Longer Lead Times for New Equipment Promoting Growth in HVAC Rental
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…
SAN ANTONIO -- Dec. 20, 2022 (GLOBE NewSWIRE) -- Verify Markets has released a new analysis that estimates the North American Temporary Cooling Market will reach $1.0 billion by 2022. This market is expected to experience strong growth over the forecast period. The recovery of construction activities and warmer weather conditions have all contributed to a rapid increase in demand for temporary cooling equipment over the past two years.
Due to the closures of factories and delays in supply chains within affected countries, particularly Asia, the COVID-19 pandemic had a significant impact on the production of system components. Supply chain problems can also be caused by congestion at ports, shortages of truck drivers, and rising raw materials costs. The lead times have increased significantly and there are likely to be delays in the near future.
"Replacement parts and new HVAC equipment take longer lead times. The cooling rental market has been benefited by supply chain disruptions. Temporary equipment can be used for both maintenance and replacement, as well as new installations. The rental durations have also increased. Rental companies also face longer lead times when it comes to purchasing new equipment or parts that will help them expand and maintain their fleet. According to Georgina Carraway, Research Manager at Verify Markets, the fleet utilization rates have increased significantly over the past two years.
The recovery of the construction industry is another important factor that will contribute to future market growth. The 2022 growth in non-residential construction is 9.1%. Contractors often rent cooling equipment during construction or expansion to reduce downtime while they wait for delivery of new air conditioners.
The North American Temporary Cooling Market report is segmented according to equipment type, water-cooled versus air-cooled, capacity, end user industry, and equipment type. The main customers are industrial, healthcare and commercial buildings as well as education, datacenters and events. The industrial sector will account for the majority of North America's temporary cooling market by 2022. The industrial segment covers petrochemical, refining, manufacturing, and processing facilities. These industries rent cooling equipment to cool their process and as backup cooling in the event of equipment failures or repairs.
The trend towards industrial process cooling is increasing for specialty water chilling applications in the rental sector. This is especially true when cooling is required for a short time and it is not economically feasible to purchase a water chiller. Water-cooled chillers are used for testing, chemical processing, food processing, standby services, cold storage, and ice-skating rinks.
According to the U.S. Environmental Protection Agency, at least 40 states could experience water shortages by 2024. Water management has become a major risk management concern for datacenter and industrial customers. Datacenter managers are now focusing on precision cooling strategies to increase water usage efficiency (WUE) in order to decrease water dependence and conserve water. One strategy is to economize air-cooled chillers by adding an additional coil downstream to allow for economization when ambient and facility-operating circumstances permit. Another strategy is to pair water-cooled chiller plant with adiabatic dry coolers, particularly during peak temperatures. Water efficiency is a low-hanging fruit that can be implemented, benchmarked, and evaluated for the benefits of digital transformation in the process cooling or rental industries.
Among others, the North American Temporary Cooling Market Report includes Aggreko plc., Caterpillar, Inc., United Rentals, Inc., Sunbelt Rentals, Inc., Trane Rental Services, Carrier Rentals, Resolute Industrial, Mobile Air & Power Rentals, Daikin Applied Americas, TEM-Total Environmental Management, Inc., and many other companies. This report gives an in-depth analysis on the North American Temporary Cooling Market. This report provides an overview of market dynamics, including growth drivers and restraints, market revenues, market forecast (2022-2029), technology trends and the competitive landscape.
You can obtain a copy of the North American Temporary Cooling Market research paper at URL. Follow us on Twitter @URL for more updates This report is part Verify Markets' Energy & Power Equipment research and consulting. You can also view other reports on the power rental market:
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