It is anticipated that in 2023, the value of the demand for cooling tower rental services will be approximately US$ 996 million. It is projected that this market will grow at a compound annual growth rate (CAGR) of 7.7% between 2023 and 2033 by the FMI market analysis report. According to the FMI analysis, by 2033, when this forecast period ends, the total market valuation is expected to reach US$ 2,100 million.
As a whole, with the expanding industrial and manufacturing sector 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.
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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.
Key Takeaways From the Cooling Tower Rental Market Study::
- 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.
More Valuable Insights Available:
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.
Key Companies Profiled:
- Aggreko
- Baltimore Aircoil Australia
- Carrier Rental Systems
- Caterpillar
- Cooling Tower Depot
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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
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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 is 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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