The global cooling tower rental market is projected to grow at a CAGR of 5.18% from 2017 to 2022 and reach USD around 0.99 Billion by 2022. This growth is primarily driven by the rising demand for power generation from different industrial and commercial consumers which mainly include emergency power and supplement cooling applications. The other key growth factors that drive the cooling tower rentals market is the increasing investments in major industries such as oil & gas, power utilities, metals and mining. North America is likely to continue to hold the largest share in the cooling tower rental market. The second largest market share is held by Europe.
The cooling tower rental market is dominated by few global players. These include Aggreko (U.S.), Caterpillar, Inc. (U.S.), Trane, SPX Corporation (US), united rental and Sunbelt rental (U.S.) and Johnson controls.
New product development and expansions have been the key strategies adopted by major market players towards organic growth from 2014 to 2017. Contracts & agreements has been the next most used strategy during this period.
Caterpillar, a leading player in the cooling tower rental market, sells and rents out cooling towers through its various subsidiaries which include Energy Power Systems Australia, Warren Cat and Foley. Energy Power Systems Australia is involved in the rental of various Caterpillar equipment comprising of industrial cooling products, generators, air compressors, and other ancillary products; Warren Cat, an authorized Caterpillar dealer in North America, operates through machine division, rental division, and power systems division business segments; Foley, which is a Cat equipment dealer since 1957 and rents out temporary cooling towers and air handlers in New Jersey (US).
Aggreko is a Scottish company, and primarily deals in providing rental solutions for temporary power and temperature control to its customers. The company offers modular, mobile power, and related solutions. Aggreko operates through 2 business segments, namely, power solutions and rental solutions. The company manufactures most of its power-based and chiller equipment. In January 2017, Aggreko acquired TuCo Industrial Products, a leader in providing temporary heat and air conditioning equipment to the industrial, construction, commercial, and special events industries.
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
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