Industrial Cooling System Market to Reach $27.21 Bn, Globally, by 2030 at 5.0% CAGR: AMR

PORTLAND, Ore., Nov. 9, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Industrial Cooling Systems Market by Product Type (Air Cooling, Evaporative Cooling, Water Cooling, and Hybrid Cooling), Function (Stationary Cooling, and Transport Cooling), and End-user Industry (Food & Beverage, Chemical, Pharmaceutical, Utility & Power, Oil & Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global industrial cooling system industry generated $16.62 billion in 2020, and is projected to garner $27.21 billion by 2030, growing at a CAGR of 5.0% from 2021 to 2030.

Drivers, restraints, and opportunities

Surge in adoption of energy-efficient and eco-friendly refrigerants, growth of the pharmaceutical sector, and rise in cold storage infrastructure across the developing economies have boosted the growth of the global industrial cooling system market. However, strict regulations regarding use of refrigerants and high energy costs for operation and maintenance of industrial refrigeration units hinder the market growth. On the contrary, use of IoT-enabled refrigeration solutions for equipment monitoring is expected to open new opportunities for the market players in the future.

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Covid-19 scenario:

• The Covid-19 pandemic negatively affected the manufacturing industry and the global economy. Moreover, the lockdown across Asian and European countries halted production and investment plans.
• Moreover, the prolonged lockdown disrupted the supply chain and reduced demand for industrial cooling as majority of the manufacturing facilities are not operating at their full-scale capacity.

The evaporative cooling segment held the lion's share

By product type, the evaporative cooling segment dominated the market in 2020, accounting for nearly two-fifths of the global industrial cooling system market, due to their higher efficiency and economic value than refrigerated systems. However, the air cooling segment is projected to register the highest CAGR of 6.0% during the forecast period, owing to rise in government initiatives in developing countries such as India and increase in demand for industrial air-cooling systems.

The transport cooling segment to portray the highest CAGR through 2030

By function, the transport cooling segment is expected to showcase the highest CAGR of 5.9% during the forecast period, due to growth of the food processing industry and requirement of strict temperature control for transportation of pharmaceutical and bio pharmaceutical products. However, the stationary cooling segment held the lion's share in 2020, contributing to more than two-thirds of the global industrial cooling system market, owing to surge in purchasing power of middle-income population and rise in penetration of internet of internet in developing countries.

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Asia-Pacific, followed by North America, held the largest share

By region, the global industrial cooling system market across Asia-Pacific, followed by North America, held the largest share in 2020, accounting for more than two-fifths of the market, due to availability of workforce and low-cost manufacturing. However, the market across LAMEA is expected to manifest the highest CAGR of 6.7% during the forecast period, owing to rise in trade activities and growth of the manufacturing industry in the African continent.

Major market players

• Airedale International Air Conditioning Ltd.
• Brentwood Industries, Inc.
• Baltimore Aircoil Company
• GEA Group Aktiengesellschaft
• Emerson Electric Co.
• Johnson Controls International PLC
• Hamon Group S.A.
• SPX Corporation
• Schneider Electric SE
• Star Cooling Tower Pvt Ltd.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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