Global Cooling Tower Rental Market: Overview
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.
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 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.
Key segments of the global cooling tower rental market:
Global tower rental market: by type
- Hybrid cooling towers
- Dry cooling towers
- Wet cooling towers
Global tower rental market: by capacity
- Under 500 tons
- Between 501 tons to 1000 tons
- Between 1001 tons to 1500 tons
- Between 1501 tons to 3000 tons
- Above 3000 tons
Global tower rental market: by applications
- Electric power generation
Global tower rental market: geographic spread
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.