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Field-Erected Cooling Towers Market worth 2.11 Billion USD by 2021
The report "Field-Erected Cooling Tower Market by Type (Wet, Dry, & Hybrid), by End-User (Power Generation, Petrochemical and Oil & Gas, Iron & Steel and Metallurgy, Paper Mills, and Others) & Region - Global Trends & Forecasts to 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. The major growth factors include increasing demand from developing markets of Asia-Pacific, growth in industrial activities worldwide, technological advancement in field-erected cooling towers, and stringent environmental regulations.
Browse 69 market data Tables and 39 Figures spread through 128 Pages and in-depth TOC on "Field-Erected Cooling Tower Market by Type (Wet, Dry, & Hybrid), by End-User (Power Generation, Petrochemical and Oil & Gas, Iron & Steel and Metallurgy, Paper Mills, and Others) & Region - Global Trends & Forecasts to 2021"
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Dry field-erected cooling towers segment is expected to grow at the highest CAGR during the forecast period.
The field-erected cooling towers market has been segmented, by type, into wet, dry, and hybrid. 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.
Power generation end-user segment is estimated to drive the field-erected cooling towers market with the highest growth rate.
On the basis of end-user industries, the market has been segmented 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 high volume heat load resulting in the demand for large size cooling towers by this industry. The market for power generation end-user industry would be particularly driven by Asia-Pacific, due to growing electricity demand and growth in industrial activities in the region.
Asia-Pacific is estimated to be the global leader in the field-erected cooling towers market, by value, during the forecast period.
China, India, and Japan are some of the key countries in the Asia-Pacific region, which accounted for majority of the field-erected cooling towers market, in 2015. 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.
Increasing energy demand and growing industrial activity in the region are some of the key parameters driving the market in Asia-Pacific. This sector is growing at a faster rate as compared to other sectors in the region.
Key market players such as SPX Corporation (U.S.), Hamon & CIE International SA (Belgium), and Enexio Management GmbH (Germany) dominated the market.
This study estimates the global market of field-erected cooling towers, in terms of USD, till 2021. It also offers a detailed qualitative and quantitative analysis of this market. This report provides a comprehensive review of major market drivers, restraints, opportunities, challenges, winning imperatives, and key issues of the market. The report also covers various important aspects of the market such as value chain, Porter’s Five Forces model, competitive landscape, market dynamics, market estimates in terms of value, and future trends in the field-erected cooling towers market.
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