The report covers forecast and analysis for the industrial cooling system market on a global and regional level. The research report presents a comprehensive valuation of the market and contains thoughtful facts, insights, historical data, statistically backed and industry-validated market figures. It also contains estimates using the right set of expectations and procedures. The study provides historic data of 2016 to 2018 along with a forecast from 2019 to 2026 based on revenue (USD Million).
The study contains drivers, restraints, opportunities, and challenges for the industrial cooling system market along with the impact they have on the market. In order to give the users of this report a comprehensive view on the industrial cooling system market, we have included competitive landscape and analysis of Porter's five forces model for the market. The report offers an exhaustive analysis of macro-economic indicators, market trends, and governing factors along with market attractiveness. The report also includes the qualitative impact of various market factors on market segments and geographies.
The study provides a decisive view on the industrial cooling system market by segmenting the market on type, end-use, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2026. The Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Industrial cooling systems are widely used to reduce the harmful impact of excessive heat that gets generated from several industrial equipment and components in industries such as metalworking, automotive and chemical, etc. Excessive heat in a production process can adversely affect the health of workers, the performance of machines, and the quality of manufactured goods or inventory products. The cooling equipment helps in maintaining the required temperature for various components, production processes, and machines. Preventing the overheating of the industrial equipment helps in increasing the productivity and in reducing the cost associated with the maintenance of the machines. Rising demand for the cooling equipment is being observed in nuclear and thermal power plants. Increasing demand for energy-efficient cooling systems together with technological advancements is expected to increase the demand for industrial cooling systems. Such factors are expected to propel the industrial cooling system market growth over the forecast years.
In terms of application, the industrial cooling systems market has been segmented into utility & power, metalworking, oil & gas, chemical, automotive, food & beverage, pulp & paper, and pharmaceutical. The automotive sector is expected to observe a significant growth in demand for cooling equipment over the forecast timeline owing to the rising demand for such systems to maintain the temperature of machines, components, and equipment on the manufacturing site. The automotive industry uses superior cooling equipment to create an effective manufacturing system and to gain profit from the advantage in terms of cost-effectiveness and efficiency. Several innovative and technological advancements and constant improvements in cooling systems are encouraging the automotive industry to replace the outdated cooling systems.
Asia Pacific dominated the industrial cooling system market share in 2018 and is expected to follow the same trend over the forecast years. The rapid growth witnessed in the food & beverage sector in prominent countries such as China, India, Japan, South Korea, and Indonesia is expected to propel the demand for reliable cooling solutions. Increase in food demand via online channels, cost competitiveness, and food quality regulations are encouraging the implementation of modern cooling solutions, thus expected to fuel the industrial cooling system market growth over the forecast years.
The report covers a detailed competitive outlook including the market share and company profiles of the key participants operating in the global industrial cooling system market. The key players operating in the global industrial cooling system market are Bell Cooling Tower, Paharpur Cooling Towers, Baltimore Aircoil Company, STULZ GmbH, Brentwood Industries Inc., Star Cooling Towers Pvt. Ltd, Hamon Group, Johnson Controls Inc., SPIG S.p.A., and SPX Corporation among others.
The global industrial cooling system market has been segmented as follows:
Global Industrial Cooling System Market: Product Segment Analysis
Global Industrial Cooling System Market: Application Segment Analysis
Global Industrial Cooling System Market: Regional Segment Analysis