Selbyville, Delaware, June 24, 2021 (GLOBE NEWSWIRE) — Global industrial cooling system market size valuation had reached USD 16.33 billion in 2020 and is likely to expand with a CAGR of 5% during the study period, eventually accounting for USD 23 billion by the year 2027. According to seasoned analysts, collective inclination towards using energy efficient cooling systems and rapid technological breakthroughs are predominately driving the market growth.
Additionally, a detailed assessment of this market in terms of its segmentations has been provided, talking about the market share captured by each segment and its respective contribution towards the overall business dynamics. The study also mentions the competitive landscape, highlighting the revenue share as well as the business-centric strategies adopted by the market majors.
Industrial cooling systems are known to remove heat from a specific process and hence are widely adopted in oil & gas, chemical, or utility & power facilities. There has also been a surge in demand for such systems in thermal and nuclear power plants, which in turn is adding traction to the overall industry size.
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Supportive regulatory scenario and increasing popularity of frequent site inspections are also favoring global industrial cooling system market outlook. However, factors such as rising environmental concerns and high installation costs could potentially hamper the remuneration scale of this business domain.
Having said that, technological advancements have allowed for development of industrial cooling systems with high efficiency and reduced energy costs, which may provide lucrative growth avenues for the industry participants in the forthcoming years.
Summarizing the market segmentations
The worldwide industrial cooling system market has been segmented into product landscape, application scope, and end-user analysis. Speaking of the product varieties, the market is further split into water cooling, hybrid cooling, evaporative cooling, and air cooling.
Based on application spectrum, this market space is categorized into utility & power, pulp & paper, pharmaceutical, oil & gas metalworking, food & beverage, chemical, and automotive. The end-user scope is made up of pharmaceutical, petroleum & natural gas refining, food processing & storage, industrial manufacturing petrochemical processing, and power generation.
From the regional point of view
The geographical spectrum of global industrial cooling system market involves Europe, North America, Asia-Pacific, Latin America, and the rest of the world.
Asia-Pacific currently holds the largest market share and is likely to showcase similar growth trends in the ensuing years, primarily due to proliferating food & beverage sector in China and India.
Europe industrial cooling system market share is also predicted to expand significantly during the study duration. Growing demand for industrial coolers over conventional systems is facilitating the regional business outlook.
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Global Industrial Cooling System Market Product Spectrum (Revenue, USD Billion, 2018-2027)
- Water Cooling
- Hybrid Cooling
- Evaporative Cooling
- Air Cooling
Global Industrial Cooling System Market by Application Scope (Revenue, USD Billion, 2018-2027)
- Utility & Power
- Pulp & Paper
- Pharmaceutical
- Oil & Gas
- Metalworking
- Food & Beverage
- Chemical
- Automotive
Global Industrial Cooling System Market End-user Analysis (Revenue, USD Billion, 2018-2027)
- Pharmaceutical
- Petroleum & Natural Gas Refining
- Food Processing & Storage
- Industrial Manufacturing Petrochemical Processing
- Power Generation
Global Industrial Cooling System Market by Geographical Reach (Revenue, USD Billion, 2018-2027)
North America
- Canada
- United States
Europe
- Germany
- Italy
- Spain
- France
- United Kingdom
- Rest of Europe
Asia-Pacific
- India
- China
- South Korea
- Australia
- Japan
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
Rest of the World
Global Industrial Cooling System Market Competitive Outlook (Revenue, USD Billion, 2018-2027)
- Black Box Corporation
- Bell Cooling Tower
- Berg Chilling Systems Inc.
- SPX Corporation
- SPIG S.p.A.
- Johnson Controls Inc.
- Hamon Group
- Paharpur Cooling Towers
- Brentwood Industries Inc.
- Baltimore Aircoil Company Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. Industrial Cooling System Market, by region, 2019-2027 (USD Billion)
1.2.2. Industrial Cooling System Market, by Product, 2019-2027 (USD Billion)
1.2.3. Industrial Cooling System Market, by Application, 2019-2027 (USD Billion)
1.2.4. Industrial Cooling System Market, by End User , 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Industrial Cooling System Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Industrial Cooling System Market Dynamics
3.1. Industrial Cooling System Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Surge in demand for energy efficient systems
3.1.1.2. Rise in nuclear and thermal power plants
3.1.2. Market Restraint
3.1.2.1. Excessive use of water
3.1.2.2. High investment
3.1.3. Market Opportunities
3.1.3.1. Government regulations
3.1.3.2. Technological advancement
Chapter 4. Global Industrial Cooling System Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Industrial Cooling System Market, by Product
5.1. Market Snapshot
5.2. Global Industrial Cooling System Market by Product, Performance – Potential Analysis
5.3. Global Industrial Cooling System Market Estimates & Forecasts by Product 2018-2027 (USD Billion)
5.4. Industrial Cooling System Market, Sub Segment Analysis
5.4.1. Air Cooling
5.4.2. Evaporative Cooling
5.4.3. Hybrid Cooling
5.4.4. Water Cooling
Chapter 6. Global Industrial Cooling System Market, by Application
a. Market Snapshot
6.1. Global Industrial Cooling System Market by Application, Performance – Potential Analysis
6.2. Global Industrial Cooling System Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
6.3. Industrial Cooling System Market, Sub Segment Analysis
6.3.1. Automotive
6.3.2. Chemical
6.3.3. Food & Beverage
6.3.4. Metalworking
6.3.5. Oil & Gas
6.3.6. Pharmaceutical
6.3.7. Pulp & Paper
6.3.8. Utility & Power
Chapter 7. Global Industrial Cooling System Market, by End User
b. Market Snapshot
7.1. Global Industrial Cooling System Market by End User, Performance – Potential Analysis
7.2. Global Industrial Cooling System Market Estimates & Forecasts by End User 2018-2027 (USD Billion)
7.3. Industrial Cooling System Market, Sub Segment Analysis
7.3.1. Power Generation
7.3.2. Industrial Manufacturing Petrochemical Processing
7.3.3. Food Processing & Storage
7.3.4. Petroleum & Natural Gas Refining
7.3.5. Pharmaceutical
Chapter 8. Global Industrial Cooling System Market, Regional Analysis
Related Report:
Industrial Cooling System Market Size, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025Global Industrial 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.
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