NEWARK, Del, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to Future Market Insights' most recent market estimate, the industrial cooling systems market is worth US$ 20.98 billion in 2023. A CAGR of 6.1% is anticipated in the market during the forecast period.
A new perspective for the industrial cooling systems market is provided by stringent environmental regulations, increased investments in the chemical industry, and rising demand for energy-efficient systems. Moreover, nuclear and thermal energy-using facilities are noticing a rise in demand for industrial cooling systems.
The demand for industrial cooling systems has increased across all significant emerging countries as a result of expansion in the industrial manufacturing sector. These systems are required to maintain the required temperature for chemical reactions.
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Between 2023 and 2033, market participants would benefit from advancements in industrial cooling systems, the expansion of governmental policies for sustainable systems, and sizable investments in R&D activities that further improve applications. Future industrial cooling systems sales are predicted to rise due to strict environmental regulations and rising consumer awareness.
Since industrial cooling systems are expensive and have high installation and maintenance costs, the demand for them confronts major obstacles. The higher operational costs are brought on by inadequate infrastructure for installing and running industrial cooling systems.
Key Takeaways
- The industrial cooling systems market is likely to have a CAGR of 6.1% during the forecast period.
- Historically, the industrial cooling systems market had a CAGR of 5.5% between 2018-2022.
- The value of the industrial cooling systems market is expected to be US$ 37.92 billion by 2033.
- Based on type, evaporation cooling systems hold 35% share of the industrial cooling systems market by 2033.
- Based on function, the transport cooling segment is anticipated to experience the highest CAGR of 5.9% over the projection period.
- With a CAGR of 5.9% throughout the forecast period, US market participants are significantly boosting the demand for industrial cooling systems.
- From 2023 to 2033, the industrial cooling systems market in China is anticipated to expand at a CAGR of 8.5%.
- During the predicted period, the UK is forecast to expand at a CAGR of 5.7%, and is estimated to be valued US$ 5.55 billion by 2033.
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Competitive Landscape
Many well-known companies are vying for market supremacy in the intensely competitive market for industrial cooling systems. These companies are working hard to develop cutting-edge, energy-efficient products in order to gain a market advantage.
A lot of new players are also entering the market, such as Enertech Industries, LLC and Cooling Systems, Inc., who are offering their customers customized and specialized cooling solutions.
These companies are making investments in R&D to develop new products and technologies in order to broaden their product offerings. Businesses are focusing on strategic alliances and collaborations as a way to expand their market penetration.
Recent Developments:
- Johnson's Controls revealed the opening of an R&D and testing facility in the US in April 2018. The company is now able to supply the HVAC sector with cutting-edge and outstanding products thanks to the expanded facilities. Companies also provide a variety of product categories across different industries.
- On September 1st, 2000, SPX Cooling Technologies unveiled the Marley BasinGard filters for cooling towers. By removing debris, fibers, and pipe rust, the BasinGard filter protects the hot water reservoir's flow inside the cooling tower.
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Key segments
By Product Type:
- Hybrid Cooling
- Water Cooling
- Air Cooling
- Evaporative Cooling
By Function:
- Transport Cooling
- Stationary Cooling
By End-User:
- Utility and Power
- Chemical
- Food & Beverage
- Chemical
- Pharmaceutical
- Oil and Gas
- Others
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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