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.
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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.
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 ecofriendly 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.
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This latest Industrial Cooling System market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Industrial Cooling System industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Industrial Cooling System Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024.” in detail along with the table of contents:
Key Insights in this Report
- Industrial Cooling System market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Industrial Cooling System market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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