Global Cooling Tower Rental Market: Industry Analysis and Forecast (2020-2026)
Global Cooling Tower Rental Market was valued at US$ xx Mn in 2019 is expected to reach US$ xx Mn by the end of 2026 at a CAGR of 5.2% from 2020 to 2026.
Since most of the heat generated in industrial processes is a byproduct, thus, a cooling tower does not need to be installed permanently. A cooling tower provides cooling for expected system turnarounds while also the capacity and maintaining optimum efficiency. Chillers, heat exchangers, and other plant process loads all benefit from cooling towers. Cooling towers are a form of a cooling tower that can be used to cool goods as well as provide supplementary condenser water cooling. In both scheduled and emergency conditions, the cooling tower fleet assists industrial plant customers in recovering from existing cooling tower failure. It also provides cooling for expected system turnarounds by augmenting and/or supplementing cooling water flows.
Global Cooling Tower Rental Market Dynamics:
Growing Need for Energy to Drive Cooling Tower Rental Market
Heat is mainly a byproduct of manufacturing processes in a manufacturing environment, cooling towers do not need to be installed permanently. As a result, businesses typically rent such equipment from manufacturers who can provide them with a full solution kit. This demand is a major driving force behind the global cooling tower rental industry. The global cooling towers industry is seeing an increase in demand for related services like ventilation, air conditioning, and heating, which is helping to boost revenue. When compared to buying cooling towers, renting them has several advantages. Such advantages are important factors in the global cooling tower rental market's improvement.
The rising use of HVACR applications in the commercial and construction industries is expected to drive up cooling tower rental demand. The cooling tower rental system is used in manufacturing plants, public and industrial buildings, and utilities for power generation. Over the forecast period, the market is expected to expand due to stringent environmental standards and increased investment by major industries such as oil & gas, power utilities, and mining around the world.
However, the major factor restraining the growth of the market is that its nature of being highly fragmented and stiff competition. The COVID-19 has had a major effect on the cooling tower industry. The power generation and refining industries have been impacted by the COVID-19 restrictions and shutdowns.
The report has profiled fifteen key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimation the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analysis and report has come up with recommendations for a future hot spot in the North America. Major country’s policies about manufacturing and their impact on Cooling Tower Rental demand are covered in the report.
Global Cooling Tower Rental Market Segment Analysis
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The Industrial segment is expected to grow at a CAGR of xx% during the forecast period.
Based on the end-use, in 2019, the industrial segment holds the largest market share of xx% in 2019 and it is estimated to reach USD$ XX Mn by 2026. The rise in demand from several industrial applications and thanks to the growth of end-users in the industrial sector, such as in the nuclear power generation sector, an increase in the use of leased cooling towers in refineries, construction sites, and chemical plants, as well as technical advancements in the cooling tower rental market, are supporting the market growth. The cooling tower rental scheme aids in the recovery of current cooling tower failures in major industries, both scheduled and unplanned.
Global Cooling Tower Rental Market Regional Insights:
North America to witness a high market growth rate and is expected to grow at a CAGR of xx% by 2026
In North America, the market growth is attributed to thanks to increased oil and gas activities in the region. North America, is expected to dominate the global Cooling Tower Rentals market by 2026 because of increased demand in power plants, construction and mining, and HVAC systems, wet cooling tower rentals are expected to rise faster than dry cooling tower rentals in the North American area. The cooling tower rental market in this area is fueled by the manufacturing, food and beverage, and oil and gas industries. With nearly equal contributions from efficient refinery expansions and new-build programs, the United States has the most refining capacity. Cooling towers are important in refineries for processing chilled water from used hot water. In addition, the construction industry, which contributes the most to the US economy, is expected to expand.
North America's refining capacity increased by 1.1 per cent to 22,586 thousand barrels per day in 2019, compared to the previous year. In terms of refining capacity, the United States has the most (18,974 thousand barrels per day) among the North American countries. The objective of the report is to present a comprehensive analysis of the global Cooling Tower Rental market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Cooling Tower Rental market dynamics, structure by analyzing the market segments and project the global Cooling Tower Rental market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Cooling Tower Rental market make the report investor’s guide.
Covid-19 Impact:
• COVID-19-related restrictions and impacts dramatically decreased practices such as air travel and commuting. The downstream sector in 2020 will be impacted by lower demand for transportation fuels and refinery shutdown restrictions. Since cooling towers are so important in refinery operations, the shutdowns and lower output rates had an effect on the cooling tower rental market.
Global Cooling Tower Rental Market, Key Highlights:
• Global Cooling Tower Rental Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Cooling Tower Rental Market
• Global Cooling Tower Rental Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Cooling Tower Rental Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Cooling Tower Rental Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Cooling Tower Rental Market are also profiled.
The report has considered the base year of 2019 and past four years trend. 2020 figures are at actuals, however due to different dynamics of year 2020, market forecast is not only dependent upon 2020, but on the basis of 2016-2020.
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Global Cooling Tower Rental Market Regional Insights Scope: Inquire before buying
Global Cooling Tower Rental Market, by Region
• North America
• Europe
• Middle East & Africa
• Asia Pacific
• South America
Global Cooling Tower Rental Market Key Players
• Caterpillar Inc.
• Engie Refrigeration GmbH
• Carrier Rental Systems Inc.
• Spx Corporation
• Johnson Controls International Plc.
• Baltimore Aircoil Aust Pty Ltd
• Aggreko Plc.
• Sunbelt Rentals
• Johnson Controls
• Carrier Rental Systems
• Engie Refrigeration
• Cooling Tower Depot
• Baltimore Aircoil Aust Pty Ltd
• Jacir
• Midwest Cooling Tower Services
• KTK Kühlturm
• Trane
• ICS Cool Energy
• Power Mechanical Inc.
• BDI Cooling Ltd.
• Watkin hire Ltd.
• American Cooling Tower
• Other key players
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