PUBLISHER: The Business Research Company | PRODUCT CODE: 1428121
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428121
Industrial cooling systems encompass a diverse range of equipment and apparatus tailored to extract heat from industrial processes, machinery, or facilities, ensuring optimal operational conditions. These systems play a vital role in temperature regulation, preventing equipment overheating, upholding product quality, and fostering conducive working environments for employees.
The primary categories of industrial cooling systems comprise water cooling systems, evaporative cooling systems, air cooling systems, hybrid cooling systems, among others. Water-cooling systems utilize water as a coolant to effectively dissipate significant heat from industrial processes or equipment. They serve as integral components in various industries such as power generation, industrial manufacturing, petrochemical processing, food storage and processing, petroleum refining, natural gas refining, pharmaceuticals, data centers, and numerous other sectors.
The industrial cooling system research report is one of a series of new reports from The Business Research Company that provides industrial cooling system market statistics, including the industrial cooling system industry's global market size, regional shares, competitors with an industrial cooling system market share, detailed industrial cooling system market segments, market trends and opportunities, and any further data you may need to thrive in the industrial cooling system industry. This industrial cooling system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial cooling systems market size has grown strongly in recent years. It will grow from $18.63 billion in 2023 to $20.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth witnessed in the historical period can be ascribed to several factors, including the rapid pace of industrialization and manufacturing expansion, heightened concerns regarding energy efficiency, compliance with stringent environmental regulations, and endeavors aimed at optimizing industrial processes. These elements collectively contributed to the growth observed within that timeframe in the realm of industrial cooling systems, aligning with the evolving needs of various industries and the imperative of sustainable operations.
The industrial cooling systems market size is expected to see strong growth in the next few years. It will grow to $26.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. Anticipated growth in the forecast period can primarily be linked to the increasing adoption of sustainable practices, a surge in data center construction, and ongoing urbanization and infrastructure development initiatives. Key trends expected in the forecast period encompass the application of heat recovery systems, a growing adoption of hybrid cooling systems that combine multiple cooling methods for enhanced efficiency, the integration of remote monitoring and maintenance solutions, customized solutions tailored for specific industrial processes, and advancements in water treatment and filtration solutions. These trends collectively contribute to the projected growth within this period in the domain of industrial cooling systems, in line with the evolving needs of industries and the emphasis on sustainability and efficiency.
Anticipated growth in the industrial cooling systems market is attributed to the increasing usage of cooling systems in the automotive sector. These systems, commonly known as air conditioning or refrigeration systems, play a crucial role in removing heat from designated areas or materials, effectively reducing temperatures. Within the automotive industry, cooling systems are indispensable for temperature regulation in various components, ensuring optimal engine performance. As an illustration, in 2021, global automotive production reached 79.1 million, marking a 1.3% increase from the previous year, as reported by The European Automobile Manufacturers Association. Moreover, a February 2023 report from the European Automobile Manufacturers' Association (ACEA) indicated a global production of over 68 million passenger automobiles in 2022, reflecting a notable 7.9% growth from the previous year. This surge in cooling system usage within the automotive sector is identified as a key driver for the industrial cooling systems market.
The industrial cooling systems market is poised for growth, propelled by an increasing emphasis on integrating renewable energy sources. Renewable energy, derived from naturally replenished sources on a human timescale and deemed environmentally sustainable, is gaining prominence. Industrial cooling systems play a pivotal role in maintaining optimal operating temperatures, contributing to the performance, longevity, and reliability of renewable energy systems. This, in turn, facilitates their successful integration and widespread adoption. Notably, as of January 2023, the Energy Information Administration, a US-based government agency, projects that 16% of total energy generation in 2023 will originate from renewable sources such as wind and solar, up from 14% in 2022. The growing focus on the integration of renewable energy sources is identified as a key driver for the industrial cooling systems market.
The industrial cooling systems market is witnessing a significant trend towards product innovation, with major companies actively engaged in the development of cutting-edge products featuring advanced technologies. Notably, in February 2022, Honeywell, a prominent US-based performance materials and technology company, introduced Solstice E-Cooling. This groundbreaking platform encompasses liquid heat transfer agents, offering enhanced efficiency in cooling high-performance electronics when compared to traditional methods employing air and water. Leveraging a two-phase liquid cooling technology, Solstice E-Cooling not only cools electrical applications effectively but also minimizes environmental impact. The technology delivers more uniform and energy-efficient cooling, superior heat rejection, and reduced pumping power.
Major players in the industrial cooling systems market are strategically introducing aircraft cooling systems to augment their market profitability. These systems play a critical role in regulating and managing temperatures within various aircraft systems and components. For instance, in June 2021, FCS Finland Oy, a Finland-based manufacturer of aircraft ground maintenance equipment, unveiled the AFC-22. This innovative aircraft cooling system revolutionizes maintenance practices by swiftly cooling engines, thereby minimizing downtime. Featuring a unique design with custom-fit adapters for various engines, the AFC-22 accelerates hot section maintenance, reducing cooling time from hours to a mere 45 minutes. The eco-friendly AFC-22e variant enhances operational efficiency with a rechargeable battery, offering an extended 16-hour operation window.
In May 2023, Trane, an Ireland-based equipment manufacturer renowned for its expertise in air conditioning systems and services, completed the acquisition of MTA SpA for an undisclosed sum. This strategic acquisition is geared towards fortifying Trane's European presence and augmenting its portfolio, particularly in rental and service provisions for process cooling solutions. Moreover, this move positions Trane to diversify into sustainable air conditioning and air handling solutions tailored for industrial applications, thereby solidifying its standing in the sector. MTA SpA, an Italian company specializing in crafting cooling solutions for the automotive, industrial, and rail industries, aligns with Trane's objectives for expanding its offerings and expertise in the cooling solutions market.
Major companies operating in the industrial cooling systems market report are Schneider Electric SE, ABB Ltd, DAIKIN Industries Ltd., Johnson Controls International plc, Carrier Corporation, Emerson Electric Co., Trane Technologies, Danfoss A/S, Xylem Inc., Alfa Laval AB, GEA Group Aktiengesellschaft, Rittal GmbH & Co. KG, Black Box Corporation, SPX Corporation, BITZER Kuhlmaschinenbau GmbH, Babcock & Wilcox Enterprises Inc., EVAPCO Inc., Baltimore Aircoil Company Inc., LU-VE S.p.A., Brentwood Industries Inc., Hamon Group S.A., ABCO HVACR Supply & Solutions, Guntner GmbH & Co. KG, ENEXIO Management GmbH, Airedale International Air Conditioning Ltd., Mayekawa MFG Co. Ltd., Thermal Care Inc., Robson Industries Inc.
Asia-Pacific was the largest region in the industrial cooling system market in 2023. The regions covered in the industrial cooling systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the industrial cooling systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The industrial cooling system market consists of sales of chillers, heat exchangers, and cooling towers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Cooling Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial cooling systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial cooling systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial cooling systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.