The global cooling tower rental market reached a value of USD 284.6 million by the end of 2022. While the market experienced a compound annual growth rate (CAGR) of 10.6% from 2018 to 2022, it is expected to stabilize at a 7.7% CAGR between 2023 and 2033. Overall, the market is anticipated to grow from USD 996 million in 2023 to USD 2,100 million by 2033.
The increasing demand for cooling tower rental services is primarily driven by the expanding industrial and manufacturing sectors worldwide. Additionally, the rising need for ventilation and air conditioning services significantly impacts market dynamics.
Temporary cooling solutions are commonly utilized across various industries to mitigate the costs associated with operating and maintaining refrigerants or chillers. This trend is particularly prevalent in the growing global food and beverage industry, which further drives the demand for cooling tower rental services at the local level.
Key Takeaways:
- 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.
Key Segmentation:
By Product Type:
- Wet Cooling Towers
- Dry Cooling Towers
- Hybrid Cooling Towers
By Design:
- Mechanical Draft
- Natural Draft
- Other Designs
By End User Verticals:
- Industrial Use
- Commercial Use
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
Report Preview: https://www.futuremarketinsights.com/reports/cooling-tower-rental-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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