The demand for Cooling Tower Rental services, in terms of value, is estimated to be worth around USD 996 million in the current year 2023. According to the FMI market analysis report, this market is anticipated to increase at a CAGR of 7.7% from 2023 to 2033.
The FMI report further predicts the overall market valuation would be reaching USD 2,100 million by the end of this forecast period by 2033.
Renting cooling towers to industrial, manufacturing, and commercial sectors for a temporary period has emerged as a lucrative business in the last few years.
There is now an increasing need for cooling systems to maintain ideal operating temperatures and avoid overheating equipment and machinery. Additionally, the industry is expanding with the growing demand for services like ventilation and air conditioning in storage or warehouses, particularly for food items.
The adoption of the cooling tower rental market is expanding as a result of the constantly expanding industrial and manufacturing sector, particularly in emerging economies. As businesses grow and new industrial facilities are built the demand for cooling tower rental services market is expected to get competitive in the future.
Furthermore, it is getting highly adopted in corporate and public buildings as businesses and organizations attempt to establish pleasant working spaces for employees.
Important market developments can be further demonstrated by the contract signed between Babcock & Wilcox SPIG Incorporation and BASF Dow HPPO.
The agreement was signed in June 2019 for improving services on the cooling tower at a propylene oxide production facility in Belgium. This partnership demonstrates how crucial specialist knowledge is when providing or upgrading cooling tower rental services for vital industrial infrastructure.
| Attributes | Details |
|---|---|
| Global Cooling Tower Rental Market Valuation in 2022 | USD 913.8 million |
| Estimated Global Market Share in 2023 | USD 996 million |
| Forecasted Global Market Size by 2033 | USD 2,100 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 7.7% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 10.6% CAGR |
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According to earlier market survey reports, the net worth of the total cooling tower rentals subscribed in the year 2018 was USD 610.7 million. In the following years, it progressed moderately before witnessing a steep rise during the years 2021 and 2022 during the post-covid-19 pandemic period.
Trends like the inclusion of light-emitting diode (LED) retrofits, water source heat pumps, and the supply of upgrading services can drive the market further. The advent of "Smart Cooling Tower" technology is also another notable breakthrough promising several other emerging trends in the cooling tower rental market.
Smart cooling tower technology provides real-time monitoring and analysis of the cooling towers' activities through the use of sensors, data analytics, and automation.
Further, it may maximize the knowledge of the product's performance by gathering and evaluating data on numerous factors like water flow, and energy usage. This new technology's automated detection function enables rapid detection of any problems or irregularities in the operation of cooling towers.
| Top Product Type Segment | Wet Cooling Towers |
|---|---|
| Top Market Segment Historical CAGR from 2018 to 2022 | 10.5% |
| Top Market Segment Forecasted CAGR from 2023 to 2033 | 7.4% |
To maintain ideal operating temperatures throughout production processes the chemicals and petrochemicals sector need wet cooling towers. So, the wet cooling tower segment is anticipated to retain its dominance throughout the projected period driven by such industries’ expansion.
Over the past few years, the adoption of hybrid cooling tower rental services has garnered sufficient traction with the potential to overtake the wet segment soon. However, dry cooling tower leasing services are in high demand these days as a result of the building and construction industry's expansion.
| Top Design Segment | Mechanical Draft |
|---|---|
| Top Market Segment Historical CAGR from 2018 to 2022 | 10.4% |
| Top Market Segment Forecasted CAGR from 2023 to 2033 | 7.2% |
Depending on design mechanical draft cooling towers are renowned for their energy-efficient construction and use and constitute the dominant segment in the market. Such cooling towers also use cutting-edge technology including variable speed motors, effective fans, and airflow control systems that are tuned to keep them popular.
The cooling towers are used in a variety of sectors, however, the industrial segment currently accounts for a sizeable portion of the market. Many industries heavily rely on cooling towers for the cooling of machinery and the condensation of steam in petrochemical and refinery facilities.
The cooling tower rental services for the industrial segment are predicted to expand further with the rising sales of fuel products on a worldwide scale.
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| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the United States Market from 2018 to 2022 | 10.6% |
| Forecasted CAGR of the United States Market from 2023 to 2033 | 7.7% |
| Anticipated Overall Market Value in the United States by 2033 | USD 384.1 million |
| The United States Market Absolute Dollar Growth until 2033 | USD 200.7 million |
As per the FMI analysis, the demand for cooling tower services in the United States remains higher by virtue of a greater industrial base. Expansion of petroleum refineries and the pharmaceutical sector are expected to propel the cooling tower leasing business in the United States to attractive potential.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the United Kingdom Market from 2018 to 2022 | 10.3% |
| Forecasted CAGR of the United Kingdom Market from 2023 to 2033 | 7.4% |
| Anticipated Overall Market Value in the United Kingdom by 2033 | USD 74 million |
| Projected Growth of the Market until 2033 in Absolute Dollar | USD 37.9 million |
A renowned temperature management firm, Carrier Rental Systems, in the United Kingdom and Ireland acquired a fleet of VLT cooling equipment in June 2021. With a global warming potential (GWP) of 1282, the refrigerant used is 12% more efficient and has a 67% GWP lower than traditional refrigerants.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the China Market from 2018 to 2022 | 10.4% |
| Forecasted CAGR of the China Market from 2023 to 2033 | 7.6% |
| Anticipated Overall Market Value in China by 2033 | USD 488.3 million |
| China Market Absolute Dollar Growth until 2033 | USD 254.6 million |
When it comes to the nuclear power industry and electricity generation capacity, the Asia-Pacific countries are witnessing rapid development in recent years.
As an outcome, the growing emphasis on nuclear reactors in the Asia-Pacific area is anticipated to raise demand for the cooling tower rental industry. For instance, by 2033 end, the market share in China alone is projected to contribute to more than 20% of the global revenue.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the Japan Market from 2018 to 2022 | 10.3% |
| Forecasted CAGR of the Japan Market from 2023 to 2033 | 7.6% |
| Anticipated Overall Market Value in Japan by 2033 | USD 401.1 million |
| Japan Market Absolute Dollar Growth until 2033 | USD 208.3 million |
The adoption of cooling tower leasing services is anticipated to increase remarkably throughout Asia Pacific as the power generating sector is expanding remarkably. In countries like the GCC nations and South Africa, the market is anticipated to expand with greater focus on power generation facilities.
| Regional Market Attributes | Details |
|---|---|
| Historical CAGR of the South Korea Market from 2018 to 2022 | 9.3% |
| Forecasted CAGR of the South Korea Market from 2023 to 2033 | 7.3% |
| Anticipated Overall Market Value in South Korea by 2033 | USD 106.8 million |
| South Korea Market Absolute Dollar Growth until 2033 | USD 54.1 million |
Recent Developments by the Cooling Tower Rental Service Providers
Babcock and Wilcox SPIG Incorporation and BASF Dow HPPO partnered in June 2019 to modify a production facility of propylene oxide cooling towers in Belgium. A division of Babcock & Wilcox Enterprises was also part of this agreement to improve BASF's cooling tower's performance.
The joint venture of BASF SE and the Dow Chemical Company is known as BASF Dow HPPO which guarantees efficiency of the production process.
An important development in the cooling tower rental services sector occurred with the installation of eight cooling towers at the Alicante Airport in Spain.
These cooling towers were outfitted by EWK in October 2020 with "Smart Cooling Tower" technology is one of its kind in the country. It is a ground-breaking method that combines both automated detection and data monitoring capabilities to improve the cooling tower performance installed at Alicante Airport.
How can Manufacturers Scale their Businesses in the Global Cooling Tower Rental Market?
Prominent global cooling tower rental service providers are emphasizing the value of the ongoing process of optimization and development of sustainable business models. Moreover, upgrading the cooling tower shows the dedication of market players to raise production, operational effectiveness, and lowering the carbon footprint for environmental sustainability.
The development and adoption of digital solutions for streamlining cooling tower rental services might allow companies to maintain competitiveness and seize new opportunities. Adapting to shifting environmental legislation, technical improvements, and the rising need for effective cooling solutions across several sectors can also scale up the business.
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| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Middle East & Africa; East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Product Type, By Design, By End Use Verticals, and By Region |
| Key Companies Profiled | Aggreko; Baltimore Aircoil Australia; Carrier Rental Systems; Caterpillar; Cooling Tower Depot |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is estimated to reach USD 2,100 million by 2033.
The market size in 2022 was estimated to be nearly USD 913.8 million.
The market is estimated to secure a valuation of USD 996 million in 2023.
Aggreko, Baltimore Aircoil Australia, and Carrier Rental Systems are key players.
The United States, Japan, and China dominate the global market.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
5.1. Wet
5.2. Dry
5.3. Hybrid
6. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Design
6.1. Mechanical Draft
6.2. Natural Draft
7. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Use
7.1. Industrial
7.2. Commercial
8. Global Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. North America
8.2. Latin America
8.3. Europe
8.4. South Asia
8.5. East Asia
8.6. Oceania
8.7. MEA
9. North America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Europe Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. South Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. East Asia Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14. Oceania Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15. MEA Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
16. Key Countries Analysis
17. Market Structure Analysis
18. Competition Analysis
18.1. Aggreko
18.2. Baltimore Aircoil Australia
18.3. Carrier Rental Systems
18.4. Caterpillar
18.5. Cooling Tower Depot
18.6. Engie Refrigeration
18.7. ICS Cool Energy
18.8. Jacir
18.9. Johnson Controls
18.10. KTK Kühlturm
19. Assumptions & Acronyms Used
20. Research Methodology
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Cooling Tower Rental Market
