WorldWide Industrial Cooling System Market, Industry / Sector Analysis Report, Regional Outlook & Competitive Market Share & Forecast, 2019 - 2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Industrial Cooling System Market

Industry / Sector Trends

Industrial Cooling System Market size was valued at over USD 14 billion in 2018 and will grow at a CAGR of around 8% from 2019 to 2025.
 

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Market Segmentation, Outlook & Regional Insights: Industrial Cooling System Market

 Industrial Cooling System Market, By Application, 2018 & 2025 (USD Million)
 

Increasing demand for energy efficient cooling systems coupled with technological advancements is driving the industrial cooling system market growth. These systems are being widely used for reducing excessive heat from components and industrial equipment in industries such as utility & power, chemical and oil & gas, among others. Excessive heat in a production process can adversely affect the health of workers and the quality of manufactured or stored goods. The cooling equipment helps manage and maintain the temperature of various production processes, components, and machines. Prevention of overheating of the industrial equipment helps increase the productivity and reduces maintenance cost of the machines. There is a rising demand for the equipment in nuclear and thermal power plants. Such factors are anticipated to positively impact the industrial cooling system market size.
 

The ongoing technological advancements are enhancing the operating efficiencies of the cooling equipment and aiding industries to reduce energy costs. The demand for new system installation is increasing as it is being integrated with advanced technologies and providing high potential for optimization. Replacing an industrial cooling unit requires regular inspections and scheduled maintenance, leading to high costs. For instance, in July 2016, New York state introduced new regulations, which require the owners of cooling towers/systems to undergo regular inspections for towers components and water sample testing to prevent formation of bacteria legionella. Such regulations are encouraging the manufacturers to install efficient cooling systems to enhance its life and efficiency, driving the market.
 

Industrial Cooling System Market, By Product

Europe Industrial Cooling System Share, By Product, 2018
 

In 2018, hybrid cooling systems accounted for around 15% of the industrial cooling system market share and will witness steady growth. These systems offer a combination of wet and dry solutions. They allow reduction in steam drift which is visible during cold wet weather and in winters to avoid icing. The elimination of the steam drift is beneficial in urban and industrial areas. These systems are designed to be operated as wet cooling systems during the summer and as dry cooling systems during the winter season. They combine air and water-cooled heat-rejection systems with advanced control systems to reduce the water consumption by around 80%. During periods of peak load and climate changes, a large amount of heat can be removed by evaporative heat transfer by using hybrid cooling system. Moreover, several government regulations are forcing the utility/power plant owners to reduce water consumptions, driving the hybrid industrial cooling system market demand.
 

Industrial Cooling System Market, By Application

The automotive sector will witness a CAGR of around 6% over the forecast timespan owing to the increasing demand for the systems to maintain the temperature of components and equipment on the manufacturing site/plant. The industry is using advanced cooling technologies to create an effective manufacturing process and to gain an advantage in terms of efficiency and cost-effectiveness. Technological advancements and ongoing developments in cooling systems is encouraging the industry to replace their traditional cooling systems. Moreover, several automotive manufacturers are focusing on implementing evaporative cooling solutions to reduce the energy consumption. For instance, Hero Moto Corporation Ltd. is using closed type or evaporative cooling towers in its production facility in Dharuhera, New Delhi, India. The cooling systems offer high efficiency in ambient conditions with energy reduction up to 36%. The systems help automotive manufacturers to maintain thermal efficiency and prevent overheating of components, driving the industrial cooling system Industry demand.
 

Industrial Cooling System Market, By Region

Asia Pacific industrial cooling system industry size, by region, 2025
 

In 2018, the Asia Pacific industrial cooling system market size accounted for over 35% of the industry share. The rapid growth in the food & beverage sector in countries such as China, India, Japan, South Korea and Indonesia is increasing the demand for consistent and safe cooling solutions. Increase in food demand, cost competitiveness, and food quality regulations is encouraging the industry to implement modern solutions in the industrial plants or manufacturing sites, thereby propelling the industrial cooling system market. The manufacturers are offering varied solutions in chilling, pumping and freezing equipment to help the industry maintain proper food processing temperature in their manufacturing environment. The favorable regulatory landscape in the region and the development of manufacturing sector in emerging countries are forecast to augment industry revenue. Players in the region are focusing on developing advanced technologies and expanding business operations, driving the market growth.
 

Key Players, Recent Developments & Sector Viewpoints: Industrial Cooling System Market


Key players operating in the industrial cooling system market share include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company Inc., Berg Chilling Systems Inc., Black Box Corporation, Brentwood Industries, Inc., Emerson Electric Co., ENEXIO, EVAPCO Inc., Paharpur Cooling Towers Limited, Johnson Controls Inc., Hamon Group, Schneider Electric SE, SPIG S.P.A., SPX Corporation, Star Cooling Towers Pvt. Ltd., STULZ GmbH, and Thermal Care Inc., among others. These companies are engaged in providing cooling equipment, repair & maintenance, reconstruction and upgrade services to several industrial sectors. They offer air, wet, hybrid and evaporative cooling systems to power, chemical & fertilizer, food & beverage, metals, sugar, pharmaceuticals, paper, and oil & gas industries. Several players are entering into partnerships with other manufacturers to offer advanced and energy efficient cooling solutions. For instance, in December 2015, Paharpur Cooling Towers Ltd. acquired SPX Cooling Technologies Inc. dry cooling business for USD 48 million. The acquisition will help the company offer advanced dry cooling solution for industrial applications globally and expand their presence in the industrial cooling system market size.
 

Industrial Cooling System Industry Viewpoint

 

Industrial cooling system market players are also focusing on minimizing the energy costs associated with cooling and are taking advantages of free cooling sources and innovative cooling concepts such as low-speed ventilation. The evaporative cooling systems are witnessing high adoption due to the advantages such as cost-effective installation & maintenance and suitability in dry & arid climates, for regions such as the North Africa, Middle East, and West Australia. Manufacturers are investing in R&D and engineering for product innovations, to expand their product offerings and attract large customer base. For instance, in April 2018, Johnson Controls Inc., announced opening of its research & development and testing facility for chillers in the U.S. The new facility will allow the company to deliver innovative and high-quality products to the HVAC industry. Moreover, manufacturers are offering diversified product categories across several industries. High energy efficiency and low power consumption of the modern cooling solutions will help to reduce the environmental impact of the industrial processes

Key Insights Covered: Exhaustive Industrial Cooling System Market
1.  Market size (sales, revenue and growth rate) of Industrial Cooling System industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Industrial Cooling System industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Industrial Cooling System industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Industrial Cooling System industry.

Research Methodology: Industrial Cooling System Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.