The report “Cooling Tower Rental Market by Type (Wet,Dry,Hybrid), Design (Mechanical Draft,Natural Draft), Capacity (Up To 500 Tons,500-1000 Tons ,1000-1500 Tons,1500-3000 Tons and Above 3000 Tons), End-User , Region – Global Forecast to 2022″, The cooling tower rental market is expected to grow from an estimated USD 0.77 Billion in 2017 to USD 0.99 Billion by 2022, at a CAGR of 5.18%, during the forecast period. This growth can be attributed to the factors such as rise in the number of HVACR deployments and growth in industrial activities, stringent environmental regulations, the need for emergency supplemental cooling, and the economic benefits of cooling tower rental over cooling tower purchase.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Cooling tower rental market. They are Aggreko (U.S.), Caterpillar, Inc. (U.S.), Trane, SPX Corporation (US), united rental and Sunbelt rental (U.S.) and Johnson Controls. The leading players are trying to enter the market of developing economies and are adopting various strategies to increase their market shares.
The wet segment is expected to hold the largest share of the Cooling tower rental market, by type, during the forecast period.
The wet segment led the cooling tower rental market in 2016 and is expected to grow at a decent pace during the forecast period. High growth in North America is driven by higher demand from the growing power generation, chemical, and oil & gas application segments in the region which is the main reason for the large market share held by the segment.
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The industrial segment is expected to be the largest segment of the Cooling tower rental market.
The industrial segment is expected to be the largest segment of the Cooling tower rental market, by end-user, in 2017. The governments of developing nations around the world are spending heavily on the construction industry. The demand for rental cooling towers in the industrial segment is driven by the growing building and construction industry and increased government investments in infrastructure projects resulting in the installation of HVACR systems. These installations have strengthened the cooling tower rental market in developing countries.