Industrial Cooling System Market Size By Product (Air Cooling, Evaporative Cooling, Hybrid Cooling, Water Cooling), Application (Automotive, Chemical, Food & Beverage, Utility & Power, Oil & Gas, Pharmaceutical), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
The industrial cooling system market is anticipated to grow substantially by 2027 on account of increasing technological advancements in the sector. Additionally, surging demand for energy efficient cooling systems is speculated to further support market growth through the forecast timeline.
Industrial cooling systems are installed in manufacturing facilities to expel excessive heat generated during the production process. These systems also help regulate the temperature of machines and the storage of different kinds of products. Rapid industrialization around the world has fostered market growth across key regions.
Notably, rising emphasis on the production of sustainable and energy-efficient cooling systems that operate on zero wastage has propelled innovations in the industry. Additionally, key industry participants are engaging in profitable business strategies to establish their presence in burgeoning marketplaces, which has positively influenced the global business landscape.
For instance, in March 2020, Berg Chilling Systems Inc., a leading provider of industrial cooling systems, announced the acquisition of J&J Air Conditioning and Refrigeration. The takeover facilitated the regional expansion of Berg Chilling Systems’ business and operations facilities.
To cite another instance, in July 2021, Baltimore Aircoil Company (BAC), a global cooling solutions provider for refrigeration, industrial, and commercial markets, inked a deal to acquire Eurocoil SPA, an Italy-based manufacturer of heat exchangers, with the aim to expand its manufacturing capabilities in the region. Baltimore Aircoil's manufacturing capacity in the region increased with the addition of Eurocoil, along with the heat exchanger capabilities for the company's existing cooling products. Furthermore, the acquisition also enabled BAC to accelerate the development of adiabatic and evaporative hybrid technologies.
The industrial cooling system market has been categorized on the basis of application, product, and region. Based on product, the market has further been segmented into evaporative cooling, air cooling, hybrid cooling, and water cooling.
The hybrid cooling sub-segment is projected to expand at a considerable CAGR over the forecast period to reach a notable valuation by the end of 2027. Hybrid coolers combine evaporative and dry cooling to optimize energy efficiency while reducing water consumption, thereby enhancing its functional efficacy, which is likely to drive segmental demand in the coming years.
In terms of application, the industrial cooling system market has been segregated into chemical, food & beverage, automotive, utility & power, oil & gas, pharmaceutical, and others. The pharmaceutical sub-segment is set to grow at a significant pace over 2021-2027. Soaring demand for industrial cooling systems in the pharmaceutical sector to regulate temperature during batch processing and other capsule manufacturing processes is estimated to drive segmental growth over the projected timeline.
From the regional point of view, the Europe industrial cooling system market is slated to amass substantial gains by the end of the review period. Mounting product demand for temperature control applications across the food & beverage and pharmaceutical segments in the region is foreseen to bolster market adoption over the forthcoming years.
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