Fast Market Research recommends "Field-Erected Cooling Tower Market - Global Trends & Forecasts to 2021" from Markets and Markets, now available
[ClickPress, Wed Apr 20 2016] Field-Erected Cooling Tower Market by Type (Wet, Dry, & Hybrid), by End-User (Power Generation, Petrochemical and Oil & Gas, Iron & Steel and Metallurgy, Paper Mills, and Others) & Region - Global Trends & Forecasts to 2021
"Field-erected cooling towers market is projected to reach USD 2.11 billion by 2021."
The field-erected cooling towers market is expected to reach USD 2.11 billion by 2021, at a CAGR of 4.3% from 2016 to 2021. Strict environmental regulations, particularly by nuclear and fossil fuel-based power plants, would support the growth of the market. In addition, end-use industries such as power generation, petrochemical and oil & gas, iron & steel and metallurgy, and paper mills are deploying field-erected cooling towers for efficient heat exchange between used water and the atmosphere.
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"Power generation segment is the largest market, by end-user industry"
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.
"Growing energy demand clubbed with industrialization makes Asia-Pacific the largest market"
The Asia-Pacific region is expected to lead the field-erected cooling towers market with the largest market share in 2016, and is projected to grow at the highest CAGR from 2016 to 2021. This growth can be attributed to the utilization of field-erected cooling towers by countries such as India, China, and Japan, among others. Investments in the power generation, petrochemical and oil & gas end-use industries have grown considerably in the past 5 years, creating a huge demand for field-erected cooling towers in the 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 towers market in the region.
The primary participants for the report have been categorized on the basis of company type, designation, and region. The details are as follows:
* By Company Type: Tier 1 - 39%, Tier 2 - 15%, and Tier 3 - 46%
* By Designation: C level - 23%, Director level - 8%, and Engineer level- 69%
* By Region: Americas - 7%, Europe - 8%, Asia-Pacific - 54%, and RoW - 31%
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