the basis of end-user into power generation, petrochemical and oil & gas, iron & steel and metallurgy, paper mills, and others. The others segment includes HVAC and food & beverage industries.
The power generation end-user segment occupies the major share, which is due to the demand of high volume heat load and big size cooling towers by this industry. The power generation market would be particularly driven by Asia-Pacific, due to the growing electricity demand and increasing industrial activities in the region.
Asia Pacific: Expected to be the leading market for field-erected cooling tower during the forecast period.
China, India, and Japan are some of the key countries in the Asia Pacific region, which accounted for the majority share of the field-erected cooling towers market, in 2017. Rising population, urbanization, and industrialization along with growing concerns related to infrastructure development in China and India are some of the factors that would drive the market in the region in future.
Increasing energy demand and growing industrial activity in the region are some of the key parameters driving the market in Asia Pacific.
Key market players such as SPX (U.S.), Hamon (Belgium), and Enexio (Germany) dominated the market.
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