A new analysis by Verify Markets shows that the North American Cooling Towers: OEM and Rental Markets is projected to grow due to demand from oil refineries and the commercial segment.
The OEM market for cooling towers is expected to witness a compound annual growth rate of over 4.0 percent and the rental market is expected to witness a double-digit growth rate.
Key trends within the market include environmentally responsible cooling systems, remote monitoring and pre-assembled cooling towers. Some of the key drivers within the market include investments, increasing construction activities, high demand from data centers, and an aging infrastructure. Cooling towers with advanced, modular designs are often constructed of heavy mill galvanized or stainless steel and are growing at a higher rate as compared to field-erected cooling towers.
End users prefer buying cooling towers as compared to renting. The rental solution is short-term and considered very expensive. For any critical operation, where stable operating temperatures are required, end users generally buy more cooling towers than they need as a backup rather than renting. Aggreko led the rental market in 2021, followed by Sunbelt in the second place.
Competitive market – The North American cooling towers market is highly competitive. The OEM market was led by SPX Cooling Technologies, Inc. in 2021. Wet cooling towers are most commonly used in the market. They are considered to be environmentally-friendly and have better efficiency as compared to dry cooling towers. Wet cooling towers made up more than 80 percent share by revenue in 2021.
Some of the key companies in the North American Cooling Towers Market covered in this report include Sunbelt Rentals, United Rentals, Trane Rental Services, Carrier Rentals, Caterpillar Inc., Midwest Cooling Tower Services, LLC., SPX Cooling Technologies, Inc., Evapco, Inc., Baltimore Aircoil Company, Cooling Tower Depot, Inc, International Cooling Tower, Inc., Resolute Industrial Holdings, LLC, Herc Rentals, Total Environmental Management, Inc. Power Mechanical, and Cooling Tower Depot, Inc, Delta Cooling Tower, Babcock & Wilcox Enterprises, Inc., Midwest Cooling Towers, Inc., OBR Cooling Towers Inc., J.E. Johnson, Inc., United Metal Products, Ershigs, Inc., Thermal Care, Inc., Bondtech Corp., Berg Chilling Systems, Inc., Advantage Engineering, Inc., Pioneer Air Systems, Inc., Pre-Heat, Inc., Samco Technologies, Inc., Star Cooling Towers, Brentwood Industries, Inc, Cooling Tower Systems, Inc., American Cooling Tower Inc., Amcot Cooling Tower Co, Cooling Towers LLC, Noya, Inc., REYMSA COOLING TOWERS, INC., and others.
For the purposes of this study, the North American Cooling Towers: OEM and Rental Markets analysis was focused on the cooling tower projects. Chillers, air conditioners, and spot coolers were considered out of scope for this study and have been excluded from the analysis. The base year for the study is 2021 and the forecast period is from 2021 until 2028.
This study captures the following information on the North American Cooling Towers Market: Market Size, Growth Rate, Revenue Forecasts (2021-2028), Growth Drivers & Restraints, Market Share Analysis by End users, by Cooling Towers Type, by Cooling Towers Form, by Country, by Cooling Towers Capacity, by Cooling Towers Construction, by Service, and Others, Rental Market Forecasts (2021-2028) and Market Estimations, Market Trends, and Quotes by Key Industry Participants.
A copy of the North American Cooling Towers Market research report can be obtained at www.verifymarkets.com. This report is part of Verify Markets’ Rental Equipment & Power Solutions Subscription market research and consulting practice.