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Soaring Demand Set to Propel Industrial Cooling Systems Market to $28.03 Billion by 2029
Industrial Cooling Systems Market
What Is the Expected CAGR for the Industrial Cooling Systems Market Through 2025?
There has been a robust growth in the market size of industrial cooling systems in the past few years. It is projected to expand from $20.14 billion in 2024 to $21.4 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%. The historic growth can be credited to factors such as an increase in industrialization and manufacturing, concerns over energy efficiency, strict environmental regulations and optimization of processes.
What's the Projected Size of the Global Industrial Cooling Systems Market by 2029?
In the forthcoming years, the market size of industrial cooling systems is projected to witness substantial expansion, escalating to $28.03 billion by 2029 with a compound annual growth rate (CAGR) of 7.0%. The augmentation during the forecast period is reasoned to the acceptance of sustainable practices, escalation in data center building, urbanization, and infrastructure advancement. The forecast period is likely to observe significant trends such as the utilization of heat recovery systems, adoption of hybrid cooling systems, remote scrutiny and upkeep, customization catering to distinctive industrial processes, and the development of water treatment and filtration solutions.
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Top Growth Drivers in the Industrial Cooling Systems Industry: What's Accelerating the Market?
The surging utilization of industrial cooling systems in the automotive sector is anticipated to fuel the expansion of the industrial cooling systems market in the forthcoming period. Also known as refrigeration or air conditioning systems, these cooling systems help in expelling heat from a surface or substance in order to reduce its temperature. These systems are crucial in the automobile industry as they help to manage the temperature of different components, thereby ensuring optimal engine performance. For example, The European Automobile Manufacturers Association, a motor vehicle manufacturing association located in Belgium, revealed that in May 2023, the European Union manufactured 10.9 million passenger cars, indicating an 8.3% surge when compared to 2021. Thus, the heightened use of cooling systems in the automobile sector is the major driving force behind the market growth of industrial cooling systems.
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What Trends Will Shape the Industrial Cooling Systems Market Through 2029 and Beyond?
One significant pattern emerging in the industrial cooling systems industry is product innovation. Companies leading in this market are putting a considerable emphasis on the creation of innovative products using advanced technologies to solidify their market dominance. For example, in February 2022, a US-based company specialized in performance materials and technology named Honeywell introduced a novel platform called Solstice E-Cooling. This is a revolutionary platform of liquid heat transfer agents that surpass conventional air and water cooling techniques in providing effective cooling for high-performance electronics. This unique cooling technology, targeting electronics and data centers, uses two-phase liquid cooling technology to cool electrical applications while keeping its environmental impact minimal. Solstice E-Cooling offers more uniform, energy-efficient cooling, superior heat rejection, and lower pumping power.
What Are the Main Segments in the Industrial Cooling Systems Market?
The industrial cooling systemsmarket 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 Top Companies are Driving Growth in the Industrial Cooling Systems Market?
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 Will Dominate the Industrial Cooling Systems Market Through 2029?
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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