According to a new report published by Allied Market Research, titled, “Industrial Cooling Systems Market by Product Type, Function, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” 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. An industrial cooling system is one that controls the temperature of a facility. Cooling systems are required in a variety of sectors to protect appliances from overheating. Different types of cooling systems are used in industrial processes cold, such as exothermic reactions and component and machine overheating. The need for industrial colling systems is expected to increase due to surge in demand for energy generation and distribution capacity.
The growth of the industrial cooling systems market is driven by rise in usage of cooling systems in nuclear power plants. In nuclear power reactors, the cooling system is critical for efficient power output. Power plants utilize a variety of wet cooling systems that use water to transfer heat to a nearby water body or the air through evaporation to achieve the desired heat discharge. As air cooling systems become more widely adopted across a variety of end-use sectors, the industrial cooling systems market is expected to witness significant growth during the forecast period. The two-stage technology in air cooling provides industrial facilities with environmentally acceptable and long-term cooling and ventilation. Air cooling technique cools buildings with 100% fresh filtered outside air, which, in turn, improve interior air quality and provides a comfortable working environment.
Furthermore, to strengthen the industrial cooling systems market position, key players in the industrial cooling systems market are adopting strategic moves such as collaboration, mergers, acquisitions, and partnerships. For instance, in July 2021, the Baltimore Aircoil Company strengthened its market position in industrial cooling industry market by acquiring Eurocoil SPA. The Italy-based Eurocoil SPA is a prominent manufacturer of heat exchangers for the commercial and refrigeration sectors in Europe.
However, due to a lockdown imposed in countries such as China, the U.S., India, and other countries due to the coronavirus outbreak, numerous manufacturers in the industrial cooling systems market had to halt their business production. This disruption has a direct impact on the sales of industrial cooling systems. On the contray, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities..
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.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging industrial cooling systems market trends and dynamics.
- Depending on product type, the evaporative cooling segment has dominated the industrial cooling systems market, in terms of revenue in 2020.
- By function, the stationary cooling segment has registered highest revenue in 2020.
- The oil & gas sector is projected to register highest growth rate in the coming years.
- The key players within the industrial cooling systems market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand competitive outlook of the industrial cooling systems industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the industrial cooling systems market.
- In-depth industrial cooling systems analysis is conducted by constructing estimations for the key segments between 2021 and 2030.