Oil Refineries and Commercial Segment Expected to Drive Growth in the North American Cooling Towers Market
The 2022 North American Cooling Towers: OEM and Rental Markets are projected to grow due to demand from oil refineries and the commercial segment. The OEM market for cooling towers is expected to witness a CAGR of over 4.0 percent and the rental market is expected to witness a double-digit growth rate.
This study aims to provide a detailed analysis of the North American Cooling Towers Market along with qualitative trends for the year 2021.
The market numbers included in this report represent revenues generated by companies operating in the cooling towers market in the United States and Canada, both manufacturing and rental. The base year for the study is 2021 and the forecast period is from 2021 until 2028. The report captures the growth drivers, restraints, market trends, market share by revenue, and the competitive landscape.
The North American Cooling Towers: OEM and Rental Markets are competitive with the presence of local, regional, and national market participants trying to gain market share and maintain a foothold in the market. The OEM market is mature and projected to experience slow growth during the next seven years, while the rental market is in a growth stage with a double-digit CAGR projected over the forecast period.
A cooling tower is defined as a heat rejection device which extracts heat in the atmosphere through the cooling of a water stream to a lower temperature. Evaporative heat rejection devices, such as cooling towers, are commonly used to provide significantly lower water temperatures than achievable with "air cooled" or "dry" heat rejection devices, such as the radiator in a car, allowing for more cost effective and energy efficient operation of systems in need of cooling.
For the purposes of this study, the 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.
This study captures the following information:
- Market Size, Growth Rate, and Revenue Forecasts (2021-2028)
- Growth Drivers and Restraints
- Market Data
- Quotes by Industry Participants
- Market Share Analysis
- Market Trends
Companies Featured:
- Major rental market participants include: Aggreko, plc., Sunbelt Rentals, Midwest Cooling Tower Services, LLC, United Rentals, Carrier Rentals, Trane Rental Services, and Caterpillar, Inc., among others.
- Major OEM market participants include: SP Cooling Technologies, Inc., Evapco, Inc., Baltimore Aircoil Company, Cooling Tower Depot, Inc., and International Cooling Tower, Inc., among others.
Table of Contents
I. Research scope, methodology, definitionII. Segmentation by capacity, by end user, by type, by form
Executive Summary
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 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 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.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Advantage Engineering Inc.
- Aggreko plc.
- Amcot Cooling Tower Co
- American Cooling Tower Inc.
- Babcock & Wilcox Enterprises Inc.
- Baltimore Aircoil Company
- Berg Chilling Systems Inc.
- Bondtech Corp.
- Brentwood Industries Inc
- Carrier Rentals
- Caterpillar Inc
- Cooling Tower Depot Inc
- Cooling Tower Systems Inc.
- Cooling Towers LLC
- Delta Cooling Tower
- Ershigs Inc.
- Evapco Inc.
- Herc Rentals
- International Cooling Tower Inc
- J.E. Johnson Inc.
- Midwest Cooling Tower Services LLC
- Midwest Cooling Towers Inc.
- Noya Inc.
- OBR Cooling Towers Inc.
- Pioneer Air Systems Inc.
- Power Mechanical
- Pre-Heat Inc.
- Resolute Industrial Holdings LLC
- REYMSA COOLING TOWERS Inc
- Samco Technologies Inc.
- SP Cooling Technologies Inc.
- SPX Cooling Technologies Inc.
- Star Cooling Towers
- Sunbelt Rentals
- Thermal Care Inc.
- Total Environmental Management Inc.
- Trane Rental Services
- United Metal Products
- United Rentals
Methodology
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