SAN ANTONIO, TX October 20, 2020 -- A new analysis by Verify Markets shows the European temperature control equipment rental market was valued at approximately $800 million in 2019 and is expected to reach over a $1 billion in revenue by 2026.
Extreme weather due to climate change, new rental applications for manufacturing industries, and construction industry demand have predominantly driven market growth for rental opportunity in temperature control. “Currently, the largest industry opportunities in Europe for temporary temperature control are in manufacturing, petrochemical & refining, and construction,” noted Anthony Miller, managing partner of Verify Markets. Growth areas amidst the COVID-19 pandemic include increased demand from the pharmaceutical and food & beverage industries, requirements for rental air conditioning systems at mobile testing sites, temporary healthcare facilities, and increased cloud computing and data storage requirements. Data centers mark one of the fastest growing opportunities for temporary cooling.
The events industry represents a major end-user vertical. Currently, the events industry is more or less at a complete standstill. Across Europe, large events and parties are being cancelled or delayed while public gatherings are banned altogether.
In recent years, Europe has ramped up initiatives toward energy transformation. Energy transformation acts as a megatrend across the region with Stage V emissions standards, requiring that: OEMs produce more environmentally conscious equipment, HFC (hydrofluorocarbons) refrigerants are gradually phased down, local governments are discouraging the use of diesel, and incentivizing businesses to use alternative fuels or more efficient systems. Companies that do not modernize their energy consumption can suffer forms of tax penalty.
In 2018, part of the 'Clean energy for all Europeans’ package was updating policy framework for clean energy to 2030 and beyond. The key element of the amended directive is a headline energy efficiency target for 2030 of at least 32.5 percent. On July 8, 2020, the European Commission published, “Powering a climate-neutral economy: An EU Strategy for Energy System Integration” (the Communication). The Communication is one of several recent policy initiatives to further the European Green Deal goal of achieving carbon neutrality by 2050. The Commission notes that current trends — such as declining costs of renewable energy technologies, innovation in relation to storage systems, electric vehicles, and digitalization — are already driving greater energy system integration in Europe.
Verify Markets’ European temperature control rental market report has been segmented by customer vertical, application, European region, and rental company revenue. Main customers include construction, oil & gas, petrochemical & refining, events, and manufacturing. Some of the key companies featured in the report include Aggreko, Trane Technologies/ICS Cool Energy, Carrier, Andrew Sykes, Caterpillar Dealership Network, Boels Verhuur, Coolworld Heatworld Rentals, LOXAM, and Tibbloc, among others. This report provides an in-depth analysis of the overall temperature control rental market in Europe including, UK & Ireland, France, Germany, Benelux, Italy, the Nordics and Rest of Europe. The report also captures market commentary and information on market dynamics like growth drivers, restraints, market revenues and forecasts, technology trends, and the competitive landscape.
A copy of the European temperature control rental equipment market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Rental Equipment & Power Solutions market research subscription. Other power & rental related market reports:
- North American Power Rental Market
- North American Air Compressor Rental Market
- United States Utility-Scale Energy Storage Market
- North American Residential Backup Power Market
- North American Temporary Cooling Market
- North American Temporary Heating Market
- European Air Compressor Rental Market
- Global Power Rental Market
- Latin American Power Rental Market
- European Power Rental Market
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