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2021
Industrial Cooling Systems Market

Industrial Cooling Systems Market

by Product Type (Air Cooling, Evaporative Cooling, Water Cooling, and Hybrid Cooling), Function (Stationary Cooling, and Transport Cooling), and End-user Industry (Food & Beverage, Chemical, Pharmaceutical, Utility & Power, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A12451
Pages: 285
Oct 2021 | 3579 Views
Author(s) : Amar C , Onkar S
Tables: 141
Charts: 66
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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The global industrial cooling systems market size was valued at $16,625.2 million in 2020, and is projected to reach $27,210.2 million by 2030, registering a CAGR of 5.0% from 2021 to 2030. Industrial cooling system are product or equipment which are installed in the working facility for cooling air. These systems are widely utilized in sectors such as metalworking, automotive, and chemical. These cooling system uses vapor compression to prevent the detrimental effects of excessive heat generated by various industrial equipment and components. Excessive heat in a manufacturing process can harm employees' health, equipment performance, and the quality of manufactured items or inventory products. 

The COVID 19 outbreak has affected the growth of the industrial cooling systems industry owing to the lockdown measure in the countries and delay in manufacturing and production of industrial cooling systems which are utilized in industries such as food and beverage, chemical, pharmaceutical, utility and power, oil and gas, and others.

Cooling equipment is used to maintain the optimum temperature of various components, production processes, and machinery. Preventing industrial equipment from overheating increases productivity and lowers maintenance costs. The demand for cooling equipment is increasing significantly across nuclear and thermal power facilities. The need for industrial cooling systems is projected to increase, as the demand for energy-efficient cooling systems grows in tandem with technological developments, which is likely to fuel the expansion of the industrial cooling system market in the coming years. 

Industrial-Cooling-Systems-Market-2021-2030

The novel coronavirus has rapidly spread across various countries, causing enormous impact on lives of people and overall community. Originating as a crisis to human health, it now poses significant threat to worldwide trade, economy, and finance. Owing to continuous lockdowns implemented in key countries, the COVID-19 pandemic has halted production of many items in the industrial cooling systems business. Players in industrial cooling system market can afford a complete lockdown only for a limited period, after which they would have to alter their investment plans. Furthermore, number of COVID-19 cases are expected to reduce in the near term as vaccine for COVID-19 has been introduced in the market. This is further expected to lead to re-initiation of industrial cooling systems companies at their full-scale capacities, which would aid the industrial cooling system market to recover by the start of 2022. After COVID-19 infection instances start to decline, equipment and machinery producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.

Industrial Cooling Systems Market
By Product Type

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Air Cooling segment is projected to grow at a significant CAGR

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The automotive sector is expected to witness a significant growth in demand for cooling equipment, due to surge in demand for such systems to manage the temperature of machines, components, and equipment on the manufacturing site. To establish a successful production system and profit from the cost-effectiveness and efficiency advantage, the automobile sector employs advanced cooling equipment. The automobile industry is focusing on replacing obsolete cooling systems by several inventive and technical advances, as well as continuous improvements in cooling systems. For instance, in October 2020, Airedale launched TurboChill Hydro Range, which offers extensive cooling capacity. TurboChill Hydro offers versatility at a low price without sacrificing performance, with models ranging from 200 kW to 3000 kW. TurboChill Hydro is available in single and twin circuit configurations, and it was designed to work at both high and low water temperatures, with extra features for performance and efficiency.

Industrial Cooling Systems Market
By End User Industry

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Food and Beverage segment holds dominant position in 2020

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The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is divided into air cooling, evaporative cooling, water cooling, and hybrid cooling. On the basis of function, it is segregated into stationary cooling, and transportation cooling. Depending on end-user industry, it is fragmented into food & beverages, chemical, pharmaceuticals, utility & power, oil & gas, and others. Region wise, the industrial cooling system market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Russia, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Competition Analysis

The key companies profiled in the industrial cooling systems market report include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company, 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. 

Industrial Cooling Systems Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020 and LAMEA is expected to grow at a significant rate during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current trends and emerging estimations and dynamics.  
  • In-depth emerging industrial cooling systems market analysis is conducted by constructing estimations for key market segments between 2021 and 2030. 
  • Extensive analysis of the emerging industrial cooling systems market is conducted by following key product positioning and monitoring of top competitors within the industrial cooling system market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global emerging industrial cooling systems market forecast analysis from 2021 to 2030 is included in the report.
  • The key players within emerging industrial cooling systems market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the emerging industrial cooling systems industry. 

Global Industrial Cooling Systems Market Segments

Key Segments

By Product Type

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

By Function

  • Stationary Cooling
  • Transport Cooling 

By End-user Industry

  • Food & Beverage
  • Chemical
  • Pharmaceuticals 
  • Utility & Power
  • Oil & Gas
  • Others  

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Russia 
    • Poland 
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East 
    • Africa

Key Players

  • Airedale International Air Conditioning Ltd.
  • Baltimore Aircoil Company
  • 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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The purpose of a cooling system is to remove heat from a process or factory. In the oil & gas sector, many different types of cooling systems are used such as evaporative cooling, dry cooling, and compression cooling. A systems approach should be utilized to find possible savings and performance enhancements to maximize the efficiency of a cooling system.

In coal-fired power plants, cooling systems are critical. These recirculating systems condense water and repurpose it for the cooling process in facilities that generate electricity. The need for industrial cooling systems is increasing as more manufacturing units are established in industrialized nations. Furthermore, major businesses are focusing on latest and advanced cooling systems for such applications. For instance, in August 2021, Emerson introduced its new Copeland 110cc variable speed scroll compressor with a 36 kW inverter drive. These new solutions are designed to conserve energy and enhance the environment in a variety of air conditioning applications in plants and manufacturing, including wet and dry chillers and package air conditioners.

These new products are more technologically sophisticated and work more efficiently than their prior product line, Hence, they are extensively employed in several end-user industries.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. The Industrial cooling systems market size was valued at $16,625.2 million in 2020.

A. Based on product type, the evaporative cooling holds the maximum market share of the Industrial cooling systems market in 2020.

A. The Industrial cooling systems market is projected to reach $27,210.2 million by 2030.

A. Rapid rise in industrial sector and rising concern about indoor air quality are the key trends in the Industrial cooling systems market.

A. The product launch is key growth strategy of Industrial cooling systems industry players.

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. High product cost are the effecting factor for Industrial cooling systems market.

A. The end user industry of Industrial cooling systems include in food & beverages, chemical, pharmaceutical, utility & power, oil and gas and others.

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