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Leading companies that adopted new product launches and expansion as growth strategies
Various stakeholders such as field-erected cooling towers manufacturers, raw material suppliers, manufacturing technology providers, industry associations, manufacturers of end-user industries, and design consulting companies influence the field-erected cooling towers market. Increasing demand from developing markets of Asia-Pacific, growth in industrial activities worldwide, advancement in field-erected cooling towers technology, and stringent environmental regulations are expected to drive the field-erected cooling towers market globally.
Leading companies in this market focused on contracts & agreements, investments & expansions, mergers & acquisitions, new product launches, among others to broaden their product portfolio, inflate their revenue basket, and adapt themselves to the changing demands of the end users. Among the above approaches, new product launches and expansion activities appeared to be a trend followed by major industry players as their growth strategy.
Field-erected cooling towers manufacturing companies have widened their product portfolio, which has helped the companies to expand their business as well as geographic market penetration. Moreover, leading cooling towers companies are developing new technologies to create a competitive edge, given a rise in the research and development expenditure on a historical basis.
Leading companies that adopted new product launches and expansion as growth strategies include Baltimore Aircoil Company (U.S.) and SPIG S.P.A. (Italy). Other players in the market include Mesan Group (China), Brentwood Industries Inc. (U.S.), Evapco Inc. (U.S.), Enexio Management GmbH (Germany), Hamon & Cie International SA (Belgium), Paharpur Cooling Towers (India), SPX Corporation (U.S.), and Star Cooling Towers Private Ltd. (India), among others.
The key market players such as SPX Corporation (U.S.), Hamon & CIE International SA (Belgium), and Enexio Management GmbH (Germany) dominated the market.
SPX Corporation is a diversified, global supplier of infrastructure equipment along with a strong presence in power & energy markets, detection & measurement markets, and in heating, ventilation, & air conditioning (HVAC) systems. The company operates through three business segments, namely, flow technology, thermal equipment & services, and industrial products & services. In September 2014, SPX Corporation and Shenhua Ningxia Coal Industry Group (China) signed an agreement worth USD 50.0 million to provide Clear Sky plume abatement cooling systems for a coal liquefaction process facility. This agreement further strengthened the company’s position as a global leader in the cooling towers market. The major area of opportunity for cooling towers companies is expected to be the power generation industry. By providing adequate cooling tower products and services to this industry, companies will be able to enhance their market presence and revenues.
Hamon & Cie International SA (Belgium) operates as a subsidiary of Sopal International SA (Belgium). It is one of the leaders in cooling towers and operates through its five major business segments, namely, cooling systems, heat exchangers, air quality systems, HRSG-WHB, and chimneys. The company offers various custom-designed dry and wet cooling towers through its cooling system business segment. In July 2015, Hamon & Cie International SA inaugurated a natural draft concrete cooling towers shell for the Kozienice power plant (Poland). This cooling tower is one of the tallest cooling towers built in Europe. It is designed for a flow of 100,340 m³/hr and is equipped with a flue gas injection system. This development resulted in enhanced market presence of the company in the European power generation cooling towers market.
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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