The Cooling Tower Rental Market is Projected to Reach USD 0.99 Billion By 2022, Growing at a CAGR of 5.18%, from 2017 to 2022.
Cooling tower rentals are used in every industry in a variety of settings; services generally include process cooling, power generation cycle and air conditioning cycle. The growth of the cooling tower rental market can be attributed to rise in HVCAR deployments and growth in industries activities, economic benefit of rental cooling towers over purchased cooling towers, stringent environmental regulation and need for supplemental cooling and emergency response. Due to such an attractive market it is highly fragmented and competitive industry which is the major challenge faced by the players in the market.
The mechanical draft segment is expected to grow quickly in the global cooling tower rental market during the forecast period 2017-2022. Asia Pacific is the key consumer of cooling tower rentals especially mechanical draft based ones. Mechanical draft cooling towers use large fans to force or draw air through the circulating water. Mechanically draft cooling towers are available in both factory assembled and field erected modes and are generally suitable for use in all HVACR, food & beverages, power and chemical applications.
North America is currently the largest market for cooling tower rentals followed by the markets in Europe and Asia Pacific. Market demand particularly for Wet cooling tower rentals in the North American region is projected to grow quicker than Dry ones due to increasing demand in power plans, construction and mining and HVAC systems. Construction, Food and Beverage and Oil & Gas industries in this region contributed more than two thirds of the total revenue in 2015, this dominance will exist even in 2022.
The key players in the cooling tower rental market include Aggreko, United rental, Sunbelt Rental, Caterpillar, Johnson Controls, and Engie Refrigeration.
Market Dynamics
Drivers
Rise in Hvacr Deployments And Growth in Industrial Activities
Economic Benefits of Rental Cooling Towers Over Purchased Cooling Towers
Need for Supplemental Cooling And Emergency Response
Stringent Environmental Regulations
Opportunities
Growth in the Nuclear Power Generation Industry
Increase in Adoption of Rental Cooling Towers in Refineries & Chemical Plants
Technological Advances in the Cooling Tower Rental Market
Restraints
Highly Fragmented And Competitive Industry
Influence of Oil Price Fluctuations On Oil-Dependent Sectors
Growing Focus On Renewable Energy
Challenges
Non-Availability of Technical Expertise for Complex Temperature-Control Issues
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Related Topics: Heat Exchangers and Cooling Towers
Source: GlobeNewswire
(October 30, 2017 - 4:02 AM EDT)
