Industrial Cooling System Market to grow at 6% CAGR from 2016 to 2024
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Stringent environmental regulations have mandated reforms to focus on greener buildings and replacement of older methods with innovated and greener solutions to reduce the effect of pollution and global warming. This demand has mandated participation of private sectors into power projects, widening the scope of the industry.
Requirements of large amount of water for maintaining efficiency presents a considerable growth challenge for industry participants. Water requirement is dealt by installation of industries near water resources. Dissolved chemicals, minerals and biofouling accelerate corrosion and scaling, which require careful treatment. Deionizing of water required for warming electronic devices pose increased risks of short circuits, this is being circumvented by closed re-circulating systems.
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Greenhouse gases emissions and energy demand have led to growing interest of major nations in the world for nuclear power, which will provide a platform for industry growth. Certain factories, such as dyes, chemical manufacturers and textile applications, where only air cooling can be utilized as the most cost effective solution will provide moderate growth prospects.
Commercially, Asia Pacific industrial cooling system market was the largest regional segment and is expected to grow rapidly during the forecast timeframe primarily due to steady economic development in the region. In addition, growth of industrialization in countries such as China and India is also driving revenue. Factors inhibiting growth are labored increase of demand in developed counterparts such as Europe and North America. Innovative and eco friendly solutions may present opportunities in the U.S. industrial cooling system market for replacement of old equipment. Germany contributed considerably to European revenue in 2015, mainly due to the presence of a strong technological and innovation landscape.
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Key operating participants in the global industrial cooling system market share are Baltimore Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Hamon Group, Johnson Controls Inc., Paharpur Cooling Towers, SPIG S.P.A, SPX Corporation, Airedale, American Power Conversion Corporation, and Black Box Corp. Major strategies adopted include agreements, contracts, and partnerships, R&D investment, and acquisitions to consolidate market share. Industry participants also offer replacement parts for these products in order to ensure smooth operation over the long term.
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