Cooling Tower Rental Market Size

Cooling Tower Rental Market Analysis

Rented cooling towers are a great resource and a great way to quickly replace lost cooling capacity until the permanent cooling tower is repaired or replaced. The cooling tower rental market is expected to register a CAGR of more than 4.9% during the forecast period. The impact of COVID-19 on the cooling tower market has been significant. Since the restrictions and shutdowns caused due to the COVID-19 have affected the power generating and refinery industry, factors, such as replacement or repair of existing cooling towers, unplanned outages, and unexpected failure of cooling towers in commercial and industrial applications, are expected to drive the cooling tower rental market. The increasing growth in major end-user applications such as construction, petrochemicals, manufacturing, refining, power utilities, hospitals, etc., across the world is anticipated to fuel the growth of the market during the forecast period. However, factors like highly fragmented and competitive industry and the high cost of installation for a small period are likely to hinder the market's growth over the forecast period.

• The industrial segment is expected to dominate in the market during the forecast period, owing to the rise in demand from several industrial applications.
• Growth in the nuclear power generation industry, increase in adoption of rented cooling towers in refineries, constructions, and chemical plants, and technological advancements in the cooling tower rental market are likely to provide opportunities in the market.
• North America is expected to have the largest market share in the cooling tower rental market during the forecast period.