PUNE, India — The global field-erected cooling tower market is forecast to reach $2.11 billion by 2021, growing at a compound annual growth rate (CAGR) of 4.3 percent from 2016 to 2021, according to a new report published by MarketsandMarkets.
The major growth factors include increasing demand from the developing markets of the Asia-Pacific region, growth in industrial activities worldwide, technological advancement in field-erected cooling towers, and stringent environmental regulations.
The field-erected cooling tower market has been segmented by type into wet, dry, and hybrid. The wet field-erected cooling tower segment holds the major market share, but the dry type segment is projected to witness the highest growth rate during the forecast period. This growth is due to the water consumption efficiencies associated with dry type field-erected cooling towers. More industries are accepting this type of design to align with environmental regulations in their respective countries.
On the basis of end-user industries, the market has been segmented into power generation, petrochemical and oil and gas, iron and steel and metallurgy, paper mills, and others. The others segment includes the HVAC and food and beverage industries. The power generation end-user segment holds the major share, which is due to high-volume heat load resulting in demand for large-size cooling towers by this industry. The power generation segment is particularly driven by Asia-Pacific, due to growing electricity demand and growth in industrial activities in the region.
China, India, and Japan are some of the key countries in the Asia-Pacific region, which accounted for the majority of the field-erected cooling tower market in 2015. 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.
More information is available here.
Publication date: 4/20/2016