Market Size of Cooling Tower Rental Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cooling Tower Rental Market Analysis
Rented cooling towers are a great resource and a great way to quickly replace lost cooling capacity until the permanent cooling tower is repaired or replaced. The cooling tower rental market is expected to register 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 world 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 likely to hinder the market's growth 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, and chemical plants, and technological advancements in the cooling tower rental market are likely to provide opportunities in the market.
- North America is expected to have the largest market share in the cooling tower rental market during the forecast period.
Cooling Tower Rental Industry Segmentation
The cooling tower rental market report includes:
| Type | |
| Wet | |
| Dry | |
| Hybrid |
| End User | |
| Commercial | |
| Industrial |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Middle-East and Africa | |
| South America |
Cooling Tower Rental Market Size Summary
The cooling tower rental market is poised for growth, driven by the need for temporary cooling solutions in industries such as construction, petrochemicals, manufacturing, refining, and power utilities. The market is experiencing a resurgence as businesses seek to quickly replace lost cooling capacity due to equipment failures or the need for repairs. The COVID-19 pandemic has had a notable impact, causing disruptions in power generation and refinery operations, which in turn has spurred demand for rental cooling towers. Despite challenges such as a fragmented and competitive landscape and high installation costs for short-term use, the market is expected to expand, with the industrial segment leading the way due to increased demand from various industrial applications.
North America is anticipated to maintain its dominant position in the cooling tower rental market, supported by robust activities in the construction, food and beverage, and oil and gas sectors. The region's significant refining capacity and ongoing construction projects further bolster the demand for rental cooling towers. In the Asia-Pacific region, the growth of electricity generation and nuclear power plants is expected to positively influence market demand. The market is characterized by the presence of key players like Aggreko PLC, Caterpillar Inc., and United Rentals Inc., who are instrumental in providing rental solutions to meet the evolving needs of industries worldwide.
Cooling Tower Rental Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD biliion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Wet
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2.1.2 Dry
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2.1.3 Hybrid
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2.2 End User
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2.2.1 Commercial
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2.2.2 Industrial
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 Middle-East and Africa
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2.3.5 South America
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Cooling Tower Rental Market Size FAQs
What is the current Cooling Tower Rental Market size?
The Cooling Tower Rental Market is projected to register a CAGR of greater than 4.90% during the forecast period (2024-2029)
Who are the key players in Cooling Tower Rental Market?
Aggreko plc , Caterpillar Inc. , United Rentals, Inc. , SPX Cooling Technologies, Inc. and Johnson Controls International plc are the major companies operating in the Cooling Tower Rental Market.
