In a comprehensive analysis by Verify Markets, the North American Temporary Cooling Market is projected to experience significant growth, with the market size ballooning from $1,733.3 million in 2023 to over an impressive $2,700.0 million by 2030, marking a compound annual growth rate (CAGR) of over 7.0%.
The expansion of the North American temporary cooling market is influenced by a confluence of factors. Prolonged delivery times for new equipment have played a significant role, alongside the record-breaking rise in global temperatures in 2023, which marked the warmest summer worldwide. Particularly, the Eastern United States witnessed temperatures significantly above the average. Furthermore, there has been an increasing shift towards renting rather than owning equipment, which, when combined with significant economic expansion and a notable increase in construction projects, has further fueled market growth. Additionally, the market has seen a substantial boost from a surge in demand specifically for the smallest equipment segment, those under 25 tons, markedly propelling its expansion.
The industrial segment led the demand for cooling equipment rentals in the U.S. and Canada, accounting for over an estimated 35.0% of the market share in 2023. The healthcare sector followed as the second-largest end user with over an estimated 15.0%; education, data centers, and commercial buildings also contributed significantly to market demand.
Although the market prospects appear favorable, several obstacles persist, including restricted equipment availability due to prolonged lead times for new units, increasing investment costs driven by higher equipment prices, an ongoing scarcity of skilled labor, and the shift towards eco-friendly refrigerants. This latter shift introduces complications for temporary cooling rental businesses, necessitating further expenditures, specialized training, and adherence to new regulatory standards.
Considering sector dynamics, several key trends are driving its transformation: enhanced efficiency and customer service through remote monitoring technology adoption; rising rental rates signaling higher demand; strategic re-rental partnerships to address peak period surges; and consolidation via acquisitions, streamlining the market and heightening competition.
Some of the key companies covered in the North American Temporary Cooling Market report include United Rentals, Sunbelt Rentals, Aggreko, Trane Technologies, Herc Rentals, Carrier Corporation, Daikin Applied Americas, and the Caterpillar Dealership Network, among others. This report provides an in-depth analysis of the overall North American cooling equipment rental market and captures various market dynamics such as growth drivers, restraints, market revenues and forecasts, market trends, and a competitive landscape assessment.
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 and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
- Latin American Temporary Cooling Market
- North American Temporary Heating Market
- Latin American Air Compressor Rental Market
- North American Energy-as-a-Service (EaaS) Market
- Asia Pacific Power Rental Market
- Australia and New Zealand Power Rental Market
- North American Power Rental Market
- North American Temporary Cooling Market
- North American Cooling Tower Market
- North American Pump Equipment: OEM and Rental Markets
- Global Temporary Power Projects Market
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