Cooling Tower Rental Market Size, Share and Global Trend By Type (Dry, Wet), By Design (Natural Draft, Induced Draft, Forced Draft), By End-User (Institutions, Commercial, Industrial) and Regional Forecast, 2024-2032

Cooling towers are used in the heat ventilation and air conditioning systems in various industries. They provide utility for different processes and can go up to capacities of more than 1,000 tons. Cooling tower rentals come in to picture when there is an urgent need for a cooling tower in case of repair, maintenance, and unplanned outages.

The cooling tower rental is a cooling tower service that is provided by different players to the industries or commercial spaces when the existing cooling towers face problems with working smoothly. The cooling tower rentals can provide cooling towers of capacities ranging from 10 tons to more than 1,000 tons. These cooling towers are easy to operate, are readily available, and also available with on-site servicing.

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By type, the cooling tower rental market is classified as dry, wet, and hybrid cooling towers. Based on design, the market is segmented as natural draft, induced draft, and forced draft. The cooling tower rental market is dominated by induced and forced draft towers due to ease in installation and high efficiency.

By end-user, the cooling tower rental market is bifurcated by the applications of the rental cooling towers in institutions, commercial and industrial sectors. The industrial sector is further classified into chemical, petrochemical, power generation, oil & gas, and food & beverage, among others.

Cooling tower rentals are used widely in the power generation industries. The thermal and nuclear power plants have a high demand for the cooling tower rentals in case of a breakdown of the cooling tower. The demand for energy has increased significantly in the last decade and is expected to increase at the same rate in the coming years.

Owing to this, the power generation industry is anticipated to grow at a considerable rate in the coming years. The growth of the power generation industry is expected to drive the cooling tower rental market in the near future. The petroleum refineries use the cooling tower rentals are used in the oil-water separation processes. The growth of the petroleum refineries is thus expected to boost the growth of the cooling tower rental market.

Cooling towers are generally rented for a day, week, or month. The cost of cooling tower rental for a shorter duration is not feasible for the industries. The non-economic cost of the cooling tower rentals is expected to have a negative impact on the growth of the cooling tower rental market during the forecast period.

Key Players Covered

Some of the major companies that are present in the global cooling tower rental market are SPX Cooling Technologies, Inc., Aggreko, Carrier Corporation, Cooling Tower Depot Inc., Power Mechanical Inc., ICS Cool Energy, Tower Tech, Mobile Air, BDI Cooling Ltd., Watkin hire Ltd., United Rentals, Total Environmental Management Inc., Cooling Power, American Cooling Tower, and Ohio Cat among others.

SEGMENTATION 

Regional Analysis

The global cooling tower rental market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America region is expected to generate lucrative opportunities for the growth of the cooling tower rental market in the coming years. The growth of the petroleum refineries and pharmaceutical industry in Canada and the U.S are expected to drive the cooling tower rental market in the North America region. The pharmaceutical industry in the Europe region has witnessed steady growth in the recent past. Additionally, the chemical industry in the region is growing at a significant rate. The growth of the pharmaceutical and chemical industries in Europe is expected to boost the market growth of the cooling tower rental market over the forecast period. The chemical industry in the Latin America region is expected to witness steady growth in the coming years owing to the increasing demand for specialty chemicals. this is expected to drive the cooling tower rental market in the Latin America region.

GCC countries and South Africa in the Middle East and Africa region are focused on increasing their power generation capacities which are expected to add in the growth of the power generation industry in the region. Owing to this, the cooling tower rental market is expected to witness healthy growth in the near future. Asia Pacific region is among the key producers of chemicals and petrochemicals. The power generation industry in the region is also growing at a significant rate. Owing to the growth of the chemical, petrochemical, and power

Key Industry Developments

• In July 2019, San Diego Gas and Electric Co. were awarded a contract by the U.S department of defense of the replacement of the cooling towers. The contract is worth US$ 13.5 million and the company has to provide light-emitting diode retrofits and water source heat pumps along with the replacement of cooling towers
• In June 2019, Babcock and Wilcox SPIG Inc. signed a contract with the BASF Dow HPPO to provide upgrade services for the cooling tower at the propylene oxide manufacturing plant in Belgium