Industrial Cooling Systems Market Expectations & Growth Trends Highlighted Until 2033
According to the most recent market estimate from Future Market Insights, the global industrial cooling systems market will be worth US$ 20.98 billion in 2023. During the forecast period, the market is expected to grow at a CAGR of 6.1%.
Stringent environmental laws, greater investment in the chemical industry, and rising demand for energy-efficient systems all give a new viewpoint for the industrial cooling systems market. Furthermore, nuclear and thermal energy facilities are seeing an increase in demand for industrial cooling systems.
The rise of the industrial manufacturing sector has increased demand for industrial cooling systems in all key growing countries. These systems must keep the required temperature for chemical reactions.
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Between 2023 and 2033, market participants would benefit from advancements in industrial cooling systems, the expansion of governmental policies for sustainable systems, and sizable investments in R&D activities that further improve applications. Future industrial cooling systems sales are predicted to rise due to strict environmental regulations and rising consumer awareness.
Since industrial cooling systems are expensive and have high installation and maintenance costs, the demand for them confronts major obstacles. The higher operational costs are brought on by inadequate infrastructure for installing and running industrial cooling systems.
Key Takeaways
The industrial cooling systems market is likely to have a CAGR of 6.1% during the forecast period. Historically, the industrial cooling systems market had a CAGR of 5.5% between 2018-2022. The value of the industrial cooling systems market is expected to be US$ 37.92 billion by 2033. Based on type, evaporation cooling systems hold 35% share of the industrial cooling systems market by 2033. Based on function, the transport cooling segment is anticipated to experience the highest CAGR of 5.9% over the projection period. With a CAGR of 5.9% throughout the forecast period, US market participants are significantly boosting the demand for industrial cooling systems. From 2023 to 2033, the industrial cooling systems market in China is anticipated to expand at a CAGR of 8.5%. During the predicted period, the UK is forecast to expand at a CAGR of 5.7%, and is estimated to be valued US$ 5.55 billion by 2033.
Competitive Landscape
Many well-known companies are vying for market supremacy in the intensely competitive market for industrial cooling systems. These companies are working hard to develop cutting-edge, energy-efficient products in order to gain a market advantage.
A lot of new players are also entering the market, such as Enertech Industries, LLC and Cooling Systems, Inc., who are offering their customers customized and specialized cooling solutions.
These companies are making investments in R&D to develop new products and technologies in order to broaden their product offerings. Businesses are focusing on strategic alliances and collaborations as a way to expand their market penetration.
Recent Developments:
Johnson’s Controls revealed the opening of an R&D and testing facility in the US in April 2018. The company is now able to supply the HVAC sector with cutting-edge and outstanding products thanks to the expanded facilities. Companies also provide a variety of product categories across different industries. On September 1st, 2000, SPX Cooling Technologies unveiled the Marley BasinGard filters for cooling towers. By removing debris, fibers, and pipe rust, the BasinGard filter protects the hot water reservoir’s flow inside the cooling tower.
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Key segments
By Product Type:
Hybrid Cooling Water Cooling Air Cooling Evaporative Cooling
By Function:
Transport Cooling Stationary Cooling
By End-User:
Utility and Power Chemical Food & Beverage Chemical Pharmaceutical Oil and Gas Others
By Region:
North America Latin America Europe East Asia South Asia and Pacific Middle East & Africa