The global field-erected cooling tower market is expected to grow at a CAGR of 3.78%, from 2017 to 2022, to reach a market size of USD 2.15 billion by 2022. Stringent environmental regulations are expected to drive the demand for field-erected cooling towers, globally.

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The field-erected cooling tower market is dominated by a few major players that are established brand names with a wide regional presence. The leading players in the field-erected cooling tower industry include SPX (US), Hamon (Belgium), Enexio (Germany), Evapco (US), and BAC (US).

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The Asia Pacific field-erected cooling tower market is expected to hold the major market share during the forecast period. Key countries in the region include China, India, and Japan. Rising population, urbanization, and industrialization along with growing concerns related to infrastructure development in China and India are some of the factors that would drive the market in this region. The breakthrough in the region is the restart of nuclear energy-based power generation facilities in Japan. This would boost the field-erected cooling tower market in the country during the forecast period.

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In terms of type, the field-erected cooling tower market has been categorized as wet, dry, and hybrid field-erected cooling towers. The wet field-erected cooling tower segment held the major market share in 2016. It is also expected to grow at a steady pace during the forecast period (2017–2022). The dry field-erected cooling tower market is expected to experience a high growth rate, due to strict environmental regulations imposed by respective regulatory bodies, globally. The development of heat transfer media and fill component of the cooling tower are big growth opportunities for the market. Leading market players are currently focusing on innovation & new development in the fill component segment of cooling towers. Major technologies related to this are fill-fill technology, which is mostly used with good water and splash fill technology, which is used with sea water. Hamon & CIE International has come up with a new technology, clean flow plus fills, which can be used for both good as well as sea water. Advancement of fill media leads to an enhanced efficiency of the cooling tower; research & development in this area is expected to drive the field-erected cooling tower market during the forecast period.

In terms of design, induced draft occupies the majority of the market. An induced draft is more efficient than a forced draft cooling tower. As these type of cooling towers has low absorbing capacity and require less space, they are also the fastest growing during the forecast period.

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In terms of end-user industries, the power generation industry occupies the majority of the field-erected cooling tower market. The power generation industry possesses huge cooling demand, driven by its hot process water temperature control needs. Hence, large-sized field-erected cooling towers are in demand by this industry. The power generation end-user segment is also expected to register the highest growth rate as majority of the developing economies today are aiming to increase their nuclear-based energy generation capacity in their total energy portfolio.

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