Industrial Cooling System Market to Exceed $25 Billion by 2025
Several factors contribute to the growing demand
The industrial cooling system market size is set to be around $25 billion by 2025, according to a new research report by Global Market Insights Inc.
Growing investments toward infrastructure development coupled with the burgeoning manufacturing sector will propel the industrial cooling system market size. Industries including pharmaceuticals, mining, automotive oil and gas, and utility and power, among others, hold an extensive deployment potential for these cooling systems. The ongoing infrastructural development and industrialization across the developed economies will accelerate the product demand. Increasing competitiveness is encouraging manufacturers to invest in research and development activities to develop innovative and energy-efficient cooling systems. For instance, in June 2018, Process Cooling Systems Inc., a manufacturer of central cooling towers, portable chillers, and chilled water systems, announced an $8-million-dollar investment to build its facility in Leominster, England. The company is aiming to expand its engineering and manufacturing operations and remain competitive in the industrial cooling system market share.
Rise in industrialization in developing countries will stimulate the deployment of these cooling systems across the utility and power sector. The expansion of conventional power generating stations coupled with a positive stance toward the utilization of sustainable energy resources will fuel the industrial cooling system market demand. Introduction of strict emission norms has resulted in the growing adoption of energy-efficient cooling systems in nuclear power plants. For instance, in August 2018, the U.S. Environmental Protection Agency (EPA) introduced the Affordable Clean Energy (ACE) rule, which requires the existing coal-fired power plants to limit greenhouse gas emissions from existing plants.
The increased interest of the industries to adopt evaporative cooling systems is also predicted to accelerate the industrial cooling system market growth.
The North American industrial cooling system market share will witness steady growth over the forecast period, owing to the rapid technological adoption, urbanization, and digitalization in the region. Growing investments toward industrial and commercial development is increasing the demand for cooling systems in the U.S.