Industrial Cooling Systems Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Market Growth and Projections
- The global industrial cooling systems market is set to grow from $17.18 billion in 2022 to $18.63 billion in 2023, with a compound annual growth rate (CAGR) of 8.4%.
- Projections suggest that by 2027, the market will reach $24.69 billion, maintaining a CAGR of 7.3%.
Driving Force: Automotive Industry’s Cooling Needs
The anticipated growth of the industrial cooling systems market is closely tied to the surge in demand for cooling systems within the automotive industry. Cooling systems, also known as air conditioning or refrigeration systems, play a crucial role in maintaining optimal temperatures for various components in vehicles.
- In 2021, global automotive production witnessed a 1.3% increase, reaching 79.1 million units.
- A report by the European Automobile Manufacturers’ Association highlighted a 7.9% YoY increase in global passenger automobile production in 2022, exceeding 68 million units.
Industry Giants: Key Players Shaping the Market
Leading the industrial cooling systems market are major players such as Schneider Electric SE, ABB Ltd, and DAIKIN Industries Ltd. These industry giants are instrumental in shaping market dynamics, introducing innovations, and meeting the growing demand for effective cooling solutions.
Trending Innovation: Product Innovations
- A prominent trend in the industrial cooling systems market is the focus on product innovation.
- Honeywell, in February 2022, launched Solstice E-Cooling, a revolutionary platform of liquid heat transfer agents designed to efficiently cool high-performance electronics. This innovation enhances uniform and energy-efficient cooling, minimizes environmental impact, and provides superior heat rejection.
Benefits of Solstice E-Cooling:
- Two-phase liquid cooling technology
- More uniform and energy-efficient cooling
- Better heat rejection and less pumping power
Global Industrial Cooling Systems Market Segmentation
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
- Data Center
- Other End-Users
- Asia-Pacific emerged as the largest region in the industrial cooling systems market in 2022, showcasing robust market presence.
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The Industrial Cooling Systems Global Market Report 2023 provides an overview of the industrial cooling systems market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The industrial cooling systems market forecast analyzes industrial cooling systems market size, industrial cooling systems market share, leading competitor and their market positions.
The Table Of Content For The Industrial Cooling Systems Market Include:
1. Industrial Cooling Systems Market Executive Summary
2. Industrial Cooling Systems Market Segments
3. Industrial Cooling Systems Market Size And Industrial Cooling Systems Market Growth Rate
4. Key Industrial Cooling Systems Market Trends
5. Major Industrial Cooling Systems Market Drivers
25. Key Mergers And Acquisitions In The Industrial Cooling Systems Market
26. Top Industrial Cooling Systems Companies
27. Industrial Cooling Systems Market Opportunities And Strategies
28. Industrial Cooling Systems Market, Conclusions And Recommendations
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