Industrial Cooling System Market by End User, Type & by Region by 2021

The report "Industrial Cooling System Market by End User (Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing & Storage, Petroleum & Natural Gas Refining, Pharmaceutical, Data Center), Type & by Region - Global Forecasts to 2021", The global industrial cooling system market is projected to reach USD 17.24 Billion by 2021, at a CAGR of 5.0% from 2016 to 2021. Technological advancements in the market, coupled with increasing demand for efficient cooling systems from developing markets of Asia-Pacific, are expected to drive the industrial cooling system market over the next five years.

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Browse 85 market data Tables and 51 Figures spread through 168 Pages and in-depth TOC on "Industrial Cooling System Market"

The global industrial cooling system market was valued at USD 12.84 billion in 2015 and is projected to reach USD 17.24 billion by 2021, at a CAGR of 5.0% from 2016 to 2021. This growth can be attributed to the increasing demand from the power generation and industrial manufacturing end-user segments. Baltimore Aircoil Company (U.S.), Bell Cooling Tower (India), Brentwood Industries Inc. (U.S.), Hamon Group (Belgium), Johnson Controls Inc. (U.S.), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy), and SPX Corporation (U.S.) are some of the leading players in this market.

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Key players operational in the industrial cooling system market are focusing on new product launches, mergers & acquisitions, agreements, and expansions to cater to the increasing demand across various industry verticals.

Hamon Group (Belgium) is one of the key players in the global industrial cooling system market having global presence. The company initiated many strategic developments in 2015 for strengthening its global presence. In 2015, the company inaugurated a natural draft concrete cooling tower shell for the Kozienice power plant (Poland). This cooling tower is one of the tallest cooling systems built in Europe. The key strategy adopted by the company is focusing on increased sales for strengthening its global presence in the market. The dry and wet cooling segment accounted for majority of the profitable sales and turnover, with a significant increase in the overall earnings of the company due to increased order bookings for cooling towers in 2014.

Johnson Controls Inc. (U.S.) is another key player in the industrial cooling system market and has presence in several regions across the globe. The company adopted various strategies in 2015 for strengthening its building efficiency business segment’s position globally. The main strategies adopted by the company were joint ventures, expansions, acquisitions, and new product launches. These strategies played a major role in terms of development and increased geographic presence of the company. The company acquired Air Distribution Technologies, Inc. (U.S.) on June 2014, which is one of the largest independent providers of air distribution and ventilation products in North America. This strategy helped the company in increasing its global presence followed by company’s ownership from a non-controlling to controlling interest.

Industrial cooling systems are heat exchangers that are used to dissipate unwanted heat to the atmosphere. Evaporative, air, and hybrid cooling systems are very common in the market and are used in various industries including power generation, chemical, petrochemical, oil & gas, food & beverages, and so on. The global industrial cooling system market was valued at USD 12.84 billion in 2015 and is projected to reach USD 17.24 billion by 2021, at a CAGR of 5.0% from 2016 to 2021. Huge investments in new infrastructure developments across the globe, new manufacturing projects in Asia-Pacific region, and replacement of existing cooling system mainly in North America and Europe have also triggered the growth of industrial cooling system market.

In the past, wooden-based cooling systems were in trend but currently their position has been taken by concrete and FRP-based cooling systems. This change in trend is due to additional strength, capacity, and efficiency offered by the concrete and FRP-based cooling systems. This has supported the growth of refurbishment market for cooling system globally.

The power generation segment led the industrial cooling system market in 2015. Although cooling systems are a pre-requisite in every industry, they find the highest use in the power generation segment. Power plants propel the need for cooling systems to gain environmental as well as economic benefits. Power generation and industrial manufacturing are the two main end-user segments of the global industrial cooling system market.

Asia-Pacific accounted for the largest share of the industrial cooling system market in 2015. China, Japan, India, and Korea are the major markets for industrial cooling system in Asia-Pacific. The growth in Asia-Pacific industrial cooling system market is attributed to the growth in the manufacturing industry as well as the increasing demand from manufacturing companies and end-user industries, such as power generation and petrochemical processing, in the region.

Key players operational in the global industrial cooling system market, such as Baltimore Aircoil Company (U.S.), Bell Cooling Tower (India), Brentwood Industries Inc. (U.S.), Hamon Group (Belgium), Johnson Controls Inc. (U.S.), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy), and SPX Corporation (U.S.), implemented various strategic initiatives to cater to the diverse needs of customers and expand their presence in the market.

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