Press release
Chilled Water Storage Systems market To Reach USD 187.4 million by the end of 2026, Growing A Cagr Of 6.9%
Chilled Water Storage Systems market
Less annual energy consumption and operational cost along with low initial investment cost have resulted in a high demand for chilled water storage system from many end-use industries, such as petrochemical, oil & gas, pharmaceutical, and food & beverages, thereby driving the growth of chilled water storage system market. Further, growing necessity from the end-use industries for maintaining the heat density of various chemicals is another major factor fueling the growth of chilled water storage systems market currently. However, high electricity consumption by cooling systems, resulting in high electricity costs is one of the major factor restraining the growth of the chilled water storage system market.
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Chilled Water Storage System Market Taxonomy:
On the basis of tank type, the Chilled Water Storage System market is segmented into:
Diaphragm tank system
Multiple tank system
Stratified tank system
On the basis of application, the Chilled Water Storage System market is segmented into:
Residential
Commercial
Industrial
On the basis of end use industry, the Chilled Water Storage System market is segmented into:
Food & Beverages Industry
Pharmaceutical Industry
Chemical Industry
Automotive Industry
Power Generation
Oil & Gas
Others
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North America is the largest market for chilled water storage systems. The U.S is the major contributor to the chilled water storage system market in North America, owing to the development of abundant unconventional natural gas resources and shale oil boom, which has resulted in rapid industrialization, in turn fueling the demand for chilled water storage systems, on account of its efficiency and energy saving capabilities.
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