“The field-erected cooling tower market is projected to grow at a CAGR of 3.78%, from 2017 to 2022.”
The field-erected cooling tower market is projected to grow from an estimated USD 1.78 billion in 2017 to USD 2.15 billion by 2022, at a CAGR of 3.78%, from 2017 to 2022. Stringent environmental regulations and growth in industrial activities are driving the demand for the field-erected cooling tower market across the world. The rise in alternative energy programs is a restraint for the field-erected cooling tower market.
“The power generation segment is expected to hold the largest share of the field-erected cooling tower market, by end-user, during the forecast period.”
The power generation segment is the largest end-user market. Field-erected cooling towers are used to cool the circulating water. Power plants implement closed cooling systems with the towers to deal with water scarcity. The towers initiate the cooling process by reusing the water, making power plants economical and environment-friendly. The growth in the energy demand, resulting from increasing population, is likely to drive the demand for field-erected cooling towers in the power generation industry.
“Asia Pacific: The key market for field-erected cooling towers.”
The Asia Pacific region was expected to lead the field-erected cooling tower market with the largest market share in 2017 and is projected to grow at the highest CAGR from 2017 to 2022. The rising population, urbanization, and industrialization, along with growing concerns related to infrastructure development in China and India are some of the factors driving the market in this region. Further, the region is developing as the fastest growing end-market for iron & steel and metallurgy. The region houses the world’s biggest steel industry, which would further boost the field-erected cooling tower market in the region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 43%, Tier 2- 35%, Tier 3- 22%
- By Designation: C-Level- 27%, D-Level- 48%, Others- 25%
- By Region: Asia Pacific- 53%, Middle East & Africa - 14%, Europe- 10%, North America- 18%, South America- 5%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 5 billion, Tier 2 = USD 1 billion to USD 5 billion, and Tier 3 =
The leading players in the field-erected cooling tower market are SPX (US), Hamon (Belgium), Enexio (Germany), Evapco (US), and BAC (US).
The report provides a picture of the field-erected cooling tower market across industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as type, design, end-user, and region. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
For the purpose of this report, the market has been segmented on the basis of type, design, end-user, and region with a focus on industry analysis (industry trends), market share analysis of top players, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the field-erected cooling tower market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the field-erected cooling tower market.
Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for field-erected cooling tower across regions. Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global field-erected cooling tower market.
- The report identifies and addresses key markets for field-erected cooling towers, which is useful for suppliers and OEMs to review production and distribution plans.
The report includes analysis of key countries by end-user of field-erected cooling towers; for instance, its application in power generation, petrochemical and oil & gas, iron & steel and metallurgy, paper mills, and others. Others include food & beverage and HVAC. It analyzes historical trends and also forecast for 2021, assisting in strategic decision making.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.