Press release
Industrial Cooling Systems Market is Expected to be the Fastest Growing Segment at a CAGR of 5.2% by 2032
Top Impacting Factors:Industrial cooling systems consist of a complex network of machinery and processes designed to regulate and eliminate excess heat from industrial sites or equipment. These systems are crucial for maintaining safe working environments, protecting machinery, and ensuring efficient operations in industries like manufacturing, power generation, and data centers. A variety of cooling technologies, such as heat exchangers, ventilation systems, and cooling towers, are employed to manage temperatures and effectively dissipate heat in these settings.
The Industrial Cooling Systems Market Size was valued at $16.6 billion in 2020, and is estimated to reach $31.3 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
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Driving Demands:
The rising demand for industrial cooling systems in sectors such as pharmaceuticals and oil and gas is a major driver of market growth. Other contributing factors include industrial expansion, technological advancements, energy efficiency requirements, and the growing need for sustainable cooling solutions.
In developing regions like India, China, Latin America, and the Middle East, the rapid growth and modernization of cold storage facilities have further fueled the demand for industrial refrigeration and related equipment.
Moreover, the expansion and upgrading of cold storage facilities in these regions have intensified the need for industrial refrigeration systems. These facilities, including refrigerated warehouses, offer advanced features such as blast freezing, tempering, and modified atmosphere storage to serve a wide range of industries.
Key sectors benefiting from these capabilities include food and beverage, dairy, ice cream, meat, poultry, seafood, as well as the chemical and pharmaceutical industries. Consequently, the presence of modern cold storage facilities in emerging economies plays a vital role in the global industry's growth.
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Top Players:
The major players profiled in the industrial cooling systems market include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company Inc., Brentwood Industries, Inc., Emerson Electric Co., GEA Group Aktiengesellschaft, Hamon Group S.A., Johnson Controls International plc, Schneider Electric SE., SPX Corporation., and Star Cooling Tower Pvt Ltd.
Key Findings of the Study:
• The report provides an extensive analysis of the current and emerging trends and dynamics.
• By product type, the evaporative cooling segment was the largest revenue generator in 2020.
• By function, the transporting cooling segment generated the highest revenue in 2020.
• By end user industry, chemical segment dominated the market in 2020.
• Region wise, Asia-Pacific is anticipated to dominate the industrial cooling systems market forecast throughout the study period.
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