Industrial Cooling Market By Technology (Air Cooling, Evaporative Cooling, Adiabatic Cooling, Refrigeration Cooling, Hybrid Cooling, Others), By End Use (Energy and Power, Chemicals and Petrochemicals, Oil and Gas, Food and Beverage, Pharmaceuticals, Automotive, Datacentres, Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends and, Forecast 2023 – 2031
Industrial Cooling Market Outlook 2031:
The Global Industrial Cooling Market was valued at USD 25,689.4 million in 2022 and is expected to reach USD 40,732.5 Million in 2031, expanding at a CAGR of 5.3 % during the forecast period. The overall incremental opportunity is estimated to be USD 13,784.3 Million from 2023 to 2031.
Industrial cooling systems are products or equipment that are installed in the working facility for cooling air. These systems are widely utilized in sectors such as pharmaceuticals, automotive, and chemicals. Cooling equipment is used to maintain the optimum temperature, prevent industrial equipment from overheating, increase productivity, and lower maintenance costs.
The demand for cooling equipment is increasing significantly across nuclear and thermal power facilities. Industrial cooling systems use different cooling techniques such as air-cooling systems and water-cooling systems, based on requirements. The air-cooling system is a common method, which involves using fans, blowers, or ventilation systems to circulate air to help in the transfer of heat to the surrounding environment. The air-cooling system approach is effective when the surrounding air temperature is lower than the desired operating temperature.
Industrial cooling systems are essential for managing heat and maintaining optimal operating conditions in industrial environments. By effectively reducing temperature, these cooling systems ensure the smooth operation, productivity, and reliability of machinery and industrial processes, and also provide energy efficiency and safety.
Industrial cooling systems are often designed as comprehensive solutions that involve multiple components and systems, including chillers, cooling towers, heat exchangers, pumps, compressors, condensers, and control systems. These components work to remove heat from the industrial process or equipment and maintain the desired temperature range.
The selection of an appropriate industrial cooling system depends on various factors, including the heat load, cooling requirements, energy efficiency goals, and the needs of the industrial application.
Industrial Cooling Market Dynamics
Driver: Demand for Energy-Efficient Cooling
The increasing demand for energy-efficient and cooling solutions, especially in offices and commercial buildings, with growing usage of heat-release technical equipment, are the driving forces behind the shifting interest towards industrial cooling systems. Manufacturers increasingly focus on economical cooling methods. Energy-efficient cooling systems provide cost savings and offer long-term benefits.
These systems are more reliable, require less maintenance, and have a longer lifespan compared to traditional cooling systems. Industries are focusing on such advantages and are motivated to invest in energy-efficient solutions to enhance operational efficiency and overall productivity.
Driver: Industrialization in Emerging Economies
Industries are keen on reducing their energy consumption to achieve cost savings, due to growing industrialization. Energy-efficient cooling systems are in demand in developing countries such as India and China.
Growing awareness of environmental sustainability is driving the adoption of energy-efficient solutions in emerging economies. Industries are actively seeking and adopting to minimize their carbon footprint, as these industries are looking for energy-efficient cooling systems to contribute to this goal by reducing greenhouse gas emissions.
Driver: Smart and Sustainable Cooling Solutions
The adoption of smart and sustainable cooling solutions is increasing the use and acceptance of cooling technologies and practices that are intelligent and environmentally friendly. It signifies a shift towards efficient and responsible cooling methods to meet the growing demand for cooling in various sectors such as residential, commercial, and industrial.
Sustainable cooling solutions minimize the impact associated with cooling activities. Traditional cooling methods often rely on energy-intensive processes that contribute to greenhouse gas emissions and deplete the ozone layer. Sustainable cooling solutions prioritize efficiency and use low global warming energy sources for cooling systems.
Driver: Industrial Cooling Systems in Data Centers
Data centers are facilities that house computer systems and associated components, such as servers, networking equipment, and storage systems. These centers play a critical role in storing and distributing vast amounts of digital information for various industries and applications. It signifies the growing demand for efficient and reliable cooling solutions to support the expanding operations and infrastructure of data centers.
The growth of data-driven technologies, such as cloud computing and artificial intelligence, has led to a massive increase in data center capacities. This increased demand for data center services has increased the demand for robust and efficient cooling systems to ensure the uninterrupted operation of the equipment
Restraint: Investment and Installation Cost
Industrial cooling systems require high initial investment and installation costs. Organizations need to allocate a significant portion of their budget or secure additional funding to cover the expenses involved in acquiring and installing the desired cooling solution.
The high initial costs of cooling systems result in a long payback period or return on investment. It takes a considerable amount of time for the savings, benefits, or revenue generated from the adopted solution or system to offset the initial investment.
Restraint: Regulations and Industry Standards
Compliance with stringent regulations and industry standards involves additional costs for companies, which affect the industrial cooling systems market negatively as it increases the initial investment for the company.
Regulatory requirements introduce technical challenges for cooling system manufacturers. The restrictions on the use of certain refrigerants, due to environmental concerns, require companies to develop alternative solutions.
Opportunity: Focus on Product Innovations
Increasing demand for efficient and environmentally friendly cooling systems offers companies operating in the industrial cooling systems market the opportunity to invest in research, development, and innovation to create cutting-edge products.
The increasing focus on product innovation in the market opens doors for companies to explore emerging trends. Companies that successfully innovate in the market are able to establish themselves as industry leaders and shape the direction of the market through their innovative products and solutions.
Opportunity: Use of Advanced Technologies
Industrial cooling systems leverage advanced technologies. The integration of artificial intelligence enables real-time monitoring and control of cooling systems, which allows for predictive maintenance, optimization of energy consumption, and improved operational efficiency.
Increasing use of advanced technologies such as automation allows for intelligent control and optimization of cooling processes. The implementation of advanced technologies improves performance and provides new possibilities and customization options.
Scope of the Industrial Cooling Market Report
The report on the Global Industrial Cooling Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Industrial Cooling Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
By Technology (Air Cooling, Evaporative Cooling, Adiabatic Cooling, Refrigeration Cooling, Absorption Cooling, Hybrid Cooling, Others), By End Use (Energy and Power, Chemicals and Petrochemicals, Oil and Gas, Food and Beverage, Pharmaceuticals, Automotive, Datacenters, Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
Airedale International Air Conditioning Ltd., Babcock & Wilcox Enterprises, Inc, Baltimore Aircoil Company, Brentwood Industries, Inc, Carrier, DAIKIN INDUSTRIES, Ltd, ENEXIO MANAGEMENT GMBH, EVAPCO Inc., Johnson Controls, Lennox International Inc, Schneider Electric, SPX Cooling Tech, LLC, and Star Cooling Tower Pvt Ltd |
Industrial Cooling Market Segmental Outlook
The Global Industrial Cooling Market is segmented on the Technology, End Use, and Region
By Technology
Based on technology, the Global Industrial Cooling Systems Market is segmented into Air Cooling, Evaporative Cooling, Adiabatic Cooling, Refrigeration Cooling, Hybrid Cooling, and Others. The air-cooling segment is expected to expand in the coming years, as air cooling systems offer cost-effectiveness that makes them an attractive choice for industrial applications.
Air cooling systems require less complex infrastructure, few components, and low installation & maintenance costs, compared to other cooling methods such as water-based or refrigeration-based systems. The refrigeration cooling segment is growing, owing to the increasing demand for refrigeration cooling systems.
These systems offer precise temperature control, which makes them suitable for industries that require specific temperature ranges for their processes and products. Industries such as pharmaceuticals, food & beverage, and chemical manufacturing rely on refrigeration cooling to maintain the freshness, quality, and stability of their products.
By End Use
Based on End Use, the Global Industrial Cooling Systems Market is segmented into Energy and Power, Chemicals and Petrochemicals, Oil and Gas, Food and Beverage, Pharmaceuticals, Automotive, Datacenters, and Others. The energy & power segment is expected to grow during the forecast period, as global energy consumption continues to rise driven by population growth, urbanization, and industrialization.
The energy & power industry, including power generation plants and transmission facilities, requires effective cooling systems to ensure the efficient and reliable operation of critical equipment. The oil & gas segment is expanding, owing to the increasing demand in the oil & gas industry that involves various processes that generate significant heat, such as drilling, refining, and petrochemical operations.
Effective cooling systems are essential to maintain the optimal operating temperatures of critical equipment, ensuring their reliability and efficiency. The need for efficient cooling solutions is increasing to support the industry operations, as the demand for oil and gas continues to rise globally.
Regional Outlook
Based on region, the global Industrial Cooling Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA).
North America is estimated to hold a substantial market share in the coming years, as North America has well-established environmental regulations that are aimed at reducing carbon emissions and promoting sustainable practices.
These regulations drive the adoption of energy-efficient and environmentally friendly cooling systems and create opportunities for the market growth. The market in Asia Pacific is expected to register significant growth during the forecast period, due to rapid industrialization, particularly in countries such as China, India, and nations in Southeast Asia.
The expanding manufacturing sectors, infrastructure development projects, and increased investments in industries such as automotive, electronics, and chemicals drive the demand for industrial cooling systems in the region.
Key Benefits for Industry Participants & Stakeholders
-
In-depth Analysis of the Global Industrial Cooling Market
-
Historical, Current, and Projected Market Size in terms of Value and Volume
-
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
-
Industry Drivers, Restraints, and Opportunities Covered in the Study
-
Recent Industry Trends and Developments
-
Competitive Landscape & Strategies of Key Players
-
Neutral Perspective on Global Industrial Cooling Market Performance
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Industrial Cooling Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Industrial Cooling Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Industrial Cooling Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Industrial Cooling Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Industrial Cooling Market Size & Forecast, 2016-2031
4.5.1 Industrial Cooling Market Size and Y-o-Y Growth
4.5.2 Industrial Cooling Market Absolute $ Opportunity
4.6 Global Industrial Cooling Systems Market: Impact of Key Regulations
4.6.1 Standards & Compliances
4.7 Pricing Analysis of Industrial Cooling Systems, by Technologies, 2016 – 2031, (USD/Unit)
4.8 Analysis of Capacity of Industrial Cooling Systems
4.9 Technological Advancements in Industrial Cooling Systems
4.10 Investment Analysis in Industrial Cooling Systems
4.11 Analysis of Environmental Effects of Industrial Cooling Systems
4.12 Outlook on Various Technologies & Industry Adoption
Chapter 5 Global Industrial Cooling Market Analysis and Forecast By Technology
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Technology
5.1.2 Basis Point Share (BPS) Analysis By Technology
5.1.3 Absolute $ Opportunity Assessment By Technology
5.2 Industrial Cooling Market Size & Volume Forecast By Technology
5.2.1 Air Cooling
5.2.2 Evaporative Cooling
5.2.3 Adiabatic Cooling
5.2.4 Refrigeration Cooling
5.2.5 Absorption Cooling
5.2.6 Hybrid Cooling
5.2.7 Others
5.3 Market Attractiveness Analysis By Technology
Chapter 6 Global Industrial Cooling Market Analysis and Forecast By End Use
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By End Use
6.1.2 Basis Point Share (BPS) Analysis By End Use
6.1.3 Absolute $ Opportunity Assessment By End Use
6.2 Industrial Cooling Market Size & Volume Forecast By End Use
6.2.1 Energy and Power
6.2.2 Chemicals and Petrochemicals
6.2.3 Oil and Gas
6.2.4 Food and Beverage
6.2.5 Pharmaceuticals
6.2.6 Automotive
6.2.7 Datacenters
6.2.8 Others
6.3 Market Attractiveness Analysis By End Use
Chapter 7 Global Industrial Cooling Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Industrial Cooling Market Size & Volume Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Industrial Cooling Analysis and Forecast
9.1 Introduction
9.2 North America Industrial Cooling Market Size & Volume Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Industrial Cooling Market Size & Volume Forecast By Technology
9.6.1 Air Cooling
9.6.2 Evaporative Cooling
9.6.3 Adiabatic Cooling
9.6.4 Refrigeration Cooling
9.6.5 Absorption Cooling
9.6.6 Hybrid Cooling
9.6.7 Others
9.7 Basis Point Share (BPS) Analysis By Technology
9.8 Absolute $ Opportunity Assessment By Technology
9.9 Market Attractiveness Analysis By Technology
9.10 North America Industrial Cooling Market Size & Volume Forecast By End Use
9.10.1 Energy and Power
9.10.2 Chemicals and Petrochemicals
9.10.3 Oil and Gas
9.10.4 Food and Beverage
9.10.5 Pharmaceuticals
9.10.6 Automotive
9.10.7 Datacenters
9.10.8 Others
9.11 Basis Point Share (BPS) Analysis By End Use
9.12 Absolute $ Opportunity Assessment By End Use
9.13 Market Attractiveness Analysis By End Use
Chapter 10 Europe Industrial Cooling Analysis and Forecast
10.1 Introduction
10.2 Europe Industrial Cooling Market Size & Volume Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Industrial Cooling Market Size & Volume Forecast By Technology
10.6.1 Air Cooling
10.6.2 Evaporative Cooling
10.6.3 Adiabatic Cooling
10.6.4 Refrigeration Cooling
10.6.5 Absorption Cooling
10.6.6 Hybrid Cooling
10.6.7 Others
10.7 Basis Point Share (BPS) Analysis By Technology
10.8 Absolute $ Opportunity Assessment By Technology
10.9 Market Attractiveness Analysis By Technology
10.10 Europe Industrial Cooling Market Size & Volume Forecast By End Use
10.10.1 Energy and Power
10.10.2 Chemicals and Petrochemicals
10.10.3 Oil and Gas
10.10.4 Food and Beverage
10.10.5 Pharmaceuticals
10.10.6 Automotive
10.10.7 Datacenters
10.10.8 Others
10.11 Basis Point Share (BPS) Analysis By End Use
10.12 Absolute $ Opportunity Assessment By End Use
10.13 Market Attractiveness Analysis By End Use
Chapter 11 Asia Pacific Industrial Cooling Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Industrial Cooling Market Size & Volume Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Industrial Cooling Market Size & Volume Forecast By Technology
11.6.1 Air Cooling
11.6.2 Evaporative Cooling
11.6.3 Adiabatic Cooling
11.6.4 Refrigeration Cooling
11.6.5 Hybrid Cooling
11.6.6 Absorption Cooling
11.6.7 Others
11.7 Basis Point Share (BPS) Analysis By Technology
11.8 Absolute $ Opportunity Assessment By Technology
11.9 Market Attractiveness Analysis By Technology
11.10 Asia Pacific Industrial Cooling Market Size & Volume Forecast By End Use
11.10.1 Energy and Power
11.10.2 Chemicals and Petrochemicals
11.10.3 Oil and Gas
11.10.4 Food and Beverage
11.10.5 Pharmaceuticals
11.10.6 Automotive
11.10.7 Datacenters
11.10.8 Others
11.11 Basis Point Share (BPS) Analysis By End Use
11.12 Absolute $ Opportunity Assessment By End Use
11.13 Market Attractiveness Analysis By End Use
Chapter 12 Latin America Industrial Cooling Analysis and Forecast
12.1 Introduction
12.2 Latin America Industrial Cooling Market Size & Volume Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Industrial Cooling Market Size & Volume Forecast By Technology
12.6.1 Air Cooling
12.6.2 Evaporative Cooling
12.6.3 Adiabatic Cooling
12.6.4 Refrigeration Cooling
12.6.5 Absorption Cooling
12.6.6 Hybrid Cooling
12.6.7 Others
12.7 Basis Point Share (BPS) Analysis By Technology
12.8 Absolute $ Opportunity Assessment By Technology
12.9 Market Attractiveness Analysis By Technology
12.10 Latin America Industrial Cooling Market Size & Volume Forecast By End Use
12.10.1 Energy and Power
12.10.2 Chemicals and Petrochemicals
12.10.3 Oil and Gas
12.10.4 Food and Beverage
12.10.5 Pharmaceuticals
12.10.6 Automotive
12.10.7 Datacenters
12.10.8 Others
12.11 Basis Point Share (BPS) Analysis By End Use
12.12 Absolute $ Opportunity Assessment By End Use
12.13 Market Attractiveness Analysis By End Use
Chapter 13 Middle East & Africa (MEA) Industrial Cooling Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Industrial Cooling Market Size & Volume Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Industrial Cooling Market Size & Volume Forecast By Technology
13.6.1 Air Cooling
13.6.2 Evaporative Cooling
13.6.3 Adiabatic Cooling
13.6.4 Refrigeration Cooling
13.6.5 Absorption Cooling
13.6.6 Hybrid Cooling
13.6.7 Others
13.7 Basis Point Share (BPS) Analysis By Technology
13.8 Absolute $ Opportunity Assessment By Technology
13.9 Market Attractiveness Analysis By Technology
13.10 Middle East & Africa (MEA) Industrial Cooling Market Size & Volume Forecast By End Use
13.10.1 Energy and Power
13.10.2 Chemicals and Petrochemicals
13.10.3 Oil and Gas
13.10.4 Food and Beverage
13.10.5 Pharmaceuticals
13.10.6 Automotive
13.10.7 Datacenters
13.10.8 Others
13.11 Basis Point Share (BPS) Analysis By End Use
13.12 Absolute $ Opportunity Assessment By End Use
13.13 Market Attractiveness Analysis By End Use
Chapter 14 Competition Landscape
14.1 Industrial Cooling Market: Competitive Dashboard
14.2 Global Industrial Cooling Market: Market Share Analysis, 2022
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Airedale International Air Conditioning Ltd.
14.3.2 Babcock & Wilcox Enterprises, Inc
14.3.3 Baltimore Aircoil Company
14.3.4 Brentwood Industries, Inc
14.3.5 Carrier
14.3.6 DAIKIN INDUSTRIES, Ltd
14.3.7 Carrier
14.3.8 EVAPCO Inc.
14.3.9 Johnson Controls
14.3.10 Carrier
14.3.11 Schneider Electric
14.3.12 SPX Cooling Tech, LLC