Industrial Cooling System Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Report ID: GMI675
Industrial Cooling System Market Size is forecast to grow at 6% CAGR from 2016 to 2024 and reach about USD 13.4 billion by 2024.
Power generation segment contributed to majority of the global industrial cooling system market share in 2015, with demand expected to remain robust in the coming years. It is also forecast to witness high growth on account of increased application in nuclear and thermal power plants. Importance of temperature and pressure control for efficient and safe operation will remain the major growth driver. Growing global population base and urbanization has resulted in increased application scope, particularly in the manufacturing and power sectors. This is projected to drive demand for processed materials and fuel growth across the industrial cooling system market.
Stringent environmental regulations have mandated reforms to focus on greener buildings and replacement of older methods with innovated and greener solutions to reduce the effect of pollution and global warming. This demand has mandated participation of private sectors into power projects, widening the scope of the industry.
Requirements of large amount of water for maintaining efficiency presents a considerable growth challenge for industry participants. Water requirement is dealt by installation of industries near water resources. Dissolved chemicals, minerals and biofouling accelerate corrosion and scaling, which require careful treatment. Deionizing of water required for warming electronic devices pose increased risks of short circuits, this is being circumvented by closed re-circulating systems.
Greenhouse gases emissions and energy demand have led to growing interest of major nations in the world for nuclear power, which will provide a platform for industry growth. Certain factories, such as dyes, chemical manufacturers and textile applications, where only air cooling can be utilized as the most cost effective solution will provide moderate growth prospects.
Evaporative products are the largest segment of the industrial cooling system market size. It dominates the industry primarily owing to its high energy efficiency, numerous applications, robustness and performable edge over all other alternatives available. Lower operating costs as coupled with environmental friendliness are also key growth drivers across the segment. Since portable equipment does not require installation, capital expenditure associated with these products are also lower. Key equipment also includes air, hybrid and water cooling systems. Segments utilizing these machineries include industrial manufacturing, petrochemical processing, food processing & storage, petroleum & natural gas refining, pharmaceutical, and data centers.
Data center cooling market solutions include the use of precision cooling equipment, air conditioning units, and evaporative units. Growing data center demand on account of need to manage information effectively across large enterprises as well as SMBs will fuel industrial cooling system market size in the coming years. Thermal management solutions are also adopted to ensure reliable performance across these facilities. Across the pharmaceutical segment, this equipment helps labor cost savings by lowering the overall manufacturing time.
Commercially, Asia Pacific industrial cooling system market was the largest regional segment and is expected to grow rapidly during the forecast timeframe primarily due to steady economic development in the region. In addition, growth of industrialization in countries such as China and India is also driving revenue. Factors inhibiting growth are labored increase of demand in developed counterparts such as Europe and North America. Innovative and eco friendly solutions may present opportunities in the U.S. industrial cooling system market for replacement of old equipment. Germany contributed considerably to European revenue in 2015, mainly due to the presence of a strong technological and innovation landscape.
Key operating participants in the global industrial cooling system market share are Baltimore Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Hamon Group, Johnson Controls Inc., Paharpur Cooling Towers, SPIG S.P.A, SPX Corporation, Airedale, American Power Conversion Corporation, and Black Box Corp. Major strategies adopted include agreements, contracts, and partnerships, R&D investment, and acquisitions to consolidate market share. Industry participants also offer replacement parts for these products in order to ensure smooth operation over the long term.
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