January 29, 2020
As per the latest report titled ‘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 - 2025’, available with Market Study Report LLC, the global industrial cooling system market is expected to amass USD 25 billion by the year 2025.
Manufacturing processes generate excessive amount of heat and impact the lifespan & efficiency of the components in manufacturing plants. Growing need for efficient cooling solutions across industries, paired with an increasing focus towards water conservation is propelling the growth of industrial cooling system market. Technological advancements leading to the development of cost-efficient and high-performance cooling systems will further boost the market outlook. For instance, in December 2018, SPX Cooling Technologies unveiled Recold V Tech, an adiabatic cooling system that lowers energy consumption and reduces water consumption by 60% while enhancing the system performance at peak time.
As per the product type, water cooling systems segment is expected to grow significantly during the forecast period, owing to their rising adoption across power generation, manufacturing, and chemical sectors. Growing focus of industrialists towards reducing water withdrawal by reusing water for cooling, along with rising environmental awareness will instigate the segmental growth.
Based on the application spectrum, industrial cooling system market from food & beverage segment is projected to witness decent growth in the upcoming years due to rising number of manufacturing plants. Rising need to ensure energy efficiency, in tandem with growing adoption of hygienic & accurate temperature conditioning machines for quality production is stimulating the demand for industrial cooling systems across food & beverage sector.
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Considering the geographical landscape, industrial cooling system market in Asia Pacific is slated grow momentously during 2019-2025, owing to high density of key market players in the region. Booming industrialization, coupled with government initiatives to incorporate energy-efficient solutions is encouraging manufacturers to develop advanced cooling systems, which in turn will augment the Asia Pacific market growth.
The competitive landscape of industrial cooling system market is dominated by Baltimore Aircoil Company, Inc., Berg Chilling Systems, Inc., Bell Cooling Towers, ENEXIO Management GmbH, Hamon Group, EVAPCO, Inc., Schneider Electric SE, and Johnson Controls, Inc.
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