North America industrial cooling system market share is expected to expand at steady growth over 2019 to 2025 driven by the rapid technological adoption, urbanization, and digitalization in the region.
Selbyville, Delaware, July 08, 2019 (GLOBE NEWSWIRE) --
The industrial cooling system market revenue is set to exceed from USD 14 billion in 2018 to around USD 25 billion by 2025, according to a 2019 Global Market Insights Inc. report. 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 & gas, utility & 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.
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Rise in industrialization in developing countries will stimulate the deployment of these cooling systems across the utility & 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 (Automotive Components Europe) 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 predicted to accelerate the industrial cooling system market growth. These systems consume low power due to a reduced number of pumps and fan units, which can result in 50% energy savings as compared to air cooling systems. The maintenance and installation cost of these systems is 25% less than traditional cooling systems due to dry operation and the crossflow design. Moreover, these systems use 70% less water than air cooled systems, which further reduces the formation of fouling, algae, legionella bacteria and fungi, lowering the maintenance cost and increasing system efficiency.
Browse key industry insights spread across 204 pages with 123 market data tables & 29 figures & charts from the report “Industrial Cooling System Market Size By Product (Air Cooling, Evaporative Cooling, Hybrid Cooling, Water Cooling), By Application (Automotive, Chemical, Food & Beverage, Metalworking, Oil & Gas, Pharmaceutical, Pulp & Paper, Utility & Power), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, South Korea, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
North America industrial cooling system market share will witness steady growth over the forecast time span owing to the rapid technological adoption, urbanization, and digitalization in the region. Growing investments towards industrial and commercial development is increasing the demand for cooling systems in the U.S. Manufacturers are developing advanced cooling technology for industrial sectors, which is driving the regional market growth.
Major companies participating in the industrial cooling system market share are Johnson Controls Inc., Thermal Care Inc., STULZ GmbH, Star Cooling Towers Pvt. Ltd., SPX Corporation, SPIG S.P.A., Schneider Electric SE, Paharpur Cooling Towers Limited, EVAPCO Inc., ENEXIO, Emerson Electric., Brentwood Industries, Inc., Black Box Corporation, Berg Chilling Systems Inc., Baltimore Aircoil Company Inc., Hamon Group, and Airedale International Air Conditioning Ltd., among others. The manufacturers in the industrial cooling system market are developing modern solutions and monitoring systems for enhancing the performance and energy efficiency of the industrial facilities. For instance, Emerson Electric., is offering monitoring solutions for cooling towers to occurrence of damage and accidents. These monitoring systems help in optimizing the water cycle rate, minimizing operating costs, and ensuring enhanced water quality in water cooling systems.
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