Newark, March 09, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 17.45 billion in 2022 industrial cooling systems market will reach USD 32.48 billion by 2032. Industries must identify the precise needs for cooling in terms of quantity, temperature, and need. Increased wastage and decreased efficiency are two effects of excessive cooling. Hence, measures like integrating two cooling systems that are currently used into one more extensive system can be done to decrease waste and achieve higher efficiency. This will increase system dependability and operational efficiency. Improvements in insulation, a decrease in infiltration, and a reduction of heat gains from lighting and process equipment are other methods for reducing the cooling load. Installing plastic strip curtains, for example, can help keep warm air out and let cold air in while lowering running costs by up to 30% when cold room doors are used frequently.
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Key Insight of the Industrial Cooling Systems Market
Asia-Pacific became the market leader for industrial cooling systems globally in 2022, with a share of 35.76% and an estimated value of USD 6.24 billion.
With a share of 35.76% and an estimated value of USD 6.24 billion in 2022, Asia-Pacific emerged as the market leader for industrial cooling systems globally. It is anticipated that the expanding food and beverage industries in nations like China, India, Japan, South Korea, and Indonesia will increase the demand for efficient cooling systems. The need for more products online, cost-effective cooling solutions, and requirements for high-quality food are all driving the adoption of these technologies and fueling the growth of the industrial cooling systems market.
However, North America will hold a sizable portion of the worldwide market because of its extensive industrialization. Due to the region's urbanization and rising energy consumption, South America, the Middle East, and Africa are predicted to have substantial market growth for industrial cooling systems. Due to Europe's crucial and reliable infrastructure, which will guarantee steady demand, modern industrial cooling systems will replace outdated industrial chillers.
The evaporative cooling segment had the highest market share of 28.65% and was valued at USD 4.99 billion in 2022 in the industrial cooling systems market.
In the market for industrial cooling systems, the evaporative cooling segment held the largest market share at 28.65% and was valued at USD 4.99 billion in 2022. The cooling system transforms hot, dry air into cool-tempered air via a series of evaporative processes. Due to their superior economic value and efficiency compared to refrigerated systems, the evaporative cooling segment, in 2022, held the largest share of the global industrial cooling system market.
However, the air cooling segment is anticipated to expand at the highest CAGR of 9.53% during the projected period due to increased government initiatives in developing countries like India and a rise in demand for industrial air-cooling systems.
The stationary cooling segment had the highest market share of 58.43% and was valued at USD 10.19 billion in 2022 in the industrial cooling systems market.
In the market for industrial cooling systems, the stationary cooling segment held the largest market share at 58.43% and was valued at USD 10.19 billion in 2022. This is driven by rising middle-class income levels and increasing internet usage in developing nations.
However, due to the expansion of the food processing sector and the need for stringent temperature control when carrying pharmaceutical and biotech products, the transport cooling segment is anticipated to expand at the highest CAGR of 8.26% over the projection period.
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Market Dynamics
Driver: Increased demand among end users
The market is anticipated to expand as more energy-efficient evaporative cooling systems become popular. Due to their high-efficiency level, evaporative cooling systems are commonly utilized in manufacturing facilities. Forecasts indicate that the use of cooling systems will rise in the power, chemical, metallurgical, energy, and automotive sectors. Due to the harsh climatic conditions and excellent performance of these systems globally, the industrial cooling systems market will grow faster. The increased need for efficient cooling systems and technological developments are two market development factors that are projected to promote market development.
Restraint: Cost of investment and water requirement
The demand for water and significant investment costs would restrict the market growth for industrial cooling systems.
Opportunity: New developments, rules, and regulations
Improvements in the industrial cooling system, expanding government regulations for sustainable methods, and sizeable investments in research and development activities that further enhance product applications will provide market players with lucrative opportunities over the projection period. As a result of stringent environmental regulations and rising consumer knowledge of its benefits, the market for industrial cooling systems will continue to grow.
Challenge: Cost of raw materials
The increasing number of global restrictions due to the pandemic has affected supply and demand. Variations in the price of raw materials would also hamper the market for industrial cooling systems. As a result, the need for industrial cooling systems will grow more slowly.
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Some of the major players operating in the industrial cooling systems market are:
• Baltimore Aircoil Company
• Emerson Electric Co.
• Hamon Group S.A.
• Schneider Electric SE
• Star Cooling Tower Pvt Ltd.
• Airedale International Air Conditioning Ltd.
• GEA Group Aktiengesellschaft
• SPX Corporation
• Johnson Controls International PLC
• Brentwood Industries, Inc.
Key Segments cover in the market:
By Product Type:
• Evaporative Cooling
• Hybrid Cooling
• Air Cooling
• Water Cooling
By Function:
• Stationary Cooling
• Transport Cooling
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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