Industrial Cooling System Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Once-Through Cooling System, Closed Recirculating System, Open Recirculating System, Water Cooling), By End User Industry (Manufacturing, Chemical, Food Processing, Metallurgy, Communication And Technology, Others), And By Geography - Forecasts From 2021 To 2026

The global industrial cooling system market is expected to grow at a compound annual growth rate of 5.35% over the forecast period to reach a market size of US$19.089 billion in 2026, from US$13.254 billion in 2019. 

The increasing number of manufacturing facilities on account of the rapid growth of industries in many regions is a major driving factor for this market. Many manufacturers across industries are funneling huge amounts into the expansion of their manufacturing facilities to expand their global footprints and increase their customer base. This is driving the adoption of advanced industrial cooling systems among them to ensure optimum efficiency of the machines and, thus high productivity. Market players are also pouring huge amounts into research and development to increase the capabilities of existing solutions and deliver a wider range of advanced solutions to the customers which will continue to boost the market growth over the projected period.

North America and Europe hold a major share in the global market on account of flourishing industries in these regions. The market in the Asia Pacific will witness the fastest growth over the projected period. This growth will be attributed to increasing investments in energy infrastructure and the thermal power generation industry. The demand for industrial cooling systems in this region is being fuelled by increasing urbanization and a growing manufacturing industry among others.

Growth in the manufacturing sector.

The market is expected to surge in the coming years, due to the rise in the manufacturing sector, especially in the Asia Pacific region. According to the data given by the United Nations Industrial Developmental Organization, China's seasonally adjusted manufacturing and production output grew by 5.1% in the third quarter of the year 2019. Vietnam and Indonesia also registered significant manufacturing output in the year 2019. India has also been making significant developments in the sector, in the past few years. The Indian government has been aiming to generate 100 million novel jobs in the manufacturing sector by the year 2022, under its Make in India program. According to the India Brand Equity Foundation, the Indian manufacturing sector's GVA at current prices was around US$348.53 billion. Major companies have been making significant developments in the market, in the past few years. Veolia, one of the major players in the market, offers cooling water solutions for industrial customers. The company's solutions substantially reduce the cost of the cooling towers and enhance the reliability of the system by automating blowdown, preventing any legionella development, and mastering water chemistry.

Growth in the chemical industry.

The market is expected to surge in the coming years, due to the rise in the production and demand for chemicals, worldwide. According to the European Chemical Industry Council, the demand for chemicals in Europe had grown by around 0.5% in the year 2019. The demand for chemicals in the United States had been expected to surge at an exponential rate. According to the American Chemistry Council (ACC), there had been a surge in investment and spending in the United States, since the 2008 financial crisis. The ACC had also stated that the US chemical output in the year 2019, rose by 3.6%, as compared to its previous years. According to BASF, one of the major players in the market, global chemical production had been expected to grow by 1.2% in the year 2020. In the emerging markets of Asia, chemical production had been expected to grow by 2.7%, in the same year. These trends and developments had been expected to have a positive impact on the market, in the coming years.

Competitive Analysis.

Major companies have been investing a significant sum of capital in the market, in the past few years. The increasing demand high quality and advanced cooling solutions are expected to be a major factor in the overall market growth. In June 2021, Infinite Cooling Inc., a key technology firm focused on enabling sustainable industrial colling and reducing water consumption, had announced that it had closed US$12.25 million in series A financing round led by Material Impact. The company had been planning to use this investment to expand its growing customer base and deploy its products on major facilities. Other players are also making significant developments in the market. In June 2021, Beijer Ref, a major Swedish firm, announced that it had purchased Industrial Refrigeration Components (IRC), an Australian company, which would allow the company to expand its footprint in the Oceania region. The Swedish company had been planning to use this investment to provide industrial refrigerant solutions to local customers in the region. The increasing government regulations regarding safety standards are also expected to play a major role in the market growth. These trends and developments are projected to propel the overall demand for industrial cooling solutions.

Industrial Cooling System Market Scope:

Segmentation:

• By Type
  • Once-through Cooling System
  • Closed Recirculating System
  • Open Recirculating System
  • Water Cooling
• By End-User Industry
  • Manufacturing
  • Chemical
  • Food Processing
  • Metallurgy
  • Communication & Technology
  • Others
• By Geography
  • North America
    • USA
    • Canadá
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Thailand
    • Taiwan
    • Indonesia
    • Australia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the industrial cooling system market size by 2026?
A1. The global industrial cooling system market is expected to reach a market size of US$19.089 billion in 2026.

Q2. What is the size of global industrial cooling system market?
A2. Industrial Cooling System Market was valued at US$13.254 billion in 2019.

Q3. What are the growth prospects for the industrial cooling system market?
A3. The industrial cooling system market is expected to grow at a CAGR of 5.35% over the forecast period.

Q4. What factors are anticipated to drive the industrial cooling system market growth?
A4. The increasing number of manufacturing facilities on account of the rapid growth of industries in many regions is a major driving factor for the industrial cooling system market.

Q5. Which region holds the maximum market share of the industrial cooling system market?
A5. North America and Europe hold a major share in the industrial cooling system market on account of flourishing industries in these regions.