North America Rental Chillers Market Size, Share & Trends Analysis Report By Product (Water-cooled, Air-cooled), By End Use (Commercial, Industrial), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The North America rental chillers market size was estimated at USD 0.26 billion in 2021 and is anticipated to witness a compounded annual growth rate (CAGR) of 5.3% from 2022 to 2030. Ongoing urbanization and industrialization, rising purchasing power, increasing family income, and changing consumer food preferences contribute to the growth of rental chillers market in North America. The reduced availability of labor due to quarantine requirements, coupled with weakening demand for residential and commercial buildings, is expected to negatively impact the construction industry, thereby negatively impacting the commercial sector for the rental chillers market in North America. The U.S. food and beverage industry is thriving due to the presence of a large number of players, favorable government policies, and industrial automation. Thus, the growing food & beverage industry coupled with the burgeoning population is expected to drive the market in the U.S.

The U.S. government is undertaking several initiatives to improve its public infrastructure. For instance, in June 2021, the U.S. Department of Transportation announced a USD 905.3 million investment in infrastructure development projects in the country through the discretionary grant program Infrastructure for Rebuilding America (INFRA). Thus, growing commercial projects in the country expected to drive the demand for rental chillers.

Rental chillers are used in residential sector to meet the cooling demands of the buildings. Furthermore, the feasibility of installing rental chillers without major renovations in the buildings is expected to augment its adoption in various hi-rise buildings. The growing interest in green building projects is expected to drive the demand for renovations and new buildings. Furthermore, commercial activity is expected to grow over the next five years as the economy begins to recover from the COVID-19 pandemic.

Product Insights

The water-cooled chiller segment led the market and accounted for 61.9% of the global revenue share in 2021. A water-cooled chiller uses heat removal to cool the water used in projects, industrial, and domestic structures. Water-cooled chillers move heat from one area that needs temperature regulation to another area. Water-cooled chillers are preferred by manufacturers over cold air chillers since they take less space and can be installed indoors. Furthermore, this can lower the chiller’s maintenance & repair expenses and extend its life. Water-cooled chillers are known for their stability and durability compared to other types of chillers like air-cooled chillers.

The air-cooled chiller segment led the market and accounted for 38.1% of the global revenue share in 2021. Air-cooled chillers rely on a condenser that is cooled by the ambient air. As a result, air-cooled chillers are commonly used in smaller or medium-sized systems with limited space. In cases when water is a rare resource, an air-cooled chiller is the most feasible option.Manufacturers such as United Rentals, Inc., Resolute Industrial, Trane, and others prefer air-cooled chillers owing to their huge cost savings associated with installation and low complexity than water-cooled chillers, and low maintenance. Air-cooled chillers take up less area but are primarily found outdoors.

End-use Insights

The commercial end-use segment accounted for 61.9% of the global revenue share in 2021. The increasing penetration of rental chillers in corporate offices, data centres, educational institutions, warehouses, public buildings, mercantile & services, retail stores, healthcare facilities, lodging and boarding units, and food service establishments is driving the demand for rental chillers used in commercial applications.

Rental chillers are used to provide cooling in healthcare institutions such as clinics, retirement homes, and hospitals in North America. These institutions are visited by a large number of patients with health issues. These structures have heat-generating equipment installed in them in large numbers. The rising awareness about the benefits of rental chillers, combined with increased demand for cooling systems in healthcare facilities, is expected to contribute to the surged deployment of rental chillers in the region.

The industrial end-use segment accounted for 25.2% of the global revenue share in 2021. Rental chillers are used in various applications such as injection molding, laser cutting, and printing. They are also used in the plastics, food & beverages, medical, electronics, chemicals, petrochemicals, pharmaceuticals, and power generation industries.

Rental chillers are used in the plastics industry to cool hot plastic, which is stamped, extruded, blown, or injected. Moreover, they are also used to cool the equipment used for manufacturing plastic products, including gearboxes and hydraulics of molding machines. The ability of easy expansion of rental chillers is expected to have a positive impact on the demand in North America.

Residential end-use industry demand is expected to expand at a CAGR of 4.5% during the projected period. These products are used in the residential sector to meet the cooling requirements of buildings owing to their low installation, operation, maintenance, and repair costs. Moreover, they can be installed without requiring extensive changes in existing buildings.

Regional Insights

The U.S. led the market and accounted for 82.5% of the global revenue share in 2021. Food and beverage industry is growing in the U.S. owing to the presence of several players such as Nestlé,PepsiCo., The Coca-Cola Company, and Mars, have opportunities favored by government policies, and industrial automation. Thus, the growing food & beverage industry coupled with the burgeoning population is expected to drive the market in the U.S.

Rental chillers are used in the residential sector to meet the cooling demands of the buildings. Furthermore, the feasibility of installing rental chillers without major renovations in the buildings is expected to augment its adoption in various hi-rise buildings. Increasing renovation of residential buildings in the country coupled with rising demand for energy-efficient products is anticipated to have a positive impact on market growth.

The market in Canada accounted for 10.5% of the global revenue share in 2021.Increased investment in new manufacturing facilities to maximize capacity utilization coupled with the presence of stringent government regulations such as Canada’s Energy Efficiency Regulations in Toronto and Vancouver for cooling in commercial sector is expected to drive the demand for rental chillers.

Mexico’s market is likely to witness a CAGR of 5.7% over the forecast period. The flourishing construction industry in Mexico is expected to supplement the growth of the HVAC and refrigeration, power generation, and chemicals industries. This, in turn, is anticipated to drive the demand for these products used in residential, commercial, and industrial sectors in the country over the forecast period.

Key Companies & Market Share Insights

The market is extremely competitive due to the presence of both international and local players. Manufacturers of these products adopt several strategies including acquisitions, mergers, joint ventures, new product developments, and geographical expansions to enhance their market penetration and cater to the changing technological demand for equipment from various end-use industries such as commercial, industrial, and residential.

For instance, in March 2022, Resolute announced that it acquired Rocky Mountain Portable Cooling (RMPC). Mobile Air & Power Rentals, the rental business of Resolute Industrial, will oversee RMPC and its operations. With the addition of over 500 assets to its portfolio, this acquisition enables Resolute’s rental business to enter the Denver market. Some of the prominent players in the North America rental chillers market include:

• United Rentals, Inc.

• Resolute Industrial

• Aggreko

• Carrier

• Sunbelt Rentals, Inc

• Trane

• Johnson Controls

• Daikin

• Power Mechanical

• Mobile Air & Power Rentals

North America Rental Chillers Market Report Scope

North America Rental Chillers Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global North America rental chillers market report on the basis of product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Water-Cooled

  • Air-Cooled

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Commercial

  • Industrial

  • Residential

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico