Global Market Insights, Inc. has recently added a new report on Industrial cooling system market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of industrial cooling system industry.
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The expanding manufacturing industry and proliferating government initiatives in infrastructure developments are likely to boost the industrial cooling system market size across the globe. These systems demonstrate application potential across a widespread industrial landscape, including sectors like pharmaceuticals, mining, utility & power automotive oil and gas and more.
The evolving technological domain and burgeoning demand for sustainable, reliable and energy-efficient cooling equipment are driving companies to adopt new cooling systems for the enhancement of manufacturing and component operations.
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A research report by Global Market Insights, Inc., estimates that the industrial cooling system market size will be approximately $2 billion by 2025.
The lifespan and quality of components is significantly influenced by the excessive heat generation caused by manufacturing processes, thereby stimulating demand for reliable cooling solutions. For example, nearly 90% of electricity in the US is generated by thermoelectric plants, which generates copious amount of heat and requires effective cooling solutions.
Furthermore, rising requirement for water conservation in numerous regions is also expected to impel the industrial cooling system market share.
In light of the recent paradigm shift towards more energy efficient cooling solutions to reduce water and energy consumption in cooling systems of manufacturing facilities, many manufacturers are adopting cost-efficient and high-performance systems, which is predicted to propel industry expansion over the projected timeline.
An example of this would be the Recold V Tech adiabatic cooling system developed by SPX Cooling Technologies, in December 2018, aiming towards improving air-cooling system utility at peak times. This system works by cutting down energy usage and nearly 60% reduction in water consumption, in comparison with an evaporative condenser.
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On the other hand, evaporative condensers consume much less power, owing to a lower number of pumps and fans, which may accelerate the growth of the industrial cooling system market in the years ahead. These systems can lead to energy savings of almost 50% as compared to air cooling systems. Costs of maintenance and installation are nearly 25% less than those of conventional cooling equipment, due to the crossflow design and dry functionality.
Additionally, these systems use 70% less water than air cooled systems, preventing the formation of algae, fouling, legionella bacteria and fungi, further lowering maintenance expenses and augmenting the efficiency of the system.
In the utility and power application sector, huge amounts of water are consumed by nuclear power plants for condensation of steam from the turbine exhaust. The World Business Council for Sustainable Development (WBCSD) reports that developed economies account for approximately 22% of water consumption whereas developed economies consume over 55% for industrial operations.
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The industrial water-cooling system demand is increasing due to rising water usage in cooling components and manufacturing, power generation and chemical sector operations. Industries are also shifting towards reusing water for cooling in order to mitigate water withdrawal and to minimize environmental impact. Increasing number of manufacturing facilities established by food & beverage industry contenders is leading to widespread acceptance of industrial cooling systems, thereby propelling industrial cooling system market growth.
The growing trend towards energy conservation is now being fulfilled by adopting cooling systems with high efficiency, sustainability and productivity. These factors combined with surging demand for accurate and hygienic temperature control systems in manufacturing processes ensures quality consistency and in turn stimulates industrial cooling system market expansion.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Name: Arun Hegde
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Organization: Global Market Insights
Phone: 1-888-689-0688
Website: https://www.gminsights.com/industry-analysis/industrial-cooling-system-market
Source URL: https://marketersmedia.com/industrial-cooling-system-market-to-record-usd-2-billion-revenue-by-2025/88923348
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Release ID: 88923348
