Field-Erected Cooling Tower Market Environment, Product Definition, Industry Chain Overview 2021-2025
The field-erected cooling tower is primarily designed for its broader application in the greater capacity heat emission systems, such as steel processing plants, power plants, and petrochemical plants. Field-erected cooling towers are bigger in size as compared to the conventional package type cooling tower. A normal field-erected cooling tower comprises pultruded structural components used in the entire cooling tower, which generates an engineered framework of unsurpassed quality, reliability, and safety. Structural pultrusions 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.
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The global field-erected cooling tower market is projected to have a huge number of developments throughout the forecast period, owing to incessant technological advancements in the 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 Engineering, Procurement and Construction (EPC) companies and Government across the globe.
The global field-erected cooling tower market is estimated to grow at ~ 4.5% CAGR during the forecast period.
Market Research Analysis
Wet by type, Induced draft by design, and power generation by end-user are expected to grow at the highest CAGR
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The 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 expected to dominate the field-erected cooling tower market until 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 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 turbines for the generation of energy. The steam that flows through the turbine needs to be cooled for reutilization in the process to generating more electricity. Hence, a cooling tower is required to cool the water, which gets heated up during energy production.
Scope of the Report
This study provides an overview of the global...
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