Press release
Cooling the Future: Key Trends in the 2024 Industrial Cooling Systems Market
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.Industrial Cooling Systems Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $26.58 billion In 2028 At A CAGR Of 7.2%.
The industrial cooling systems market size has grown strongly in recent years. It will grow from $18.63 billion in 2023 to $20.14 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to industrialization and manufacturing growth, energy efficiency concerns, stringent environmental regulations, process optimization.
The industrial cooling systems market size is expected to see strong growth in the next few years. It will grow to $26.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to adoption of sustainable practices, rise in data center construction, urbanization and infrastructure development. Major trends in the forecast period include application of heat recovery systems, adoption of hybrid cooling systems, remote monitoring and maintenance, customization for specific industrial processes, development of water treatment and filtration solutions.
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Industrial Cooling Systems Market Major Segments
The industrial cooling systems market covered in this report is segmented -
1) By Type: Water Cooling System, Evaporative Cooling Systems, Air Cooling System, Hybrid Cooling System, Other Types
2) By Function: Transport Cooling, Stationary Cooling
3) By End-User: Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing And Storage, Petroleum And Natural Gas Refining, Pharmaceuticals, Data Center, Other End-Users
Key Driver - Automotive Industry Surge Fuels Growth In Industrial Cooling Systems
Rise in usage of cooling systems in automotive industry is expected to propel the growth of the industrial cooling systems market in the coming forward. Cooling systems, also referred as air conditioning or refrigeration systems, are devices or systems that remove heat from an area or material, lowering its temperature. Cooling systems are essential in the automotive industry for regulating the temperature of various components and ensuring maximum engine performance. For instance, in 2021, according to, The European Automobile Manufacturers Association, Global automotive production was 79.1 million, a 1.3% increase over 2020. Furthermore, in February 2023, according to a report published by the European Automobile Manufacturers' Association (ACEA), a Belgium-based standards group of the automobile industry in the European Union, over 68 million passenger automobiles were produced globally in 2022, up 7.9% from the previous year. Therefore, the rise in usage of cooling systems in automotive is driving the industrial cooling systems market.
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Prominent Trend - Advancing Industrial Cooling Systems With Honeywell's Breakthrough Technology
Product innovation is a key trend gaining popularity in the industrial cooling systems market. Major companies operating in the industrial cooling systems market are focused on developing innovative products with advanced technologies to strengthen their position in the market. For instance, in February 2022, Honeywell, a US-based performance materials and technology company, launched Solstice E-Cooling, a ground-breaking platform of liquid heat transfer agents that efficiently and effectively cool high-performance electronics in comparison to conventional techniques that use air and water. The innovative cooling technology for electronics and data centers uses a two-phase liquid cooling technology to cool electrical applications while minimizing the impact on the environment. Solstice E-Cooling provides for more uniform and energy-efficient cooling, better heat rejection, and less pumping power.
Industrial Cooling Systems Market Players
Major companies operating in the industrial cooling systems market report are Schneider Electric SE, ABB Ltd, DAIKIN Industries Ltd., Johnson Controls International plc, Carrier Corporation, Emerson Electric Co., Trane Technologies, Danfoss A/S, Xylem Inc., Alfa Laval AB, GEA Group Aktiengesellschaft, Rittal GmbH & Co. KG, Black Box Corporation, SPX Corporation, BITZER Kuhlmaschinenbau GmbH, Babcock & Wilcox Enterprises Inc., EVAPCO Inc., Baltimore Aircoil Company Inc., LU-VE S.p.A., Brentwood Industries Inc., Hamon Group S.A., ABCO HVACR Supply & Solutions, Güntner GmbH & Co. KG, ENEXIO Management GmbH, Airedale International Air Conditioning Ltd., Mayekawa MFG Co. Ltd., Thermal Care Inc., Robson Industries Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the industrial cooling system market in 2023. The regions covered in the industrial cooling systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Cooling Systems Market Report Structure
3. Industrial Cooling Systems Market Trends And Strategies
4. Industrial Cooling Systems Market - Macro Economic Scenario
5. Industrial Cooling Systems Market Size And Growth
…..
27. Industrial Cooling Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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