Global Industrial Cooling System Market, By Type (Evaporative Cooling Systems, Air Cooling System, Hybrid Cooling System, Water Cooling System), Product Type (Dry Cooling, Wet Cooling, Hybrid Cooling, Water Chillers, Heat Exchanger), End- User (Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing and Storage, Petroleum and Natural Gas Refining, Pharmaceuticals, Data Center) – Industry Trends and Forecast to 2029.
Global Industrial Cooling System Market Analysis and Size
Over the last few years, there has been immense growth in the chemical industry. Additionally, there has been strong development in manufacturing sector, which have significantly contributed to the lubricants market, which further increases the overall growth for the market.
- Global Industrial Cooling System Market was valued at USD 17.24 billion in 2021 and is expected to reach USD 26.46 billion by 2029, registering a CAGR of 5.5% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Global Industrial Cooling System Market Definition
Industrial cooling systems are products or equipment that are used to cool air in a working environment. Cooling systems are required in a variety of sectors to protect appliances from overheating. An industrial cooling system is one that manages the temperature in a facility. Different types of cooling systems are used to keep production processes cold, such as exothermic reactions and component and machine overheating.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Evaporative Cooling Systems, Air Cooling System, Hybrid Cooling System, Water Cooling System), Product Type (Dry Cooling, Wet Cooling, Hybrid Cooling, Water Chillers, Heat Exchanger), End- User (Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing and Storage, Petroleum and Natural Gas Refining, Pharmaceuticals, Data Center)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Baltimore Aircoil Company (U.S.), Bell Cooling Tower (India), Brentwood Industries Inc. (U.S.), Hamon (Belgium), Johnson Controls (U.S.), Paharpur Cooling Towers Ltd., (India), SPIG S.p.A. (Italy), SPX Corporation (U.S.), Star Cooling Towers Pvt. Ltd (India), Airedale International Air Conditioning Ltd. (U.K.), SPX Corporation (U.S.), Berg Chilling Systems Inc., (Canada) and Star Cooling Towers Pvt. Ltd (India), Emerson Electric Co. (U.S.), Honeywell International Inc. (U.S.), Mitsubishi Electric Corporation (Japan), Samsung (South Korea), FUJITSU (Japan) and Hitachi Ltd (Japan)
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Market Opportunities
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Industrial Cooling System Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
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High Demand Across End Users
The market is likely to develop as more energy efficient evaporative cooling systems are adopted. Because of their great efficiency, evaporative cooling systems are commonly utilized in manufacturing facilities for cooling. Rise in usage of cooling systems in automotive, chemical, metalworking, energy, and power sectors is estimated to boost the overall market’s growth.
The extreme climatic conditions along with the high performance of industrial cooling systems globally will further propel the growth rate of industrial cooling system market. The rise in interest in productive cooling systems and mechanical headways are other market growth determinants which are projected to bolster the growth of the market.
Opportunities
- Advancements, Policies and Guidelines
Furthermore, advancement in the industrial cooling system, increasing government policies for sustainable system and significant investments in research and development activities which further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the strict environmental regulations coupled with the rising awareness about the benefits of industrial cooling system will further expand the future growth of the industrial cooling system market.
Restraints/Challenges Global Industrial Cooling System Market
- Need for Water and Investment Cost
The requirement of large quantity of water along with the high investment cost will create hindrances for the growth of the industrial cooling system market.
- Structural stability
With the rising number of restrictions around the globe due to pandemic, there has been a hit in the demand and supply. Also, the fluctuations in the prices of raw materials will prove to be a demerit for the industrial cooling system market. Therefore, this will challenge the industrial cooling system market growth rate.
This industrial cooling system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial cooling system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Industrial cooling system Market
The recent outbreak of coronavirus had a negative impact on the industrial cooling system market. Due to the countries' lockdown measures and delays in manufacturing and production of industrial cooling systems, which are used in industries such as food and beverage, chemical, pharmaceutical, utility and power, oil and gas, and others, the COVID 19 outbreak has hampered the growth of the industrial cooling systems industry. The companies have ceased manufacturing of several items in the industrial cooling systems business as a result of the lockdowns enacted in major countries. Players in the industrial cooling system industry can only afford a complete lockdown for a limited time before having to change their investment strategies. Furthermore, with the introduction of a COVID-19 vaccine on the market, the number of COVID-19 cases is predicted to decline in the near future. Furthermore, with the introduction of a COVID-19 vaccine on the market, the number of COVID-19 cases is predicted to decline in the near future. This is also predicted to lead to the re-starting of industrial cooling systems companies at full capacity, assisting the recovery of the industrial cooling system market by the start of 2022. After COVID-19 infection cases begin to decline, equipment and machinery manufacturers must concentrate on protecting their employees, operations, and supply networks in order to respond to urgent emergencies and build new working practises.
Global Industrial Cooling System Market Scope
The industrial cooling system market is segmented on the basis of type, product type and end- user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Evaporative Cooling Systems
- Air Cooling System
- Hybrid Cooling System
- Water Cooling System
On the basis of type, the industrial cooling system market has been segmented into evaporative cooling systems, air cooling system, hybrid cooling system and water cooling system.
Product Type
- Dry Cooling
- Wet Cooling
- Hybrid Cooling
- Water Chillers
- Heat Exchanger
The industrial cooling system market has also been segmented on the basis of product type into dry cooling, wet cooling, hybrid cooling, water chiller and heat exchanger.
End- User
- Power Generation
- Industrial Manufacturing
- Petrochemical Processing
- Food Processing and Storage
- Petroleum and Natural Gas Refining
- Pharmaceuticals
- Data Center
On the basis of end- user, the industrial cooling system market is segmented into power generation, industrial manufacturing, petrochemical processing, food processing and storage, petroleum and natural gas refining, pharmaceuticals and data center.
Industrial Cooling System Market Regional Analysis/Insights
The industrial cooling system market is analysed and market size insights and trends are provided by country, type, product type and end- user as referenced above.
The countries covered in the industrial cooling system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the industrial cooling system market because of the growth in food and beverage industry and growing demand for safe cooling system across emerging economies within the region. North America on the other hand, is estimated to show lucrative growth due to the high presence of well-established manufacturers in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Industrial Cooling System Market Share Analysis
The industrial cooling system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to industrial cooling system market.
Some of the major players operating in the industrial cooling system market are
- Baltimore Aircoil Company (U.S.)
- Bell Cooling Tower (India)
- Brentwood Industries Inc. (U.S.)
- Hamon (Belgium)
- Johnson Controls (U.S.)
- Paharpur Cooling Towers Ltd., (India)
- SPIG S.p.A. (Italy)
- SPX Corporation (U.S.)
- Star Cooling Towers Pvt Ltd (India)
- Airedale International Air Conditioning Ltd. (U.K.)
- SPX Corporation (U.S.)
- Berg Chilling Systems Inc., (Canada)
- Star Cooling Towers Pvt Ltd (India)
- Emerson Electric Co. (U.S.)
- Honeywell International Inc. (U.S.)
- Mitsubishi Electric Corporation (Japan)
- Samsung (South Korea)
- FUJITSU (Japan)
- Hitachi Ltd (Japan)
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