A cooling tower can be defined as a specialized heat exchanger where air and water are brought into direct contact with each other for reducing the temperature of water. During this process, a small volume of water is evaporated, which reduces the temperature of water being circulated through the cooling tower. However, heat is simply a by-product of the complete production process or manufacturing cycle, and hence, many companies do not feel the need to permanently install cooling towers in their plants. They realize that the requirement of cooling towers can be fulfilled by the rental market, which can provide complete solutions, including single-point power connection, a circuit breaker, and emergency trailer-mounted delivery.
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The global rental cooling tower market can be segmented based on type, capacity, and application.
In terms of type, the market can be classified into wet, dry, and hybrid cooling towers. The wet cooling towers, also known as open circuit cooling towers, use the principle of evaporation to reduce heat. On the other hand, dry cooling towers can be termed as extended-type of radiator coolers, where the water-containing tubes are wound with integral copper strips, and these areas are cooled with fans. Meanwhile, hybrid cooling towers are a combination of wet and dry cooling technologies. The wet cooling towers segment held a prominent share of the market in 2016. They are used most commonly by power generation utilities and in the manufacturing sector.
The cooling towers are available in a large range of capacity, from under 500 tons to more than 3000 tons. In fact, on the basis of capacity, the cooling tower rental market can be segmented into 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. The 1001 tons to 1501 tons segment held a major share of the market in 2016.
In terms of the end-use, the cooling tower rental market can be classified into air-conditioning, manufacturing, electric power generation, and others category. Cooling towers are most commonly employed in the first three industries, whereas the others segment consists of industries such as chemicals, building & construction, food & beverages, oil & gas, etc.
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In terms of region, the global rental cooling tower market can be segmented into North America, Latin America, Middle East & Africa, Europe, and Asia Pacific. North America and Europe cumulatively accounted-for the majority share of the market in 2016 driven by the higher volume of renting rather than purchasing the cooling towers in these regions.
Demand for cooling towers from the HVAC (heating, ventilation, and air-conditioning) industry, in terms of its deployment in residential, commercial, and manufacturing units is estimated to be the primary driver of the global cooling tower rental market in the next few years.
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