In a recent published report, Kenneth Research has updated the market report for Cooling Tower Rental Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cooling Tower Rental Market products.
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A report on Cooling Tower Rental Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Cooling Tower Rental Market market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
The Global Cooling Tower Rental Market was valued at USD 0.78 billion in 2016 and is projected to reach USD 1.2 billion by 2025, growing at a CAGR of 5.24% from 2017 to 2025.
A Cooling Tower is a heat rejection device that rejects waste heat to the atmosphere through the cooling of a water stream to a lower temperature. Productivity can suffer due to the limited capacity of permanent cooling towers, especially during the hot summer months and to avoid this, organizations use Cooling Tower rental system. This system have several benefits such as – provides supplement cooling water flows, Provide cooling for planned system turnarounds, increases capacity, reduce cold water temperatures, keeping productivity at maximum levels.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Increasing focus on renewable energy
1.2 Rise in economic benefits of rental cooling towers over purchased cooling towers
1.3 Rising adoption of rental cooling towers in refineries & chemical plants
1.4 Growing HVACR deployments
1.5 Growing need for supplemental cooling and emergency response
1.6 Advancements in cooling tower rental market
2. Market Restraints
2.1 Rising need for large quantities of water
2.2 Lack of technical expertise
2.3 Increasing focus on renewable energy
2.4 Growth in the nuclear power generation industry
Market Segmentation:
The Global Cooling Tower Rental Market is segmented on the design, type, capacity, end user, and region.
1. Design:
1.1 Natural Draft
1.2 Mechanical Draft
2. By Type:
2.1 Wet
2.2 Dry
2.3 Hybrid
3. By Capacity:
3.1 500-1000 tons
3.2 Up to 500 tons
3.3 1000-1500 tons
3.4 1500-3000 tons
3.5 Above 3000 tons
4. By End User:
4.1 Commercial
4.2 Industrial
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Aggreko
2. Caterpillar
3. Sunbelt Rentals
4. Engie Refrigeration
5. KTK Kühlturm
6. Midwest Cooling Tower Services
7. Trane
8. ICS Cool Energy
9. SPX Corporation
10. United Rentals
11. Johnson Controls
12. Carrier Rental Systems
13. Jacir
14. Cooling Tower Depot
15. Baltimore Aircoil Australia
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Cooling Tower Rental Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team.
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Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.
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