Industrial Cooling System Market size is slated to surpass USD 25 billion by 2027, according to a new research report by Global Market Insights Inc.
The rising adoption of cooling systems by the pharmaceutical industry to remove the unused or excess heat for efficient operation of the facility will spur the industrial cooling system demand. The system improves operational productivity while lowering operating costs of the production plant and is widely used in the pharmaceutical sector for multipurpose reactor processing, chilling ointments before packaging, and some other use.
The coronavirus (COVID-19) pandemic hindered the expansion of the industrial cooling system market in the first half of 2020, owing to the decreased demand, supply chain interruptions, and international trade restrictions. Production had been momentarily halted across several industries. The huge supply-demand disparity, variable prices, and changing raw material costs hampered the market growth in 2020. However, in the second half of 2020, with the lockdowns being lifted, manufacturers were able to carry out their expansion plans and develop new systems. In 2021, the market will expand, with the resumption of industrial activities and rising demand for these systems across a wide range of industries.
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Growing adoption of air-cooling systems to address water scarcity concerns
Air cooling systems require less maintenance as compared to water-cooled solutions and are also relatively cost-effective. These systems are widely used in thermal power plants such as concentrated solar, biomass, combined cycle, coal, and waste to energy plants. Power plants do not require a large amount of cooling water and can be constructed in areas where water is scarce or prohibitively expensive. The air-cooling systems are light weight, requiring no antifreeze, simple in design, and require less space. Such industrial cooling systems can be used in utility and renewables sectors in large & small size plants.
Browse key industry insights spread across 250 pages with 177 market data tables and 33 figures & charts from the report, “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” in detail along with the table of contents:
Increasing usage of industrial cooling systems in the utility & power industry to reduce carbon footprint and make operations cost effective & sustainable
The demand for energy continues to rise, putting enormous pressure on utilities and commercial businesses to keep up, necessitating the use of highly efficient power generation units. This element is driving the demand for advanced cooling systems in several power plants. The hybrid cooling systems are being widely used in power production plants globally. Maximizing water savings while offering energy-efficient cooling, the system utilizes less energy than air-cooled equipment. Hybrid industrial cooling systems are extremely effective at managing both natural & financial resources.
Rising adoption of advanced cooling systems for sustainable energy management will fuel the North America market revenue
The North America industrial cooling system market is driven by rapid industrialization due to the presence of a large number of manufacturing facilities in the region. The increasing environment regulations and growing emphasis on water and energy consumption are driving the demand for energy-efficient cooling towers in the U.S. The manufacturers are focusing on developing energy-efficient, low maintenance, and reliable industrial cooling systems.
The scarcity of water resources in the region is boosting the adoption of dry cooling systems. The introduction of advanced dry cooling technology helps to reduce the water consumption for industrial processes. For instance, EVAPCO, Inc., has developed eco-dry cooling systems that reduce water and energy consumption and can operate in both evaporative and dry cooling modes of operation. The system includes a sage control system that automatically switches between various modes of operations from dry to evaporative modes based on the prioritizing of energy savings.
Launching new innovative products to strengthen the product portfolio forms a key strategy amongst market players
The industry participants are focusing on developing differentiated products in response to the increasing demand for live streaming content. For instance, in March 2021, Atlas Copco launched TCX 4-90A chiller, an industrial process cooling equipment. The new process cooling chiller has a water chiller, an air-cooled condenser, and a tank & pump onboard. The chillers are used to cool water in a variety of industries including machine cooling, plastics, printing, food & beverage, and medical & pharmaceutical applications.
Key players in the market 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 Co.