Industrial Cooling System Market Size, Price Trends, Competitive Market Share & Forecast by 2024: Global market Insights, Inc.
Industrial Cooling System Market Size is forecast to grow at 6% CAGR from 2016 to 2024 and reach about USD 13.4 billion by 2024.
Power generation segment contributed to majority of the global industrial cooling system market share in 2015, with demand expected to remain robust in the coming years. It is also forecast to witness high growth on account of increased application in nuclear and thermal power plants. Importance of temperature and pressure control for efficient and safe operation will remain the major growth driver. Growing global population base and urbanization has resulted in increased application scope, particularly in the manufacturing and power sectors. This is projected to drive demand for processed materials and fuel growth across the industrial cooling system market.
Stringent environmental regulations have mandated reforms to focus on greener buildings and replacement of older methods with innovated and greener solutions to reduce the effect of pollution and global warming. This demand has mandated participation of private sectors into power projects, widening the scope of the industry.
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Greenhouse gases emissions and energy demand have led to growing interest of major nations in the world for nuclear power, which will provide a platform for industry growth. Certain factories, such as dyes, chemical manufacturers and textile applications, where only air cooling can be utilized as the most cost effective solution will provide moderate growth prospects.
Evaporative products are the largest segment of the industrial cooling system market size. It dominates the industry primarily owing to its high energy efficiency, numerous applications, robustness and performable edge over all other alternatives available. Lower operating costs as coupled with environmental friendliness are also key growth drivers across the segment. Since portable equipment does not require installation, capital expenditure associated with these products are also lower. Key equipment also includes air, hybrid and water cooling systems. Segments utilizing these machineries include industrial manufacturing, petrochemical processing, food processing & storage, petroleum & natural gas refining, pharmaceutical, and data centers.
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Commercially, Asia Pacific industrial cooling system market was the largest regional segment and is expected to grow rapidly during the forecast timeframe primarily due to steady economic development in the region. In addition, growth of industrialization in countries such as China and India is also driving revenue. Factors inhibiting growth are labored increase of demand in developed counterparts such as Europe and North America. Innovative and eco friendly solutions may present opportunities in the U.S. industrial cooling system market for replacement of old equipment. Germany contributed considerably to European revenue in 2015, mainly due to the presence of a strong technological and innovation landscape.
Key operating participants in the global industrial cooling system market share are Baltimore Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Hamon Group, Johnson Controls Inc., Paharpur Cooling Towers, SPIG S.P.A, SPX Corporation, Airedale, American Power Conversion Corporation, and Black Box Corp. Major strategies adopted include agreements, contracts, and partnerships, R&D investment, and acquisitions to consolidate market share. Industry participants also offer replacement parts for these products in order to ensure smooth operation over the long term.