Industrial Cooling Systems Market Projected to Grow at a CAGR of 5.5% by 2033

According to the most recent market estimate from Future Market Insights, the global industrial cooling systems market will be worth US$ 20.98 billion in 2023. During the forecast period, the market is expected to grow at a CAGR of 6.1%.

A new perspective for the industrial cooling systems market is provided by stricter environmental regulations, more investment in the chemical sector, and rising demand for energy-efficient systems. Industrial cooling systems are also in higher demand in nuclear and thermal energy facilities.

In all of the major developing nations, the growth of the industrial manufacturing sector has raised demand for industrial cooling systems. These systems have to maintain the temperature necessary for chemical reactions.

Improvements in industrial cooling systems, the expansion of governmental rules for sustainable systems, and large investments in R&D activities that further improve applications would all benefit market participants between 2023 and 2033. Sales of industrial cooling systems are expected to increase in the future as a result of stringent environmental laws and growing customer awareness.

Since industrial cooling systems are expensive and have high installation and maintenance costs, the demand for them confronts major obstacles. The higher operational costs are brought on by inadequate infrastructure for installing and running industrial cooling systems.

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Key Takeaways

• The industrial cooling systems market is likely to have a CAGR of 6.1% during the forecast period.
• Historically, the industrial cooling systems market had a CAGR of 5.5% between 2018-2022.
• The value of the industrial cooling systems market is expected to be US$ 37.92 billion by 2033.
• Based on type, evaporation cooling systems hold 35% share of the industrial cooling systems market by 2033.
• Based on function, the transport cooling segment is anticipated to experience the highest CAGR of 5.9% over the projection period.
• With a CAGR of 5.9% throughout the forecast period, US market participants are significantly boosting the demand for industrial cooling systems.
• From 2023 to 2033, the industrial cooling systems market in China is anticipated to expand at a CAGR of 8.5%.
• During the predicted period, the UK is forecast to expand at a CAGR of 5.7%, and is estimated to be valued US$ 5.55 billion by 2033.

Competitive Landscape

Many well-known companies are vying for market supremacy in the intensely competitive market for industrial cooling systems. These companies are working hard to develop cutting-edge, energy-efficient products in order to gain a market advantage.

A lot of new players are also entering the market, such as Enertech Industries, LLC and Cooling Systems, Inc., who are offering their customers customized and specialized cooling solutions.

These companies are making investments in R&D to develop new products and technologies in order to broaden their product offerings. Businesses are focusing on strategic alliances and collaborations as a way to expand their market penetration.

Recent Developments:

• Johnson’s Controls revealed the opening of an R&D and testing facility in the US in April 2018. The company is now able to supply the HVAC sector with cutting-edge and outstanding products thanks to the expanded facilities. Companies also provide a variety of product categories across different industries.
• On September 1st, 2000, SPX Cooling Technologies unveiled the Marley BasinGard filters for cooling towers. By removing debris, fibers, and pipe rust, the BasinGard filter protects the hot water reservoir’s flow inside the cooling tower.

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Key segments

By Product Type:

• Hybrid Cooling
• Water Cooling
• Air Cooling
• Evaporative Cooling

By Function:

• Transport Cooling
• Stationary Cooling

By End-User:

• Utility and Power
• Chemical
• Food & Beverage
• Chemical
• Pharmaceutical
• Oil and Gas
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• Middle East & Africa

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