The global industrial cooling systems market was valued at $16.62 billion in 2020, and is projected to reach $31.33 billion by 2032, registering a CAGR of 5.2% from 2023 to 2032.
Industrial cooling systems are made up of a complex network of tools, devices, and procedures. A wide range of businesses, including manufacturing, power generation, chemical processing, data centers, and many others that produce a large amount of weight while executing their operations, require the use of this technology. The essential goal of an industrial cooling systems is to prevent damage, maintain optimum working conditions, ensure the efficacy of the machinery, and lengthen its divineness through remote access by equipment or methods.
The need for energy-efficient refrigeration systems has grown in recent years because of various systems being fitted with floating head pressure controls, variable-frequency drives in evaporator fans, and screw compressor variable frequency drives (VFD) to promote energy conservation. In addition, many companies use natural refrigerants such ammonia, carbon dioxide, hydrofluorocarbons, water, and air to reduce the impacts of global warming and ozone depletion on the environment. This has increased demand for eco-friendly refrigerants.
Moreover, due to their negative effects on the environment, particularly on the ozone layer, refrigerants used for commercial applications, such as chlorofluorocarbons, hydrochlorofluorocarbons, and hydrofluorocarbons have come under intensive scrutiny from the various government organizations. For instance, numerous nations have outlawed the use of refrigerants that contain chlorofluorocarbons (CFCs) because of their role in the destruction of the ozone layer. As industrial refrigerants are subject to strict government standards and regulations, refrigerants are not used commercially. Additionally, the adoption of other refrigerants with higher efficiency has been constrained by the availability of natural and eco-friendly refrigerants, which are predicted to have a detrimental effect on market growth.
On the contrary, the use of IoT enabled cooling solutions has gained prominence for monitoring equipment in processing and storage industries. This can provide lucrative growth opportunity to the players in the cooling systems market in emerging countries during the forecast period.
The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is fragmented into air cooling, evaporative cooling, water cooling, and hybrid cooling. The evaporative cooling segment dominated the market in 2022. By function, it is bifurcated into stationary cooling, and transportation cooling. The transportation cooling segment dominated the market in 2022. Depending on end-user industry, it is fragmented into food & beverages, chemical, pharmaceuticals, utility & power, oil & gas, and others. The chemical segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, and is anticipated to secure a leading position during the forecast period.
In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
Extensive analysis of the industrial cooling systems market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The key market players within the industrial cooling systems market are profiled in this report and their strategies are analyzed thoroughly, to understand the competitive outlook of the industrial cooling systems industry.
Industrial cooling systems are made up of a complex network of tools, devices, and procedures. A wide range of businesses, including manufacturing, power generation, chemical processing, data centers, and many others that produce a large amount of weight while executing their operations, require the use of this technology. The essential goal of an industrial cooling systems is to prevent damage, maintain optimum working conditions, ensure the efficacy of the machinery, and lengthen its divineness through remote access by equipment or methods.
The need for energy-efficient refrigeration systems has grown in recent years because of various systems being fitted with floating head pressure controls, variable-frequency drives in evaporator fans, and screw compressor variable frequency drives (VFD) to promote energy conservation. In addition, many companies use natural refrigerants such ammonia, carbon dioxide, hydrofluorocarbons, water, and air to reduce the impacts of global warming and ozone depletion on the environment. This has increased demand for eco-friendly refrigerants.
Moreover, due to their negative effects on the environment, particularly on the ozone layer, refrigerants used for commercial applications, such as chlorofluorocarbons, hydrochlorofluorocarbons, and hydrofluorocarbons have come under intensive scrutiny from the various government organizations. For instance, numerous nations have outlawed the use of refrigerants that contain chlorofluorocarbons (CFCs) because of their role in the destruction of the ozone layer. As industrial refrigerants are subject to strict government standards and regulations, refrigerants are not used commercially. Additionally, the adoption of other refrigerants with higher efficiency has been constrained by the availability of natural and eco-friendly refrigerants, which are predicted to have a detrimental effect on market growth.
On the contrary, the use of IoT enabled cooling solutions has gained prominence for monitoring equipment in processing and storage industries. This can provide lucrative growth opportunity to the players in the cooling systems market in emerging countries during the forecast period.
The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is fragmented into air cooling, evaporative cooling, water cooling, and hybrid cooling. The evaporative cooling segment dominated the market in 2022. By function, it is bifurcated into stationary cooling, and transportation cooling. The transportation cooling segment dominated the market in 2022. Depending on end-user industry, it is fragmented into food & beverages, chemical, pharmaceuticals, utility & power, oil & gas, and others. The chemical segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, and is anticipated to secure a leading position during the forecast period.
COMPETITION ANALYSIS
Key companies profiled in the industrial cooling systems market report include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company Inc., 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 BENEFITS FOR STAKEHOLDERS
The report provides an extensive analysis of the current trends, future estimations, and dynamics of the industrial cooling systems market.In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
Extensive analysis of the industrial cooling systems market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The key market players within the industrial cooling systems market are profiled in this report and their strategies are analyzed thoroughly, to understand the competitive outlook of the industrial cooling systems industry.
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Key Market Segments
By End-user Industry
- Food and Beverage
- Chemical
- Pharmaceuticals
- Utility and Power
- Oil and Gas
- Others
By Product Type
- Air Cooling
- Evaporative Cooling
- Water Cooling
- Hybrid Cooling
By Function
- Stationary Cooling
- Transport Cooling
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Airedale International Air Conditioning Ltd.
- Baltimore Aircoil Company Inc.
- 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.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDUSTRIAL COOLING SYSTEMS MARKET, BY PRODUCT TYPE
CHAPTER 5: INDUSTRIAL COOLING SYSTEMS MARKET, BY FUNCTION
CHAPTER 6: INDUSTRIAL COOLING SYSTEMS MARKET, BY END-USER INDUSTRY
CHAPTER 7: INDUSTRIAL COOLING SYSTEMS MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the industrial cooling systems market was valued at $18.8 billion in 2020, and is estimated to reach $31.3 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.A complex network of equipment and procedures known as an industrial cooling system is used to manage and remove excess heat from industrial buildings or processing facilities. For maintaining working conditions, protecting equipment, and ensuring efficient operation in industries including manufacturing, power production, and data centers, this system is crucial. They effectively regulate temperature and dissipate heat in this region by utilizing a number of cooling technologies, including heat exchangers, ventilation systems, and chiller towers.
Market expansion is fueled by rising demand for industrial cooling systems from a variety of sectors, including the pharmaceutical and oil & gas industries. Additionally, factors including industrial development, technical progress, demand for energy efficiency, and the necessity for sustainable cooling solutions all contribute to the market's expansion. The fast expansion and modernisation of cold storage facilities has also increased the need for industrial refrigeration and related equipment in developing nations like India, China, Latin America, and the Middle East. A number of processing sectors, including those in the food and beverage, dairy, ice cream, meat, poultry, and fish as well as the chemical and pharmaceutical industries, benefit from the characteristics that cold storage facilities and refrigerated warehouses offer for blast freezing, tempering, and modified atmosphere storage. Thus, the presence of state-of-the-art cold storage facilities in developing nations greatly contributes to the growth of the worldwide sector.
However, industrial cooling systems, which are widely used in many industrial applications including food processing and product preservation, require a large amount of energy to maintain the temperature of a facility. These systems also require larger maintenance expenditures and continual monitoring to control the refrigerant flow, both of which raise the cost. As a result, it is projected that the sum of all these problems will limit market growth. Furthermore, several commodities, including construction material, oil, and gas, saw a surge in price due to the Russia-Ukraine conflict. Due to supply chain interruptions, there are now more expensive shipping costs, fewer available containers, and less warehouse space. Since there have been delays in shipments and congestion, certain ports have been closed, and orders are being retracted, which influences industry and consumers globally. The decline in investor confidence has also increased stock market volatility. Economic instability has risen due to the strained commercial ties between Russia, Ukraine, and their different trading partners. Hence, all such factors have reduced export possibilities.
Additionally, refrigeration systems are frequently used in the food processing, beverage, chemical, pharmaceutical, and petrochemical industries to control temperature. Additionally, ongoing refrigerant flow monitoring and leak detection are required for updating cold storage and refrigerated facilities. As a result, using IoT-enabled refrigeration systems to check on machinery in the processing and storage industries has increased. The market participants for industrial refrigeration are anticipated to benefit from these attractive chances.
The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is fragmented into air cooling, evaporative cooling, water cooling, and hybrid cooling. By function, it is bifurcated 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, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key companies profiled in the industrial cooling systems market report include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company Inc., 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
By product type, the evaporative cooling segment was the highest revenue contributor to the market and is estimated to reach $11.52 billion by 2032. Moreover, the water cooling segment is estimated to be the fastest-growing segment with a CAGR of 5.3% during the forecast period.By function, the stationary cooling segment was the highest revenue contributor to the market with the fastest-growing segment with a CAGR of 5.0% during the forecast period.
By end user industry, food and beverage segment were the highest revenue contributor to the market in 2022, which is expected to grow with a CAGR of 5.2% during the forecast period.
By region, Asia Pacific held the largest revenue share in 2022, and LAMEA is anticipated to grow at the highest CAGR of 6.4% during the forecast period.
Companies Mentioned
- Airedale International Air Conditioning Ltd.
- Baltimore Aircoil Company Inc.
- 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.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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