What is the Growth Forecast For The Industrial Cooling Systems Global Market?
The industrial cooling systems market has witnessed robust growth recently, with its value projected to increase from $20.14 billion in 2024 to $21.72 billion in 2025, registering a compound annual growth rate (CAGR) of 7.8%. This impressive growth in the historic period can be largely attributed to factors such as industrialization and manufacturing growth, energy efficiency concerns, stringent environmental regulations, and process optimization.
In the forecast period, the industrial cooling systems market is predicted to continue on its upward trajectory, growing to $28.7 billion in 2029 at a CAGR of 7.2%. Key drivers of this growth encompass the adoption of sustainable practices, a surge in data center infrastructure development, urbanization, and the overall momentum of infrastructure development.
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What are the Key Growth Drivers for the Industrial Cooling Systems Market?
A critical factor propelling the growth of the industrial cooling systems market is the increasing deployment of cooling systems in the automotive industry. These systems, whether air conditioning or refrigeration types, are essential for regulating component temperatures and ensuring optimal engine performance. As the European Union witnessed a production of 10.9 million passenger cars in 2022, indicating an 8.3% increase from 2021, it’s clear that the rising usage of cooling systems in the automotive industry is playing a crucial role in driving the industrial cooling systems market forward.
Which are the Principal Market Segments in the Industrial Cooling Systems Global Market?
The industrial cooling systems market encompasses the following major segments:
1) By Type: Water Cooling System, Evaporative Cooling Systems, Air Cooling System, Hybrid Cooling System, Other Types
2) By Function: Transport Cooling, Stationary Cooling
3) By End-User: Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing And Storage, Petroleum And Natural Gas Refining, Pharmaceuticals, Data Center, Other End-Users
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Which Companies are Dominating the Industrial Cooling Systems Market?
The industrial cooling systems market is highly competitive with major players like Schneider Electric SE, ABB Ltd, DAIKIN Industries Ltd., Johnson Controls International plc, Carrier Corporation, Emerson Electric Co., Trane Technologies, Danfoss A/S, Xylem Inc., Alfa Laval AB, GEA Group Aktiengesellschaft, and others making significant landmarks.
What are the Emerging Trends in the Industrial Cooling Systems Market?
Product innovation is a key trend shaping the industrial cooling systems market with companies developing advanced, innovative products to strengthen their market positions. For instance, Honeywell, in February 2022, introduced Solstice E-Cooling, an efficient platform of heat transfer agents for cooling high-performance electronics and offering a more sustainable alternative to conventional air and water cooling systems.
Which Region Holds the Leading Position in the Industrial Cooling Systems Market?
Asia-Pacific led the industrial cooling system market in 2024 with the highest share, followed by regions like Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
What Does the Industrial Cooling Systems Global Market Report 2024 Offer?
Industrial cooling systems, comprising a range of equipment and devices, remove heat from industrial facilities, machinery, or processes to maintain ideal operating conditions. They regulate temperatures, prevent equipment overheating, ensure product quality, and bolster worker comfort. The Industrial Cooling Systems Global Market Report 2024 from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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