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Field-Erected Cooling Tower Market Research Report – Forecast to 2030

Field-Erected Cooling Tower Market Type (Wet, Dry, Hybrid), Design (Natural Draft, Forced Draft, Induced Draft), End-User (Power Generation, Petrochemicals & Oil & Gas, Iron & Steel & Metallurgy, Paper Mills) - till 2030

ID: MRFR/E&P/4415-HCR | December 2022 | Region: Global | 100 Pages         

Field-Erected Cooling Tower Market

Field-Erected Cooling Tower Market is expected to be valued at USD 3.22 Billion, with a CAGR of 4.5% Forecast by 2027

Segmentation

By Type Wet Dry Hybrid
By Design Natural Draft Forced Draft Induced Draft
By End-Use Power Generation Petrochemicals & Oil & Gas Iron & Steel & Metallurgy Paper Mills

Key Players

  • SPX Cooling Technologies Inc. (U.S.)
  • ENEXIO Management GmbH (Germany)
  • Hamon & Cie SA (Belgium)
  • Baltimore Aircoil Company Inc. (U.S.)
  • Paharpur Cooling Towers Ltd. (India)
  • Babcock & Wilcox Enterprises Inc. (U.S.)
  • Brentwood Industries Inc. (U.S.)
  • Delta Cooling Towers P. Ltd. (India)
  • Evapco Inc. (U.S.)
  • International Cooling Tower Inc. (U.S.)
  • Mesan (U.S.)
  • Evaptech Inc. (U.S.)
  • Composite Cooling Solutions L.P. (U.S)
  • Cycro inc (U.S.)

Drivers

  • Growing investments in industrial sector
  • Incessant technological advancements
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Field-erected Cooling Tower Market Scenario


Field-erected cooling tower market is estimated to grow at ~ 4.5% CAGR during the forecast period 2022-2030, due to growing investments in industrial sector.


Global Field-Erected Cooling Tower Market


The global field-erected cooling tower market is expected to witness a phenomenal growth during the forecast period. The considerable growth in the power sector with population boom, along with rise in energy demand has propelled the field-erected cooling tower market in various regions. The growth is primarily credited to upgrades in utility infrastructure, growing investments in industrial sector, and related government regulations in various countries, which is likely to continue during the forecast period. The Asia Pacific region is expected to grow at the highest CAGR from 2017 to 2022, wherein China was the largest country-level market in 2016, followed by India and Japan. Upsurge in population with tremendous energy demand growth has resulted into a phenomenal growth for industrial infrastructure in the region and consequently resulted in growth of the field-erected cooling tower market.


Key Players


The key players of global field-erected cooling tower market are SPX Cooling Technologies, Inc. (U.S.), ENEXIO Management GmbH (Germany), Hamon & Cie (International) SA (Belgium), Baltimore Aircoil Company, Inc. (U.S.), Paharpur Cooling Towers Ltd. (India), Babcock & Wilcox Enterprises, Inc. (U.S.), Brentwood Industries, Inc. (U.S.), Delta Cooling Towers P. Ltd. (India), Evapco, Inc. (U.S.), International Cooling Tower Inc. (U.S.), Mesan (U.S.), Evaptech, Inc. (U.S.), Composite Cooling Solutions, L.P. (U.S), Cycro, inc. (U.S.), and STAR Cooling Towers (U.S.).


A cooling tower is designed to extract heat from the working fluid, mostly water, to the atmosphere, and often through evaporative cooling phenomenon. Hence, the cooling tower is also termed as a heat rejection device, which propagates heat to the surroundings through the cooling of water stream to room temperature for reprocessing and revitalizing its properties and quality. The cooling tower finds its most common application in power generation, petrochemicals & oil & gas, iron & steel & metallurgy, paper mills, and other industries.


The field-erected cooling tower is specially designed for its broader application in large extent capacity of heat rejection systems, such as power plants, steel processing plants, and petrochemical plants. Field-erected cooling towers are larger in size as compared to the conventional package type cooling tower. A normal field-erected cooling tower consists of pultruded structural components utilized throughout the cooling tower, which produces an engineered framework of unsurpassed quality, reliability, and safety. Structural pultrusion is approximately of the same strength of steel in tension and compression for a field-erected cooling tower. Fiberglass is implemented as it is impervious to a broad range of corrosive materials, immune to deterioration for the field-erected cooling tower.


Market Segmentation


 field-erected cooling tower


Global field-erected cooling tower market has been segmented based on type, design, end-user, and region. Based on type, the market is segmented into wet, dry, and hybrid. Among these, the wet type is projected to dominate the field-erected cooling tower market unttil 2023. Wet type cooling towers are highly favored due to easy accessibility of water as well as the high effectiveness of cooling in thermal and nuclear power plants. The advantages of a wet type cooling tower majorly consist of no requirement of mechanical or electrical components, large water loading capability, and negligible maintenance cost. Based on design, the market is segmented into natural draft, forced draft, and induced draft. Induced draft segment dominated the market in 2016 and is projected to be the fastest-growing design segment. Induced draft cooling tower has a centrally positioned fan at the top, which disperses hot air from the tower to the surrounding atmosphere. The foremost advantage of induced draft towers is that the airflow remains practically constant irrespective of the ambient atmospheric temperature. Based on the end-user, the market is segmented into power generation, petrochemicals & oil & gas, iron & steel & metallurgy, paper mills, and others. Power generation industry dominated the market in 2016 and is projected to be the fastest-growing end-user segment over the next five years. Power plants highly utilize steam to run the turbines for the generation of energy. The steam that flows through the turbine needs to be cooled for reutilization in the process to generate more electricity. Hence, a cooling tower is required to cool the water, which gets heated up during energy production.


The field-erected cooling tower market is anticipated to have a vast number of developments over the forecast period, owing to incessant technological advancements in energy sector coupled with growing power demand. The market is likely to have high expansion activities by multinational and well-established firms. Mergers and acquisitions are expected to be seen during the forecast period with several contracts and agreements between top EPC and governments across the globe.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   4.5% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Design, End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   SPX Cooling Technologies, Inc. (U.S.), ENEXIO Management GmbH (Germany), Hamon & Cie (International) SA (Belgium), Baltimore Aircoil Company, Inc. (U.S.), Paharpur Cooling Towers Ltd. (India), Babcock & Wilcox Enterprises, Inc. (U.S.), Brentwood Industries, Inc. (U.S.), Delta Cooling Towers P. Ltd. (India), Evapco, Inc. (U.S.), International Cooling Tower Inc. (U.S.), Mesan (U.S.), Evaptech, Inc. (U.S.), Composite Cooling Solutions, L.P. (U.S), Cycro, inc. (U.S.), and STAR Cooling Towers (U.S.)
  Key Market Opportunities   Incessant technological advancements
  Key Market Drivers

  • Utility infrastructure
  • Growing investments in industrial sector


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    Frequently Asked Questions (FAQ) :

    Inc. (U.S.), ENEXIO Management GmbH (Germany), SPX Cooling Technologies, Baltimore Aircoil Company, Inc. (U.S.), Hamon & Cie (International) SA (Belgium), are the key players of the market.

    The market recorded ~ 4.5% CAGR.

    The Asia Pacific region will grow at the highest CAGR from 2017 to 2022.

    Type, design, end-user are the segments of the market.

    2017 to 2022 is the growth period of the market.