The cooling tower rental market is expected to grow at a rapid pace in the near future. A cooling tower is a heat rejection mechanism that emits waste heat into the atmosphere by lowering the temperature of a water stream. A cooling tower is the most important piece of equipment in any enterprise that wants to remove unwanted heat with the least amount of water possible. It's a fantastic resource and a perfect solution to make up for lost cooling capacity until the permanent cooling tower can be repaired or replaced. Due to the restricted capacity of permanent cooling towers, especially during the hot summer months, productivity might suffer; to avoid this, businesses use a cooling tower leasing system. Many firms may not see the necessity to place heat in their operations because it is a by-product of the entire manufacturing process. Instead, they hire a cooling tower only when it is needed. Cooling tower rentals are offered with fully pre-assembled systems that are ready to use right away in any setting. Food processing plants, petroleum refineries, natural gas plants, and petrochemical plants all use cooling towers. They are classed as natural draught or mechanical draught depending on the mechanism used to circulate air. A cooling tower is a heat rejection mechanism that emits waste heat into the atmosphere by lowering the temperature of a water stream. This system has various advantages, including supplementing cooling water flows, providing cooling for planned system turnarounds, increasing capacity, lowering cold water temperatures, and maintaining maximum output.
Market Scope and Structure Analysis
Market Size Available for Years
Base Year Considered
Type, Capacity, Design, End User, Region
COVID-19 Impact Analysis
- The outbreak of the COVID-19 pandemic followed by restrictions and lockdown globally, negatively impacted every industry including the power generating and refinery industry. Thus, significantly affecting the cooling tower rental market.
- The supply chain was interrupted and the availability of the raw material declined, which hampered the production activities.
- The power generating industries were shut down due to the pandemic as gathering and movement of people were restricted to avoid the spread of the virus. This impacted the cooling tower rental market and caused a decline in growth of the market.
- The refineries operation was halted as the transportation of material across border were cancelled and no new development and investment were done in these industries.
- The growth in demand by the major end-user applications such as power utilities, hospitals, manufacturing, petrochemicals, refining among others reduced, which caused a market halt for rental cooling tower.
- With lockdown restriction uplifted from major countries and the production activity started in power utilities, manufacturing, petrochemicals, refining the market for cooling tower rental is expected to grow in the future.
Top Impacting Factors
The rise in construction activities in both developing and developed countries, which drives the need for cooling, refrigeration, and heating ventilation equipment, is expected to increase the cooling tower leasing market demand.
The market is bolstered by the expansion of transportation infrastructure such as ports, airports, and bridges. The HVAC system is projected to be in high demand as a result of the construction activity. The use of advanced technology ensures that energy is only utilized when it is needed, resulting in the increase in production. Choosing to rent cooling towers rather than buy them has a number of advantages. Such advantages are important factors in the global cooling tower leasing market's improvement. However, the increase in preference for renewable energy sources and the high cost of installation for a short period of time are two concerns that are anticipated to limit the market growth. Oil price fluctuations have been linked to businesses such as oil and gas production, electricity generation, and product manufacturing, which has hampered the global cooling tower rental market. Asia-Pacific’s vast nuclear power industry as well as the region's high energy demand, are expected to provide opportunities for the cooling tower leasing business to expand in the future. Environmental regulations, together with the increase in investment from major industries such as oil and gas, power utilities, and mining globally are expected to drive market expansion in the future.
- In October 2020, EWK constructed eight cooling towers at Alicante Airport in Spain that were integrated with "Smart Cooling Tower" technology. Automatic detection and information on the tower's operation were provided by the technology.
- In November 2020, Linde GmbH chose Hamon & CIE S.A. to design and implement an 18-cell cooling tower for the Amur Gas Chemical Complex in Russia. The cooling tower is composed of fiberglass-reinforced plastic (FRP) and features an automated louvre system that allows it to run continuously at exceptionally low temperatures.
- The Asia-Pacific region is one of the most rapidly growing regions globally for electricity generation capacity and the nuclear power sector. For example, there were around 135 operational nuclear power reactors in the Asia-Pacific region as of September 2020, with another 35 under construction and plans to develop an additional 60-70 nuclear reactor facilities. As a result, the Asia-Pacific region's increased focus on nuclear power plant building is expected to boost the demand for the cooling tower rental market.
- On 23th June 2021, Carrier Rental Systems, the UK and Ireland's leading temperature management company, purchased a fleet of very low temperature (VLT) cooling equipment for use in the chemical, power generating, pharmaceutical, and food production and distribution industries. The VLT fleet includes chillers, dry coolers, and low temperature air handling units (AHUs) that can cool to minus 45 degrees Celsius utilizing a high-performance refrigeration system based on R-449A refrigerant coupled to a secondary glycol circuit. The refrigerant's GWP of 1282 is 67 percent lower than that of the outgoing high GWP refrigerants R-404A and R-507, and it is up to 12 percent more energy efficient, resulting in decreased environmental impact and operating expenses. To handle low-temperature fluids, the chillers are combined with high-efficiency, inverter-driven VLT pumps with high-performance bearings and seals.
Key Benefits of Report
- This study presents the analytical depiction of the cooling tower rental market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cooling tower rental market share.
- The current market is quantitatively analyzed from 2020 to 2028 to highlight the cooling tower rental market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed cooling tower rental market analysis based on competitive intensity and how the competition will take shape in the coming years.
Cooling Tower Rental Market Report Highlights
By End User
Key Market Players
United Rentals, Inc., Jacir, Finning International Inc, Midwest Cooling Tower Services, LLC, Carrier Rental Systems,, GOHL-KTK GmbH, Johnson Controls, Inc., Aggreko, Engie Refrigeration, SPX Corporation