The global industrial cooling systems market size was valued at $16,625.2 million in 2020, and is projected to reach $27,210.2 million by 2030, registering a CAGR of 5.0% from 2021 to 2030. Industrial cooling system are product or equipment which are installed in the working facility for cooling air. These systems are widely utilized in sectors such as metalworking, automotive, and chemical. These cooling system uses vapor compression to prevent the detrimental effects of excessive heat generated by various industrial equipment and components. Excessive heat in a manufacturing process can harm employees' health, equipment performance, and the quality of manufactured items or inventory products.
The COVID 19 outbreak has affected the growth of the industrial cooling systems industry owing to the lockdown measure in the countries and delay in manufacturing and production of industrial cooling systems which are utilized in industries such as food and beverage, chemical, pharmaceutical, utility and power, oil and gas, and others.
Cooling equipment is used to maintain the optimum temperature of various components, production processes, and machinery. Preventing industrial equipment from overheating increases productivity and lowers maintenance costs. The demand for cooling equipment is increasing significantly across nuclear and thermal power facilities. The need for industrial cooling systems is projected to increase, as the demand for energy-efficient cooling systems grows in tandem with technological developments, which is likely to fuel the expansion of the industrial cooling system market in the coming years.
The novel coronavirus has rapidly spread across various countries, causing enormous impact on lives of people and overall community. Originating as a crisis to human health, it now poses significant threat to worldwide trade, economy, and finance. Owing to continuous lockdowns implemented in key countries, the COVID-19 pandemic has halted production of many items in the industrial cooling systems business. Players in industrial cooling system market can afford a complete lockdown only for a limited period, after which they would have to alter their investment plans. Furthermore, number of COVID-19 cases are expected to reduce in the near term as vaccine for COVID-19 has been introduced in the market. This is further expected to lead to re-initiation of industrial cooling systems companies at their full-scale capacities, which would aid the industrial cooling system market to recover by the start of 2022. After COVID-19 infection instances start to decline, equipment and machinery producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
The automotive sector is expected to witness a significant growth in demand for cooling equipment, due to surge in demand for such systems to manage the temperature of machines, components, and equipment on the manufacturing site. To establish a successful production system and profit from the cost-effectiveness and efficiency advantage, the automobile sector employs advanced cooling equipment. The automobile industry is focusing on replacing obsolete cooling systems by several inventive and technical advances, as well as continuous improvements in cooling systems. For instance, in October 2020, Airedale launched TurboChill Hydro Range, which offers extensive cooling capacity. TurboChill Hydro offers versatility at a low price without sacrificing performance, with models ranging from 200 kW to 3000 kW. TurboChill Hydro is available in single and twin circuit configurations, and it was designed to work at both high and low water temperatures, with extra features for performance and efficiency.
The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is divided into air cooling, evaporative cooling, water cooling, and hybrid cooling. On the basis of function, it is segregated into stationary cooling, and transportation cooling. Depending on end-user industry, it is fragmented into food & beverages, chemical, pharmaceuticals, utility & power, oil & gas, and others. Region wise, the industrial cooling system market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Russia, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key companies profiled in the industrial cooling systems market report include Airedale International Air Conditioning Ltd., Baltimore Aircoil Company, 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.
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