The global cooling tower rental market reached USD 284.6 Million by the end of the year 2022. The market demonstrated a 10.6% CAGR from 2018 to 2022 but is predicted to register a 7.7% CAGR between 2023 and 2033. The overall market is anticipated to flourish from USD 996 million in 2023 to USD 2,100 million by the end of 2033.
As a whole, with the expanding industrial and manufacturing sector and the demand for cooling tower rental services is expanding steadily around the world. The market report also explores how the rising need for ventilation and air conditioning services has played a crucial role in the market dynamics.
In many industry verticals, it is common to deploy temporary cooling solutions to avoid the expense of running and maintaining refrigerants or chillers. The expanding worldwide food and beverage industry is what is driving the need for cooling tower rental services at local levels
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Key Takeaways from the Cooling Tower Rental Market Study Report
- The cooling tower leasing business in the United States is probably going to be driven by the petroleum industry at a 7.7% CAGR through 2033.
- The demand for cooling tower rental services remains lucrative in Europe with the United Kingdom poised to witness a growth rate of 7.4% through 2033.
- Over the forecasted years, the cooling tower leasing industry in China is anticipated by FMI to expand at a CAGR of 7.6%.
- South Korea and Japan are the other two prominent regional markets in the Asia Pacific with market players competing at the global level. As per the FMI analysis reports these two markets are projected to register 7.6% and 7.3% CAGRs respectively through 2033.
- Based on the design of cooling towers, the mechanical draft segment is projected to advance at a CAGR of 7.2% over the next ten years.
Competitive Landscape
The main players operating in the cooling tower rental services market are Aggreko, Baltimore Aircoil Australia, Carrier Rental Systems, Caterpillar, and Cooling Tower Depot. Market competition may heighten in the coming days because permanent cooling tower suppliers are strengthening their sales with the provision of year-round service facilities.
Many cooling tower businesses have advanced in the recent past, with an emphasis on higher energy efficiency, environmental sustainability, and sophisticated cooling technologies. In fact, new competitors operating in the cooling tower leasing business, are emerging fast in the emerging economies that could fragment the market further.
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Recent Developments by the Cooling Tower Rental Service Providers
The USA Department of Defense’s July 2019 deal with San Diego Gas and Electric Company for the replacement of cooling towers marks a significant market development in the energy and defense sectors. In addition to replacing cooling towers, the $13.5 million contract also called for the installation of some other systems as well.
Linde GmbH choose Hamon & CIE for the design and building of an 18-cell cooling tower for the Russian Amur Gas Chemical Complex in November 2020. The project was a unique development for using cutting-edge technology and Fiberglass-reinforced plastic (FRP) materials to satisfy the complex’s unique requirements. Its automated louver system mechanism enables the tower to function consistently even at extremely low temperatures by controlling precise airflow and ventilation.
Opportunities: A Market Poised for Growth
The cooling tower rental market offers several promising opportunities:
- Rising Demand for Flexibility: Manufacturing facilities are increasingly adopting flexible production models, and rental cooling towers cater to this need by providing temporary cooling capacity as required.
- Focus on Cost Optimization: Renting cooling towers allows businesses to avoid the high upfront costs of permanent installations, making it a financially attractive option for short-term cooling needs.
- Advancements in Technology: Developments in energy-efficient and environmentally friendly cooling tower designs can enhance the market’s appeal.
- Expansion into Emerging Markets: As industrial activity grows in developing economies, the demand for rental cooling towers is expected to rise significantly.
- Focus on Customer Service: Rental companies that prioritize responsive customer service, offering diverse cooling tower options and expert technical support, can gain a competitive edge.
