Water is used in almost all industrial sectors – be it manufacturing, power generation, or petrochemical – for the purpose of processing, diluting, fabricating, cooling, product transportation, cleaning, and heat exchange (as a media). In most industrial processes, water is used as a coolant to reduce the temperature, and recycled water is recycled and reutilized in other processes. Different industries opt for a multitude of cooling systems such as chillers, large-scale cooling towers, and heat exchangers.
Industrial Cooling System Market to Grow in Tandem with Industrialization, With Manufacturing & Energy Sectors Accounting for a Bulk of the Growth
Increasing industrialization and the utilization of water in industrial processes have provided a fillip to the demand for industrial water cooling systems. Manufacturing and energy production industries together account for up to 70% of the total water use in most countries. The power sector is a key consumer of industrial cooling systems; the amount of water consumed in the sector is substantial, and as per analysis by a WEO (World Energy Outlook) analysis, it is expected to increase by 60% from 2014 to 2040. In light of this, it can be concluded that the increasing number of power plants globally will augment the adoption of industrial cooling systems in years to come.
Thermal power plants largely drive the water withdrawal intensity of India’s power sector. The withdrawal intensity of solar PV in India is around 0.08 m3 /MWh – a mere 0.5% of the thermal average, while for wind, the water withdrawal is zero.
Power Generation to Account for a Large Share of the Pie, With the Water Consumed in Energy Production Slated to Increase by 20–35% in the Future
The evaporating cooling system segment is expected to register a relatively high CAGR during the forecast period. Direct evaporative cooling involves cooling and humidifying fresh air taken from an AHU. The high efficiency offered by these systems drives their adoption among various end-use industries such as food and beverage and pharmaceutical, among others.
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Automotive, chemical, food and beverage, metalworking, oil & gas, pharmaceutical, pulp and paper, and utility and power are the key applications studied in this report on the industrial cooling system market. Automotive and power generation segments dominate the market, backed by the growing manufacturing base in emerging regions across the globe with cheap labor and operational cost. Water employed in energy production is expected to increase between 20% and 35% to meet future energy needs by 2030.
Emerging Economies in Asia-Pacific to Register Strong Growth
Asia-Pacific’s industrial cooling system market accounted for the highest share in 2018, and the region is likely to remain dominant throughout the forecast period. Growth momentum in the region is largely driven by the shifting of manufacturing plants such as Thermal Care Inc. to China, Japan, and India, among other countries in the region, with players seeking to leverage the low cost of labor. Ongoing trends in power generation and focus on greener and innovative buildings, alternatives, and solutions also provide impetus to market growth in the region.
Industrial Cooling System Market Segmentation
By Product Type
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now