"The global industrial cooling system market is projected to grow at a CAGR of 5.0% from 2016 to 2021”
The global industrial cooling system market is projected to reach USD 17.24 billion by 2021, at a CAGR of 5.0% between 2016 and 2021. Stringent environment regulations for industrial cooling processes, coupled with technological advancements, are expected to drive the market in coming years in developed countries as well as emerging markets, such as, China, India, Brazil, and so on.
The power generation segment accounted for the largest share of the global industrial cooling system market in 2015. Cooling systems play a critical role in coal-based electricity production to maintain production efficiency by removing surplus heat from the steam circuit and reusing the condensed water. Thermal power plants use these systems to cool circulating water. These systems condense water and reuse it for its cooling processes to ensure economical and environment-friendly operations.
“The evaporative cooling system segment is the largest type segment in the global industrial cooling system market”
The evaporative cooling system segment accounted for the largest share of the global industrial cooling system market in 2015. Evaporative cooling systems are the most preferred cooling systems used in industrial processes, worldwide, as they are relatively cheap with less energy requirements. These systems are mostly used in industries that have large cooling requirements. These systems are mostly employed in the power generation sector.
“Asia-Pacific led the global industrial cooling system market”
The Asia-Pacific region accounted for the largest share of the global industrial cooling system market in 2015. The industrial cooling system market in Asia-Pacific is projected to register the highest growth rate mainly because of the rising demand for cooling system from power generation and industrial manufacturing end-user segments in the region. Increasing population and urbanization is stimulating the market growth for an array of industries in the region, thus raising the demand for industrial cooling systems.
Profile break-up of primary participants for the report:
- By Company Type - Tier 1 – 55 %, Tier 2 – 20%, Tier 3 – 25%
- By Designation – C level – 75%, Manager level – 25%
- By Region – North America - 10%, Europe – 20%, Asia-Pacific – 30%, Middle East & Africa – 20%, Latin America - 20%
Furthermore, as a part of qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by different market players, such as Baltimore Aircoil Company (U.S.), Bell Cooling Tower (India), Brentwood Industries Inc. (U.S.), Hamon Group (Belgium), Johnson Controls Inc. (U.S.), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy), and SPX Corporation (U.S.) among others.
Reasons To Buy this report:
From an insight perspective, this research report has focused on various levels of analysis?industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the industrial cooling system market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the industrial cooling systems offered by top market players
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the industrial cooling system market
- Market Development: Comprehensive information about lucrative emerging markets
- Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the industrial cooling system market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of leading players in the global industrial cooling system market