Industrial cooling system market size
Industrial cooling system market to be driven by increasing infrastructural development in developing economies over 2019 to 2025
Industrial cooling systems market size is poised to attain substantial growth over the forecast years owing to the rising investment in infrastructural development along with the ever-growing worldwide manufacturing sector. Companies are expanding their manufacturing facilities to enhance their global presence and increasing competition is encouraging the manufacturers to invest in the development of innovative and energy efficient cooling systems, invariably propelling the demand for industrial cooling systems.
France Industrial Cooling System Market, By Application, 2018 & 2025 (USD Million)
The rate of infrastructural and industrial development in developing nations of the APAC region is steadily driving industrial cooling system market outlook. According to a study by IMF (International Monetary Fund), the Asia Pacific region has witnessed a GDP growth rate of 5.1% in the year 2019. This financial momentum implies a rapid development in different sectors of the region and the apparent increase in infrastructural enhancement as well, necessitating the establishment of a cooling system mechanism.
In 2018, the U.S. EPA launched the Affordable Clean Energy Rule (ACE) which mandates that the existing coal-fired power plants must limit greenhouse gas emissions, thus requiring the installation of energy efficient, CFC-controlled cooling systems and the overall enhancement in the industrial cooling system structure. In this context, the cooling industry has witnessed a growing demand for evaporative cooling systems owing to its various features such as minimal energy consumption and lower operating temperature.
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According to a study, the evaporative cooling systems result in 50% energy savings and the maintenance and installation cost is 25% less than that of traditional cooling systems. The basic principle behind this cooling system is similar to that of perspiration wherein a cooling tower – which is a heat rejection device – discharges warm air from the cooling tower to the atmosphere via the cooling of water. These systems require 70% less water as compared to traditional air-cooled systems, thereby reducing the formation of algae, legionella bacteria and fungi which invariably lowers the maintenance cost.
Another widely used type of industrial cooling system, especially in airports, is the hybrid cooling system. Here, the hybrid cooling towers are specifically designed to avoid any plume in cold and humid ambient conditions. These cooling systems are known to reduce the water consumption by 80% by utilizing wet cooling when it’s hot and vice versa. Hybrid cooling mechanism can be beneficial in power plants that are affected by water scarcity and other environmental impacts. Other areas where hybrid form of industrial cooling is being installed include data centers, petrochemical manufacturing plants and chiller plants, essentially favoring industrial cooling system industry trends.
When it comes to the application domain of industrial cooling system market, the food and beverages sector is emerging as one of the leading growth verticals over the last few years. Due to low shelf life of food and beverages, the sector needs an advanced, robust, cost effective and an efficient infrastructure of cooling systems.
Stringent regulatory standards and cost-competitiveness necessitates the installation of cooling systems for various food products such as meat, seafood, poultry, dairy bakery, etc. Different types of cooling systems along the likes of climate control for cheese making, process cooling for brewery and distilleries, air or water cooling for meat products, and flash freezing of certain foods are gaining popularity, benefiting the revenue portfolio of industrial cooling system market.
Speaking of the competitive hierarchy, several companies are working on research and development projects to create technologically-advanced yet cost effective methods of cooling. Moreover, a few major industry players are setting-up research centers to gain competitive edge over rivals. For example, Johnson Controls announced the setting up of 9,00,000-square-foot center of excellence design, manufacturing and testing of HVAC rooftop units in Oklahoma. Needless to mention, the launch of such technically superior research centers would drive industrial cooling system market share in the times to come.
With the establishment of many foreign manufacturing and production units in the developing nations, the demand for industrial cooling systems is rising steadily. Moreover, favorable government regulations coupled with ever-expanding application domain would increase the product demand. Many companies are aiming to provide energy efficient, low power consuming modern cooling solutions in the years to come, which would accelerate industrial cooling system industry size in the forthcoming years.
Author Name : Shreshtha Dhatrak