The market for industrial water cooling systems is anticipated to reach US$ 2,648 Million in 2022, growing at a CAGR of 4.7 percent over the forecast period of 2022-2032. The market is anticipated to reach US$ 1,673.1 Million in 2022. The need for water cooling systems in end-user industries like the food and beverage and pharmaceutical industries is one factor driving the growth of the industrial water-cooling system market. In the historical period from 2016 to 2021, the market for industrial water cooling systems experienced a CAGR of 3.8 percent.
Water is the foremost chemical compound used in almost all the industrial sectors, be it manufacturing, power generation, or petrochemical sector. Water is utilized in these industries for processing, fabricating, cooling, diluting, product transportation, cleaning, and as a heat exchange medium.
The utilization of water for various industrial processes makes it unclean and increases its temperature, which has to be cooled down to optimal working temperature so that it can be recycled and reutilized for various purposes. The industrial water-cooling system appears as far as water-cooling in industries is concerned. Some of the methods adopted by such industries include but are not limited to industrial-scale chillers, large-scale cooling towers, and heat exchangers.
The increase in the rate of industrialization across the globe coupled with the utilization of water for numerous industrial processes has led to improved demand for industrial water cooling systems in the current scenario and is likely to improve at a healthy rate in the upcoming years.
According to estimates published by the World Business Council for Sustainable Development (WBCSD), about 22% of the available water is used for industrial purposes with developed countries utilizing over 55% of water, while the lesser developed countries use around 7% only. In terms of water volume, it is estimated that 1,170 cubic kilometers of water will be used up for industrial purposes by the year 2025.
The market for industrial water-cooling systems in the Asia Pacific region is expected to grow at a rapid rate due to the high level of industrialization taking place in China, India, and Japan. The markets in North America and Western Europe regions are expected to grow at a sluggish pace as compared to the Asia Pacific region, owing to low demand for such cooling systems and maturity attained in terms of industrialization.
The growing petrochemical industry in the Latin America and Middle East regions is expected to contribute higher revenue returns, thereby improving the market in the said regions.
These insights are based on a report on the Industrial Water Cooling System Market by Future Market Insights.