Industrial Cooling System: Introduction
- The cooling hardware oversees and keeps up the temperature of different generation procedures, parts, and machines. Anticipation of overheating of the industrial gear helps increase the profitability and decrease upkeep cost of machines. There is a rising interest for the gear in atomic and warm power plants. This is likely to boost the industrial cooling system market.
- Rise in interest in productive cooling systems and mechanical headways are driving the industrial cooling system market. These systems are generally utilized for diminishing unnecessary warmth from parts and industrial gear in businesses, for example, utility & power and and oil & gas. Unnecessary warmth in a generation procedure can adversely influence the strength of laborers and the nature of produced or put-away products.
Key Drivers and Restraints of Global Industrial Cooling System Market
- The industrial cooling system market has developed significantly of late. This can be primarily ascribed to the high performance of industrial cooling systems globally. Industrial cooling system plays an important role in addressing several issues associated with industrial cooling and heat exchange. Rise in usage of cooling systems in automotive, chemical, metalworking, energy, and power sectors is expected to propel the industrial cooling system market during the forecast period.
- Increase in demand for evaporative cooling towers is anticipated to create significant opportunities for the market. Continuous mechanical progressions are upgrading the working efficiencies of the cooling hardware and supporting ventures to decrease vitality costs. This, in turn, is anticipated to drive the demand for industrial cooling system at a significant pace during the forecast period.
Industrial Cooling System: Product Type Segment
- In terms of product type, the global industrial cooling system market can be segmented into water cooling, evaporative cooling, air cooling, hybrid cooling, and others
- The water cooling segment is expected to account for significant share of the global industrial cooling system market during the forecast period. It is anticipated to be followed by the evaporative cooling segment.
- The air cooling segment is likely to expand at a rapid pace during the forecast period, due to the expansion of various industries around the globe
Industrial Cooling System: Application Segment
- In terms of application, the global industrial cooling system market can be segmented into power generation, industrial manufacturing, petrochemical processing, food processing & storage, petroleum & natural gas refining, pharmaceutical, data center, and others
- The power generation segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the industrial manufacturing segment.
- The petrochemical processing segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in usage of fuel oil in heavy commercial vehicles
COVID-19 Impact on Industrial Cooling System Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the industrial cooling system market.
Asia Pacific to Dominate Global Industrial Cooling System Market
- In terms of region, the global industrial cooling system market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the industrial cooling system market in 2020. This trend is anticipated to continue during the forecast period. The industrial cooling system market in North America is anticipated to expand at a rapid pace in the near future.
Key Manufacturers Operatinall d g in Global Industrial Cooling System Market
The global industrial cooling system market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global industrial cooling system market include:
- SPX Corporation
- Hamon Group
- Johnson Controls Inc.
- Airedale International Air Conditioning Ltd.
- American Power Conversion Corporation (APC)
- Black Box Corporation Emerson Electric Co.
- Rittal GmbH & Co. KG
- SPIG S.P.A.
- Paharpur Cooling Towers Limited
- Baltimore Aircoil Company Inc.
- EVAPCO Inc.
- Brentwood Industries, Inc.
- Star Cooling Towers Pvt. Ltd.
- Bell Cooling Towers and Mesan Group
- Merson Electric Co.
- Schneider Electric SE
Global Industrial Cooling System Market: Research Scope
Global Industrial Cooling System Market, by Product Type
- Water Cooling
- Evaporative Cooling
- Air Cooling
- Hybrid Cooling
Global Industrial Cooling System Market, by Application
- Power Generation
- Industrial Manufacturing
- Petrochemical Processing
- Food Processing & Storage
- Petroleum & Natural Gas Refining
- Data Center
Global Industrial Cooling System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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