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Industrial Cooling Systems: A Leading Driver Behind Automotive Industry Surge Fuels Growth In Industrial Cooling Systems Market Expansion in 2025
Industrial Cooling Systems Market
What Will the Industrial Cooling Systems Industry Market Size Be by 2025?
There has been robust growth in the industrial cooling systems market in recent times. The market is projected to expand from a worth of $20.14 billion in 2024 to hit $21.72 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.8%. The momentum in the previous period was driven by factors such as industrial and manufacturing development, energy efficiency worries, strict environmental rules, and process enhancement.
What's the Long-Term Growth Forecast for the Industrial Cooling Systems Market Size Through 2029?
Expectations are high for a robust expansion of the industrial cooling systems market in the coming years, with its value projected to surge to $28.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.2%. This growth trajectory during the forecast period can be traced back to several factors including the implementation of sustainable methods, a spike in the establishment of data centers, widespread urbanization, and infrastructural advances. Noteworthy market trends for the duration of the forecast period encompass the use of heat recovery systems, the shift towards hybrid cooling systems, the adoption of remote monitoring and maintenance, tailoring for specific industrial activities, and the advancement of water treatment and filtration solutions.
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What Are the Key Growth Drivers Fueling the Industrial Cooling Systems Market Expansion?
Anticipated growth in the industrial cooling systems market is believed to be fueled by the increased utilization of cooling systems in the automotive sector. Cooling systems - also known as air conditioning or refrigeration systems - are instruments or configurations that extract heat from a specific location or substance, thereby reducing its temperature. In the automotive industry, these systems are crucial for controlling various component temperatures and optimizing engine performance. As an example, The European Automobile Manufacturers Association, based in Belgium, reported in May 2023 that 10.9 million passenger cars were produced by the European Union in 2022, a growth of 8.3% compared to 2021. Thus, the augmentation in the application of cooling systems within the automotive industry is pushing forward the expansion of the industrial cooling systems market.
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What Are the Key Trends Driving Industrial Cooling Systems Market Growth?
The increasing emphasis on product innovation is a prominent trend in the industrial cooling systems market. Many leading companies within this market are making efforts to create innovative products using cutting-edge technology, aiming to bolster their market standing. Take Honeywell, an American performance materials and technology firm, as an example. In February 2022, they introduced Solstice E-Cooling, a revolutionary new platform that uses liquid heat transfer agents to cool high-performance electronics more effectively and efficiently than traditional air and water methods. The pioneering cooling technology is designed for electronics and data centers and leverages two-phase liquid cooling technology to keep electrical applications cool while reducing environmental impact. Furthermore, Solstice E-Cooling offers more even, energy-efficient cooling, improved heat rejection, and less reliance on pumping power.
How Is the Industrial Cooling Systems Market Segmented?
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
Subsegments:
1) By Water Cooling System: Chilled Water Systems, Cooling Towers, Recirculating Water Systems
2) By Evaporative Cooling System: Direct Evaporative Coolers, Indirect Evaporative Coolers, Hybrid Evaporative Coolers
3) By Air Cooling System: Air-Cooled Chillers, Air-Cooled Heat Exchangers, Air-Cooled Condensers
4) By Hybrid Cooling System: Combined Water And Air Systems, Modular Hybrid Systems
5) By Other Types: Thermoelectric Cooling Systems, Refrigeration-Based Cooling Systems, Heat Exchanger Systems
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Which Companies Are Leading the Charge in Industrial Cooling Systems Market Innovation?
Major companies operating in the industrial cooling systems market include 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.
Which Regions Are Leading the Global Industrial Cooling Systems Market in Revenue?
Asia-Pacific was the largest region in the industrial cooling system market in 2024. The regions covered in the industrial cooling systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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