Industrial Cooling System Market Size By Product (Air Cooling, Evaporative Cooling, Hybrid Cooling, Water Cooling), By Application (Automotive, Chemical, Food & Beverage, Metalworking, Oil & Gas, Pharmaceutical, Pulp & Paper, Utility & Power), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 - 2025Industrial Cooling System Market is expected to be around USD 25 billion by 2025. The increasing demand for reliable & efficient cooling systems coupled with technological advancement is encouraging industries to install new cooling systems for enhancing the component and manufacturing operations. The processes in manufacturing faculties/plants generate excessive heat, impacting the lifespan & efficiency of components and driving the demand for efficient cooling equipment. For instance, thermoelectric plants in the U.S. generate around 90% of electricity in the country, producing large amounts of heat and requiring efficient cooling systems. Moreover, the need for water conservation in several regions is driving the industrial cooling system market growth.
The increasing interest of industries toward energy-efficient cooling solutions is predicted to drive the industrial cooling system market growth over the forecast timespan. Several industries are installing energy-efficient cooling systems for reducing the water and power consumption in cooling manufacturing facilities. The manufacturers are developing cost-effective and high-performance cooling systems. In December 2018, SPX Cooling Technologies introduced Recold V Tech adiabatic cooling system. The product helps enhance the utility of an air-cooled system at peak time. The system lowers the energy usage and provides 60% water reduction compared to an evaporative condenser. Such developments are expected to drive the industrial cooling system market in the coming years.
In the utility & power sector, nuclear power plants consume large amounts of water to condense steam from the turbine exhaust. According to the World Business Council for Sustainable Development (WBCSD), developing countries consume around 22% of water while developed countries utilize over 55% of water for industrial purposes. The growing usage of water for cooling components and processes in manufacturing, power generation, and chemical sectors is increasing the demand for the industrial water-cooling system. The industries are also focusing on reusing the water for cooling to reduce water withdrawal and to decrease the impacts on the environment.
The food & beverage sector will witness a steady adoption of industrial cooling systems owing to the increase in the number of manufacturing plants in the sector. The industry requires highly efficient, sustainable, and productive cooling processes to maintain energy efficiency. The growing demand for hygienic and precise temperature control machines in production processes to ensure consistent quality in the working environment is driving the industrial cooling system market growth.
The Asia Pacific industrial cooling system market will grow substantially over the coming years due to the presence of major players offering advanced cooling solutions. Ongoing industrialization coupled with rising government standards for using energy-efficient systems is forcing manufacturers to design modern cooling systems. Moreover, the increasing technological innovations and rapid urbanization are encouraging companies to expand manufacturing facilities in the region.
The key players operating in the industrial cooling system market are Baltimore Aircoil Company Inc., Bell Cooling Towers, Berg Chilling Systems Inc., ENEXIO Management GmbH, EVAPCO Inc., Hamon Group, Johnson Controls Inc, and Schneider Electric SE. The players are competing based on technological advancements and innovations in their product offerings. The growing demand for energy-efficient solutions to enhance the performance of the components is encouraging the manufacturers in the industrial cooling system market to offer effective cooling solutions.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook