How Has The Industrial Cooling Systems Market Size Evolved In Recent Years?
The industrial cooling systems market has seen considerable growth due to a variety of factors.
•The market size for industrial cooling systems has seen a sturdy expansion over the past years. The market value is set to escalate from $20.14 billion in 2024 to an impressive $21.72 billion in 2025, marking a compound annual growth rate (CAGR) of 7.8%.
Factors contributing to the substantial growth observed in the historical period include industrial and manufacturing development, attention towards energy efficiency, rigid environmental regulations, and improvements in the process.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Industrial Cooling Systems Market?
The industrial cooling systems market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size for industrial cooling systems is anticipated to experience substantial growth. The market is projected to reach $28.7 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.2%.
The anticipated growth during this forecast period can be ascribed to the implementation of sustainable methods, an increase in data center constructions, urbanization, and infrastructure advancement. Key trends predicted for this period involve the incorporation of heat recovery systems, adoption of hybrid cooling solutions, remote supervising and service, customization tailored to specific industrial operations, and the progression of water treatment and filtration systems.
What Are The Essential Drivers Behind The Growth Of The Industrial Cooling Systems Market?
The industrial cooling systems market is predicted to expand due to the escalating application of these systems in the auto industry. Often referred to as air conditioning or refrigeration systems, cooling systems are devices or setups that extract heat from a specific space or material, thus decreasing its temperature. They are a critical part of the automobile industry because they help regulate the temperatures of different parts, ensuring the engine operates at its best. For instance, The European Automobile Manufacturers Association, a motor vehicle production association based in Belgium, reported in May 2023 that the European Union manufactured 10.9 million passenger cars in 2022, an 8.3% rise from 2021. As such, the increasing use of cooling systems in the auto industry is functioning as a key growth propeller for the industrial cooling systems market.
How Is The Global Industrial Cooling Systems Market Divided Into Key Segments?
The industrial cooling systems market covered in this report is segmented –
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
Subsegments:
1) By Water Cooling System: Chilled Water Systems, Cooling Towers, Recirculating Water Systems
2) By Evaporative Cooling System: Direct Evaporative Coolers, Indirect Evaporative Coolers, Hybrid Evaporative Coolers
3) By Air Cooling System: Air-Cooled Chillers, Air-Cooled Heat Exchangers, Air-Cooled Condensers
4) By Hybrid Cooling System: Combined Water And Air Systems, Modular Hybrid Systems
5) By Other Types: Thermoelectric Cooling Systems, Refrigeration-Based Cooling Systems, Heat Exchanger Systems
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What Trends Are Reshaping The Future Of The Industrial Cooling Systems Market?
The rising trend of product innovation is profoundly influencing the industrial cooling systems sector. To consolidate their market position, leading businesses in this industry are concentrating their efforts on the creation of state-of-the-art, ground-breaking products. For instance, Honeywell, a performance materials and technology firm based in the United States, unveiled their product, Solstice E-Cooling, in February 2022. This revolutionary heat transfer agent platform exceeds the efficacy and efficiency of traditional air and water cooling methods, excelling at cooling high-performance electronics. This innovative technology uses a two-phase liquid cooling system to minimize environmental impact while cooling electronic applications. Thanks to Solstice E-Cooling, cooling is more energy efficient and uniform, heat rejection is increased, and less pumping power is needed.
Who Are the Key Players in the Industrial Cooling Systems Market?
Major companies operating in the industrial cooling systems market include:
• 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
• Rittal GmbH & Co. KG
• Black Box Corporation
• SPX Corporation
• BITZER Kuhlmaschinenbau GmbH
• Babcock & Wilcox Enterprises Inc.
• EVAPCO Inc.
• Baltimore Aircoil Company Inc.
• LU-VE S.p.A.
• Brentwood Industries Inc.
• Hamon Group S.A.
• ABCO HVACR Supply & Solutions
• Güntner GmbH & Co. KG
• ENEXIO Management GmbH
• Airedale International Air Conditioning Ltd.
• Mayekawa MFG Co. Ltd.
• Thermal Care Inc.
• Robson Industries Inc.
What are the Regional Insights into the Industrial Cooling Systems Market?
Asia-Pacific was the largest region in the industrial cooling system market in 2024. The regions covered in the industrial cooling systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
