Industrial Cooling System Market - By Product (Air Cooling, Evaporative Cooling, Hybrid Cooling, Water Cooling), Application (Automotive, Chemical, Food & Beverage, Utility & Power, Oil & Gas, Pharmaceutical) & Forecast, 2023-2032

Industrial Cooling System Market Size

Industrial Cooling System Market surpassed USD 16 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032. Industrial process cooling systems offer energy efficiency and improve the quality of operations. The growing demand for cooling systems in automotive sector is fueling the industry growth. Businesses are favoring modular & scalable cooling solutions that offer flexibility and adaptability. Modular systems allow easy installation, expansion, and reconfiguration, enabling businesses to adjust the cooling capacity based on their changing needs.
 

The implementation of industrial process cooling systems often requires a significant upfront investment, which includes the cost of cooling systems such as chillers, cooling towers, pumps, and associated components. Additionally, it also encompasses the expenses associated with product installation including modifications to the existing infrastructure, piping, electrical connections, and automation systems. The complexity and scale of the cooling system as well as the specific requirements of the industrial process can contribute to the overall cost. This high initial investment acts as a restraint for some businesses, particularly Small- & Medium-sized Enterprises (SMEs) that have limited financial resources to allocate to such capital-intensive projects, thus limiting industrial cooling process market growth by 2032.
 

COVID-19 Impacts

The coronavirus outbreak had a negative impact on the industrial cooling system market owing to the implemented lockdown measures and delays in the manufacturing & production of industrial cooling systems for industries such as food & beverage, chemical, pharmaceutical, utility & power, and oil & gas. Companies ceased the manufacturing of several components in industrial cooling systems as a result of the lockdowns in major countries.
 

Industrial Cooling System Market Trends

Businesses are increasingly seeking energy-efficient cooling solutions to reduce operational costs and minimize their environmental impacts. Manufacturers are developing innovative technologies, such as variable speed drives, intelligent controls, and advanced refrigerants, to optimize the energy efficiency of cooling systems. IoT-enabled sensors and monitoring systems provide real-time data on cooling equipment performance, allowing businesses to optimize operations, identify potential issues, and implement predictive maintenance strategies. Remote monitoring and control capabilities are also becoming more prevalent, enabling improved efficiency & reduced downtime.
 

Manufacturers are also offering tailored products and systems that address the unique needs of various industries such as specific temperature ranges, heat dissipation capabilities, and scalability options. Customization allows businesses to achieve optimal cooling performance and efficiency in their specific processes.
 

Industrial Cooling System Market Analysis

The evaporative cooling segment crossed USD 5 billion of the industrial cooling system market revenues in 2022. Evaporative process cooling is gaining popularity, which is attributed to its various benefits including energy savings, cost-effectiveness, and low maintenance. These systems can provide effective cooling while consuming significantly less energy and do not rely on harmful refrigerants or chemicals, making them an environmental-friendly option. This energy efficiency is particularly appealing to industries looking to reduce their operational costs and environmental impacts. Likewise, the evaporative cooling tower market is anticipated to reach USD 2.5 billion by 2032.
 

The food & beverages segment held 10% share of the industrial cooling process market in 2022 and is expected to witness 15% growth till 2032. Industrial process cooling plays a vital role in the food & beverage industry, which includes applications such as refrigeration, cold storage, fermentation, and product chilling. Hygienic design and compliance with food safety regulations are expected to drive the global industry growth. Cooling systems with sanitary features, clean-in-place capabilities, and precise temperature control are sought after to maintain product quality, extend shelf life, and ensure food safety.
 

Asia Pacific industrial cooling system market captured 35% of the global share in 2022. The booming food & beverage industry in well-known Asian countries, such as China, India, Japan, South Korea, and Indonesia, is expected to increase the demand for dependable cooling systems. Food quality standards, cost-effectiveness, and the rising online food demand are encouraging the use of modern cooling solutions, which are expected to spur product demand by 2032
 

Industrial Process Cooling Market Share

Some of the major players operating in the industrial cooling system market landscape are

• Airedale International Air Conditioning Ltd.
• Babcock & Wilcox Enterprises, Inc.
• Baltimore Aircoil Company Inc.
• Brentwood Industries, Inc.
• Emerson Electric Co.
• ENEXIO Management GmbH
• EVAPCO, Inc.
• GEA Group Aktiengesellschaft
•  Hamon Group
• Johnson Controls Inc.

   

These players focus on strategic partnerships and new product launches & commercialization for market expansion. Furthermore, these players are heavily investing in R&D, allowing them to introduce innovative products and garner maximum revenue in the market.
 

Industrial Process Cooling Industry News:

• In February 2023, Vertiv launched the Vertiv XR app, the first tool in the data center space that allows data center operators to visualize Vertiv products from any location in a facility. The application promotes Vertiv’s widespread & ongoing digitalization initiative to improve the customer experience.
   
• In July 2022, Modine Manufacturing Company, a diversified global leader in thermal management technology and solutions, started the full-scale production of chillers for the data center market at its new production facility in Rockbridge, Virginia, and received a significant order from data center giant, Corscale with plans for additional business in the following months.
   

This industrial cooling system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Product

• Air Cooling
• Evaporative Cooling
• Hybrid Cooling
• Water Cooling

Market, By Application

• Automotive
• Chemical
• Food & Beverages
• Utility & Power
• Oil & Gas
• Pharmaceutical
• Others

The above information is provided for the following regions and countries:

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