Global Cooling Tower Rental Market Growth, Trends, and Forecasts Report 2021-2026 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Cooling Tower Rental Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The cooling tower rental market is expected to grow at a CAGR of more than 4.9% during the forecast period.
The impact of COVID-19 on the cooling tower market has been significant. Since the restrictions and shutdowns caused due to the COVID-19 have affected the power generating and refinery industry. Factors such as replacement or repair of existing cooling towers, unplanned outages, and unexpected failure of cooling towers in commercial and industrial applications are expected to drive the cooling tower rental market.
The increasing growth in major end-user applications such as construction, petrochemicals, manufacturing, refining, power utilities, hospitals, etc. across the globe is anticipated to fuel the growth of the market during the forecast period. However, factors like highly fragmented and competitive industry and the high cost of installation for a small period are is likely to hinder the growth of the market over the forecast period.
The industrial segment is expected to dominate in the market during the forecast period owing to the rise in demand from several industrial applications.
Growth in the nuclear power generation industry, increase in adoption of rented cooling towers in refineries, constructions & chemical plant, and technological advances in the cooling tower rental market are likely to provide opportunities in the market.
North America is expected to have largest market share in the cooling tower rental market during the forecast period.
Key Market Trends
Industrial Segment to Dominate the Market
- As heat is mostly a byproduct of manufacturing processes operating in an industry, cooling towers are an integral component providing process cooling across a range of applications. Companies usually rent out such equipment from suppliers when in situations like failure or replacement of permanent cooling towers. This requirement is a primary boosting factor for the cooling tower rental market in the segment.
- The industrial segment accounts for the largest share in the market owing to the growth of end-users in the industrial segment. On the basis of industrial, the global cooling tower rental market is categorized into oil & gas, chemicals & petrochemicals, construction, food & beverage, others. Cooling tower rental system supports in recovering from existing cooling tower failure in both planned and emergency situations happening in large industries.
- Industrial cooling towers are a vital component of HVAC systems and are used to remove the heat absorbed in the circulating cooling water systems used in power plants, petroleum refineries, petrochemical plants, natural gas processing plants, food processing plants, and other industrial facilities.
- In the power generation industry, the demand for cooling towers is expected to increase rapidly as the demand for electricity is likely to increase across the in the coming years. Asia-Pacific is one of the main regions in the world where electricity generating capacity, and nuclear power industry are witnessing significant growth. For instance, as of September 2020, there are about 135 operable nuclear power reactors in the Asia-Pacific region and about 35 are under construction and have plans to build an additional 60-70 nuclear reactor plants. Hence, the growing focus of the Asia-Pacific region on nuclear power plant construction is also expected to contribute positively to the cooling tower rental market demand over the forecast period.
- Cooling tower rentals provide a cost-effective and energy efficient operation of systems in need of cooling without affecting the operations during planned/unplanned outages. Wet type cooling tower rentals are majorly used in the industrial segments. Cooling towers of capacity ranging from above 500 tons are being mainly used in large industrial applications like manufacturing, chemical plants, oil explorations.
Competitive Landscape
The cooling tower rental market is fragmented. Some of the major players in the market include Aggreko plc, Caterpillar Inc., United Rentals, Inc., Johnson Controls International plc, and SPX Cooling Technologies, Inc.
Key Topics Covered:
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD biliion, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Wet
5.1.2 Dry
5.1.3 Hybrid
5.2 End-User
5.2.1 Commercial
5.2.2 Industrial
5.3 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Aggreko plc
6.3.2 Caterpillar Inc.
6.3.3 United Rentals, Inc.
6.3.4 Johnson Controls International plc
6.3.5 SPX Cooling Technologies, Inc.
6.3.6 Cooling Tower Depot, Inc.
6.3.7 Carrier Rental Systems Inc
6.3.8 Midwest Cooling Tower Services, LLC
6.3.9 Baltimore Aircoil Co
6.3.10 KTK KUHLTURM KARLSRUHE GMBH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/2b83jw
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