SAN ANTONIO, Dec. 20, 2022 (GLOBE NEWSWIRE) -- A new analysis by Verify Markets estimates that the North American Temporary Cooling Market is approaching $1.0 billion for 2022 and is expected experience strong growth during through the forecast period. Demand for temporary cooling equipment has rapidly increased over the last two years driven by longer lead times for new cooling equipment, the recovery of construction activities, expansion and upgrading of datacenters, and warmer weather conditions.
The COVID-19 pandemic has affected the production of system component parts due to the closure of many factories and supply chain delays within affected countries, especially in Asia. Port congestion, truck driver shortages, and rising raw material costs are also important factors contributing to supply chain constraints. Lead times have increased dramatically, and delays are expected to continue for the near-term.
“There are longer lead times for new HVAC equipment and for replacement parts. Supply chain disruptions have benefited the cooling rental market as temporary equipment is used during both replacement and maintenance efforts and for new installations. Rental duration has also increased. On the other hand, rental companies are also facing longer lead times for new equipment and parts needed to expand and maintain their fleet. As a result, fleet utilization rates have significantly increased over the last two years,” states Research Manager for Verify Markets Georgina Carraway.
Another important factor contributing to future market growth includes the recovery of the construction sector. Non-residential building construction spending is expected to expand 9.1% for 2022. During construction and/or expansion efforts, contractors tend to rent cooling equipment to reduce downtimes while awaiting delivery of newly ordered air conditioners.
The North American Temporary Cooling Market report has been segmented by equipment type, air-cooled versus water-cooled, capacity, and end user industry. Main customers include industrial, healthcare, commercial buildings, education, datacenters, events, and others. In 2022, the industrial sector is expected to represent a majority share of the total temporary cooling market in North America. The industrial segment includes petrochemical and refining facilities, manufacturing, and processing plants, etc. These industries use rental cooling equipment for both process cooling applications and for backup cooling during equipment failures, repairs, and scheduled maintenance.
There is an increasing trend of industrial process cooling for specialty water chilling applications for the rental industry, especially where cooling is needed for a limited period of time and where a capital expenditure for outright purchase of a water chiller does not make sense. Testing requirements, oil refining & chemical processing, seasonal food products, ice-skating rinks, cold storage, and standby services are some examples for water-cooled chillers.
The U.S. Environmental Protection Agency (EPA) predicts at least 40 states will have water shortages by 2024. Accordingly, water management is becoming a risk management issue for industrial and datacenter customers. To decrease water dependability and contribute to conservation efforts, datacenter managers are focusing on implementing precision cooling strategies that improve water usage effectiveness (WUE). Some of the strategies include economizing air-cooled chillers to incorporate an additional coil upstream to provide economization as ambient and facility-operating conditions allow and pairing water-cooled chiller plants with adiabatic dry coolers, especially during peak temperature days. Water efficiency efforts have the potential to be “low hanging fruit” to implement, benchmark, and assess the benefits of digital transformation for the process cooling and rental industries.
Some of the companies covered in the North American Temporary Cooling Market report include Aggreko plc., Caterpillar, Inc., United Rentals, Inc., Sunbelt Rentals, Inc., Trane Rental Services, Carrier Rentals, Resolute Industrial (Mobile Air & Power Rentals), Daikin Applied Americas, and TEM-Total Environmental Management, Inc., among others. This report provides an in-depth analysis of the overall North American Temporary Cooling Market. The report captures various market dynamics such as growth drivers, restraints, market revenue, market forecast (2022-2029), technology trends, and competitive landscape.
A copy of the North American Temporary Cooling Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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Contact: Haley Rico
Phone: 210-595-9687
Email: haley.rico@verifymarkets.com
