Industrial Cooling System Market Poised to Reach 17.24 Billion USD by 2021

Asia-Pacific is the fastest-growing market, as it is a major consumer of industrial cooling systems. There is an increasing demand for industrial cooling systems from both developed and developing countries of this region, such as Japan, China, India, Australia, and others.

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.

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

Power generation segment contributed the largest share to the industrial cooling system market in 2015, and is projected to be the fastest-growing application segment from 2016 to 2021. Although cooling systems are a pre-requisite in every industry, they find the highest use in the power generation segment, owing to the high demand from the power industry. Cooling systems are used in thermal and nuclear power plants to control temperature and pressure conditions.

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.

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Asia-Pacific was the largest market for global industrial cooling system market in 2015, globally

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.).

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