As heat is mostly a byproduct of manufacturing processes operating in an industrial environment, a permanent installation of cooling towers is not necessary. Due to this, companies usually rent out such equipment from suppliers, who can provide them a complete package of solutions. This requirement is a primary boosting factor for the global cooling tower rental market. The report explains the global cooling tower rental market in detail along with associated factors as market drivers, leading segments, competitive vista, and regional outlook, amidst others.
The global cooling tower rental market is divided into many segments based on capacity, type, application/end use, and regional spread, and are described in detail in the report. The market consists of the following segments based on capacity: under 500 tons, between 501 tons to 1000 tons, between 1001 tons to 1500 tons, between 1501 tons to 3000 tons, and above 3000 tons. On the basis of ‘type’, the market consists of wet, dry, and hybrid cooling towers. From the ‘end user’ perspective, the market consists of four segments: electric power generation, manufacturing, air-conditioning, and others categories. Every segment is extensively covered in our report.
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Global Cooling Tower Rental Market: Drivers and Restraints
The report covers several factors responsible for fueling the global cooling tower rental market’s demand. An increase in demand of equipment related to the towers is considered as a primary driver market’s growth. To be specific, the global cooling towers market showcases a rising demand for associated services such as ventilation, air conditioning, and heating, which ends up positively contributing towards better sales. Renting cooling towers in opposition to purchasing them provides numerous economic benefits. Such benefits are prominent drivers for improving performance of the global cooling tower rental market.
In contrast to the drivers, the global cooling tower rental market is being restrained by few hindrances. A prominent obstacle involves a highly fragmented nature of the market. Due to this, a number of local and regional players try to overshadow the business potential of the larger multinational companies who have higher geographical reach than the former. Fluctuation of oil prices has been noted in association with industries dealing with oil and gas extraction, electricity generation, and product manufacturing. This factor has been significantly hurting the global cooling tower rental market. However, with strengthening of the dollar in recent times, the prices are expected to stabilize, thus providing some relief to the market.
Global Cooling Tower Rental Market: Regional Outlook
In terms of geographical spread, the global cooling tower rental market is diversified across Middle East and Africa, Asia Pacific, Europe, Latin America, and North America. From a regional perspective, North America and Europe both accounted a combined maximum market share in 2016, and are expected to showcase the same in future. Such a leading stance mainly rests on the towers’ high demands as well as superior and reliable technology used in both regions. A detailed regional outlook is explained in the report.
Global Cooling Tower Rental Market: Competitive Landscape
The report extensively covers a diverse and fragmented competitive scenario of the global cooling tower rental market. As per our expert analysts, the market is highly fragmented with a mixture of large companies as well as small, local businesses, thus exhibiting high diversification. Some of the major players in the market are: Caterpillar Inc., Engie Refrigeration GmbH, Carrier Rental Systems Inc., Spx Corporation, Johnson Controls International Plc., Baltimore Aircoil Aust Pty Ltd, and Aggreko Plc.