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Power generation fastest-growing end-user segment of the global industrial cooling system market



The report "Industrial Cooling System Market by End User (Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing & Storage, Petroleum & Natural Gas Refining, Pharmaceutical, Data Center), Type & by Region - Global Forecasts to 2021", The global industrial cooling system market is projected to reach USD 17.24 Billion by 2021, at a CAGR of 5.0% from 2016 to 2021. Technological advancements in the market, coupled with increasing demand for efficient cooling systems from developing markets of Asia-Pacific, are expected to drive the industrial cooling system market over the next five years.
Power generation segment dominated the global market in 2015, followed by industrial manufacturing segment. The industrial manufacturing segment is expected to grow at the highest CAGR from 2016 to 2021. The industrial manufacturing process has cooling requirements for heat rejection at different stages, which encourages the installation of cooling systems. Rapidly growing manufacturing base in Asia-Pacific offering cheap labor and operational cost is driving the demand of industrial cooling systems from end-user industries.

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Evaporative cooling system segment was the largest segment of the industrial cooling system market

Based on type, the industrial cooling system market has been segmented into evaporative cooling system, air cooling system, hybrid cooling system, and water cooling system. Evaporative cooling system was the largest segment of the market in 2015. Growth of the evaporative cooling system segment is driven by increasing demand for evaporative cooling system from the power generation and industrial manufacturing sectors of the region due to its relatively lower price and less energy requirements.

Asia-Pacific was the largest market for industrial cooling system market in 2015, owing to the rise in demand of industrial cooling system in this region. Asia-Pacific is the key commercial market for industrial cooling system globally and is expected to grow rapidly during the forecast period. One of the primary drivers for industrial cooling system market growth in the Asia-Pacific region is the steady economic development in the region. In addition, an imposing growth of industrialization in developing countries of the region, such as China and India, is also driving the market.
Key players operational in the industrial cooling system market include 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.).

Increasing population, urbanization, and the growing manufacturing industry are increasing the demand of industrial cooling systems from end-user industries, thus driving the growth of the market in Asia-Pacific. The rising food & beverages and nuclear power industry, coupled with low-cost manufacturing (especially in China and India), is expected to further boost the industrial cooling system market in this region.

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News Release: Power generation fastest-growing end-user segment of the global industrial cooling system market
Submitted on: December 06, 2017 06:56:17 PM
Submitted by: amit
On behalf of: www.prnewswire.co.in/news-releases/industrial-cooling-system-market-worth-1724-billion-usd-by-2021-586465951.html
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