Industrial Cooling Systems Market By Product Type (Air Cooling, Evaporative Cooling, Water Cooling, Hybrid Cooling), By Function (Stationary Cooling, Transport Cooling), By End-user Industry (Food and Beverage, Chemical, Pharmaceuticals, Utility and Power, Oil and Gas, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global industrial cooling systems market was valued at $16,625.2 million in 2020, and is projected to reach $31,333.5 million by 2032, registering a CAGR of 5.2% from 2023 to 2032.
Industrial cooling systems are made up of a complex network of tools, devices, and procedures. A wide range of businesses, including manufacturing, power generation, chemical processing, data centers, and many others that produce a large amount of weight while executing their operations, require the use of this technology. The essential goal of an industrial cooling systems is to prevent damage, maintain optimum working conditions, ensure the efficacy of the machinery, and lengthen its divineness through remote access by equipment or methods.
The need for energy-efficient refrigeration systems has grown in recent years because of various systems being fitted with floating head pressure controls, variable-frequency drives in evaporator fans, and screw compressor variable frequency drives (VFD) to promote energy conservation. In addition, many companies use natural refrigerants such ammonia, carbon dioxide, hydrofluorocarbons, water, and air to reduce the impacts of global warming and ozone depletion on the environment. This has increased demand for eco-friendly refrigerants.
Moreover, due to their negative effects on the environment, particularly on the ozone layer, refrigerants used for commercial applications, such as chlorofluorocarbons, hydrochlorofluorocarbons, and hydrofluorocarbons have come under intensive scrutiny from the various government organizations. For instance, numerous nations have outlawed the use of refrigerants that contain chlorofluorocarbons (CFCs) because of their role in the destruction of the ozone layer. As industrial refrigerants are subject to strict government standards and regulations, refrigerants are not used commercially. Additionally, the adoption of other refrigerants with higher efficiency has been constrained by the availability of natural and eco-friendly refrigerants, which are predicted to have a detrimental effect on market growth.
On the contrary, the use of IoT enabled cooling solutions has gained prominence for monitoring equipment in processing and storage industries. This can provide lucrative growth opportunity to the players in the cooling systems market in emerging countries during the forecast period.
The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is fragmented into air cooling, evaporative cooling, water cooling, and hybrid cooling. The evaporative cooling segment dominated the market in 2022. By function, it is bifurcated into stationary cooling, and transportation cooling. The transportation cooling segment dominated the market in 2022. Depending on end-user industry, it is fragmented into food & beverages, chemical, pharmaceuticals, utility & power, oil & gas, and others. The chemical segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, and is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSIS
Key companies profiled in the industrial cooling systems market report include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company Inc., Brentwood Industries, Inc., Emerson Electric Co., GEA Group Aktiengesellschaft, Hamon Group S.A., Johnson Controls International plc, Schneider Electric SE., SPX Corporation., and Star Cooling Tower Pvt Ltd.
KEY BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current trends, future estimations, and dynamics of the industrial cooling systems market.
In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
Extensive analysis of the industrial cooling systems market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The key market players within the industrial cooling systems market are profiled in this report and their strategies are analyzed thoroughly, to understand the competitive outlook of the industrial cooling systems industry.
Key Market SegmentsBy End-user IndustryFood and Beverage
Chemical
Pharmaceuticals
Utility and Power
Oil and Gas
Others
By Product TypeAir Cooling
Evaporative Cooling
Water Cooling
Hybrid Cooling
By FunctionStationary Cooling
Transport Cooling
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Airedale International Air Conditioning Ltd.
Baltimore Aircoil Company Inc.
Brentwood Industries, Inc.
Emerson Electric Co.
GEA Group Aktiengesellschaft
Hamon Group S.A.
Johnson Controls International plc
Schneider Electric SE.
SPX Corporation.
Star Cooling Tower Pvt Ltd.
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