Field Erected Cooling Tower Market to Undertake Strapping Growth During 2024
A cooling tower is designed to remove heat from a fluid, usually water, to the atmosphere, most often through the process of evaporative cooling. Thus, cooling tower is heat rejection device which rejects the heat to atmosphere through the cooling of water stream to lower temperature. The common applications where cooling tower mostly used in petrochemical, thermal power, oil refineries, chemical plants, paper mills and others (includes iron & steel plant, metallurgy etc.). The field erected cooling tower are specially designed to use in power plants, steel processing plants and petrochemical plants due to their greater capacity of heat rejection. The field erected cooling tower is much larger in size compare to package type cooling tower.
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A normal field erected cooling tower has pultruded fiber reinforced plastic structure, a mechanical unit for air draft and fill as major components. Field erected cooling tower can be segmented based on type like wet field erected cooling tower, Dry field erected cooling tower and hybrid field erected cooling tower. The growth of field erected cooling tower is attributed ascribed to increasing energy demand, increasing urbanization especially in developing countries like China, India and Brazil. However, volatility in oil prices, decreasing steel production due to exceed supply compare to demand, decreasing oil & gas sector where steel is used to construct rigs and pipelines and gloomy economic environment in the world are the factors that are hindering the growth of the field erected cooling tower market.
Based on type, the wet type field erected cooling towers contributed the largest share of the cooling tower market in 2015 and is projected to continue the majority of the share during the forecast period. Increasing electricity demand from emerging countries in Asia pacific where large focus is given on installation of power plants to generate the electricity. This is the main factor which anticipated to drive the growth of the field erected cooling tower market during the forecast period.
Based on end-users, power generation dominated the field erected cooling tower market in 2015 and is anticipated to grow at highest CAGR during the forecast period. Increasing modification and replacement of oil field cooling tower with various renewable energy sources for power generation across all the regions are the main factors which are anticipated to contribute the growth of the field erected cooling tower market during the forecast period.
Asia Pacific contributed the majority of share of the field erected cooling tower market and is projected to be the dominating market during the forecast period. Ever increasing population especially in emerging economies countries like China and India generates the demand for electricity for industrial, transport and house hold purpose. Governments in countries like India, China, Japan are majorly focusing on installing power plants to compete the ever increasing electricity demand in future.
These are the important drivers which are anticipated to drive the market for field erected cooling tower market during the forecast period. Europe and North American region are already in mature stage and are expected to grow at moderate rate during the forecast period. Middle East & Africa is another lucrative market for field erected cooling tower during the forecast period. Large number of petrochemical plants in Middle East countries and changing focus of Middle East region towards healthcare and tourism sector increases need of electricity. This is the major driver which is anticipated to contribute the growth of field erected cooling tower market during the forecast period.
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Key players operating in the global field erected cooling tower market are SPX Corporation, Hamon & CIE International SA, Baltimore Aircoil Company Inc., Brentwood Industries, Inc., Spig S.P.A., Evapco Inc., Enexio Management GmbH, , Mesan Group and others.
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