Jan 26, 2022   SOURCE: BusinessWire

Global Industrial Cooling Systems Market (2021 to 2030) - Use of IoT-Enabled Refrigeration Solutions for Equipment Monitoring Presents Opportunities - ResearchAndMarkets.com

The "Industrial Cooling Systems Market by Product Type, Function, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global industrial cooling systems market size was valued at $16,625.2 million in 2020, and is projected to reach $27,210.2 million by 2030, registering a CAGR of 5.0% from 2021 to 2030.

The transfer of thermal energy from one medium to another is known as cooling. Cooling is important in industrial applications to ensure that operations do not overheat equipment or goods. As water has high boiling point and specific heat, it is commonly used to absorb heat in cooling applications. When precise and consistent temperature control inside a process is necessary, this form of cooling is used. Owing to their ability to offer cooling capacity independent of changes in ambient temperature, heat load, or flow requirements, chillers are often employed to remove heat from a process.

The need for industrial cooling systems is increasing significantly across the end-user industries such as pharmaceuticals and food & beverages, as a result of exponential rise in population, rapid urbanization, and the development of the manufacturing industry. In addition, rise in global concern about greenhouse gas emissions is expected to drive the demand for energy-efficient equipment. Several businesses are investing in research and development to distinguish their products and obtain a competitive advantage in the marketplace.

The use of industrial cooling systems for product safety and temperature control is critical in the food & beverage sector. To preserve temperature and food quality, key businesses are focusing on offering advanced cooling systems for the food & beverage sector. For instance, in October 2020, GEA Group launched Blu-Red Fusion cooling system. The product is the combination of BluAstrum and BluGenium Chillers from the GEA group. It is ideal for refrigeration, cooling, and heating demands with low heat source temperatures and high temperature rises between the heat source and the heat sink.

The global industrial cooling systems market is segmented into product type, function, end-user industry, and region. By product type, the market is fragmented into air cooling, evaporative cooling, water cooling, and hybrid cooling. On the basis of function, it is bifurcated into stationary cooling, and transportation cooling. Depending on end-user industry, it is fragmented into food & beverages, chemical, pharmaceuticals, utility & power, oil & gas, and others. Region wise, the market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Russia, Poland, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Benefits

  • The report provides an extensive analysis of the current and emerging market trends and dynamics.
  • In-depth market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2030.
  • Extensive analysis of the industrial cooling systems market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
  • A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
  • The global industrial cooling systems market forecast analysis from 2021 to 2030 is included in the report.
  • The key market players within industrial cooling systems market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industrial cooling systems industry.

Market Dynamics

Drivers

  • Growth of Pharmaceutical Sector
  • Upgrading cold storage infrastructure across emerging economies
  • Rise in adoption of energy-efficient & eco-friendly refrigerants

Restraint

  • High energy costs for operation and maintenance of industrial refrigeration units
  • Stringent regulations related to usage of refrigerants

Opportunities

  • Use of IoT-enabled refrigeration solutions for equipment monitoring

Companies Mentioned

  • Airedale International Air Conditioning Ltd.
  • Baltimore Aircoil Company
  • Brentwood Industries Inc.
  • Emerson Electric Co.
  • GEA Group Aktiengesellschaft
  • Hamon Group S.A.
  • Johnson Controls International PLC
  • Schneider Electric SE
  • SPX Corporation
  • Star Cooling Tower Pvt Ltd

For more information about this report visit https://www.researchandmarkets.com/r/2lhc7o.