The global field-erected cooling tower market is
expected to grow at a CAGR of 3.78%, from 2017 to 2022, to reach a market size
of USD 2.15 billion by 2022. Stringent environmental regulations are expected
to drive the demand for field-erected cooling towers, globally.
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The field-erected cooling tower market is dominated by
a few major players that are established brand names with a wide regional
presence. The leading players in the field-erected cooling tower industry
include SPX (US), Hamon (Belgium), Enexio (Germany), Evapco (US), and BAC (US).
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The
Asia Pacific field-erected cooling tower market is expected to hold the major
market share during the forecast period. Key countries in the region include
China, India, and Japan. 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 this region. The
breakthrough in the region is the restart of nuclear energy-based power
generation facilities in Japan. This would boost the field-erected cooling
tower market in the country during the forecast period.
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In
terms of type, the field-erected cooling tower market has been categorized as
wet, dry, and hybrid field-erected cooling towers. The wet field-erected
cooling tower segment held the major market share in 2016. It is also expected
to grow at a steady pace during the forecast period (2017–2022). The dry
field-erected cooling tower market is expected to experience a high growth
rate, due to strict environmental regulations imposed by respective regulatory
bodies, globally. The development of
heat transfer media and fill component of the cooling tower are big growth
opportunities for the market. Leading market players are currently focusing on
innovation & new development in the fill component segment of cooling
towers. Major technologies related to this are fill-fill technology, which is
mostly used with good water and splash fill technology, which is used with sea
water. Hamon & CIE International has come up with a new technology, clean
flow plus fills, which can be used for both good as well as sea water. Advancement
of fill media leads to an enhanced efficiency of the cooling tower; research
& development in this area is expected to drive the field-erected cooling
tower market during the forecast period.
In
terms of design, induced draft occupies the majority of the market. An induced
draft is more efficient than a forced draft cooling tower. As these type of
cooling towers has low absorbing capacity and require less space, they are also
the fastest growing during the forecast period.
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In
terms of end-user industries, the power generation industry occupies the
majority of the field-erected cooling tower market. The power generation
industry possesses huge cooling demand, driven by its hot process water
temperature control needs. Hence, large-sized field-erected cooling towers are
in demand by this industry. The power generation end-user segment is also
expected to register the highest growth rate as majority of the developing
economies today are aiming to increase their nuclear-based energy generation
capacity in their total energy portfolio.
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