Industrial Cooling System Market Size By Product (Air Cooling, Evaporative Cooling, Hybrid Cooling, Water Cooling), Application (Automotive, Chemical, Food & Beverage, Utility & Power, Oil & Gas, Pharmaceutical), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Industrial Cooling System Market size valued at USD 15 billion in 2020 and is projected to expand at around 10% CAGR from 2021 to 2027. The increasing investments in research & development activities have led to the development of energy-efficient cooling systems. The growing concerns about greenhouse gas emissions across the globe will surge the demand for energy-efficient systems. Several companies are investing in R&D to differentiate their products and gain a competitive edge in the market.
 

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In the food & beverage industry, the adoption of industrial cooling systems for product safety and temperature control is crucial. Key players are concentrating on providing sophisticated cooling systems for the food & beverage industry to maintain the temperature and food quality. For instance, Air2O provides air conditioning HVAC systems that use IDEC technology to give fresh air to the plant process as a cooling solution.
 

The coronavirus (COVID-19) pandemic had a substantial impact on the progression of industrial cooling system market in 2020 due to a decline in demand, supply chain disruptions, and international trade restrictions. Several industries had temporarily halted their production. The impact was magnified by the enormous supply-demand gap and fluctuating pricing & rising cost of raw materials in the market. Lockdowns eased in the second half of 2020, allowing cooling system manufacturers to conduct their growth plans and build new systems.
 

The market is witnessing growth in 2021, with increased demand for these systems across industry verticals such as pharmaceutical, utility & power, oil & gas, and automotive. The resumption of industrial activities following the vaccination drives will spur the market growth.
 

Rising adoption of energy-efficient systems across several industries to foster industrial cooling systems market

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The U.S. industrial cooling system market is forecast to register growth rate of over 9% through 2027 led by the rise in government regulations & standards to reduce energy consumption. The manufacturers are required to have a certification of thermal performance for operational efficiency and energy savings provided by Cooling Tower Institute (CTI) in the U.S. and EUROVENT in Europe.
 

The increasing demand from the oil & gas industry is supporting the GCC market revenue

The industrial cooling systems market from the oil & gas industry in the GCC is estimated to grow at more than 12% CAGR during 2021 to 2027. Industrial equipment in oil & gas refineries is frequently sleeved or jacketed with flowing water to absorb process heat and cool fluids. New regulations operational in the market require cooling system drift rates to be reduced to 0.0005% of circulating water flow that can be achieved by evaporative cooling towers.
 

Evaporative cooling systems are witnessing a high adoption in various industrial applications owing to the hot ambient conditions in GCC countries. These systems consume less energy and have low operating expenses. Several large industries use once-through cooling solutions that utilize water from resources, such as lakes, rivers, or oceans, and dispose the warm water into these resources. This results in the formation of algae blooms and pose a threat to the natural ecosystem and aquatic life.
 

Growing usage of cooling systems in the automotive sector will propel the Asia Pacific market expansion

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The Asia Pacific industrial cooling system market accounted for about 35% of the revenue share in 2020 driven by the expanding automotive sector across China, India, Japan, and South Korea. The automotive industry witnessed a downfall during the COVID-19 pandemic, however, is expected to recover by the end of FY2021. Advanced cooling technologies are being used in the automotive manufacturing company to develop a more efficient & cost-effective production process.
 

The introduction of innovative industrial cooling systems by players will augment market growth

The major industry participants are continuously investing in the development of advanced cooling systems. For instance, in March 2021, Baltimore Aircoil Company (BAC) launched the HXV hybrid cooler that offers dry & evaporative cooling in an energy-efficient & water saving solution. The HXV is designed for use in various end use applications such as data centers, manufacturing industries, and HVAC systems. Increasing number of companies launching high performance cooling systems will fuel the industry growth.
 

Key industrial cooling system market players include Airedale International Air Conditioning Ltd., Babcock & Wilcox Enterprises, Inc., Baltimore Aircoil Company Inc., Black Box Corporation, Brentwood Industries, Inc., Emerson Electric Co, ENEXIO Management GmbH, EVAPCO, Inc., GEA Group Aktiengesellschaft, Hamon Group, Johnson Controls Inc., Paharpur Cooling Towers Limited, Rittal GmbH & Co. KG, Robson Industries Inc., Schneider Electric SE, SPX Corporation, Star Cooling Towers Pvt. Ltd., STULZ GmbH, Thermal Care Inc., and Vertiv Group Corporation.
 

This industrial cooling systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:

Market, By Product

• Air cooling
• Evaporative cooling
• Hybrid cooling
• Water cooling

Market, By Application

• Automotive
• Chemical
• Food & beverage
• Utility & power
• Oil & gas
• Pharmaceutical
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
• MEA
  • UAE
  • Saudi Arabia
  • South Africa