The North America Industrial Cooling Systems Market would witness market growth of 4.8% CAGR during the forecast period (2023-2030).
The industrial cooling system is crucial in addressing several problems with heat exchange and industrial cooling. Mechanical advancements and interest in efficient cooling systems propel the market. In industries like utilities & power and oil & gas, these systems are typically used to reduce extra heat from parts as well as industrial equipment. This is because the strength of the workers and the quality of the generated or stored goods can be negatively impacted by excessive heat during a generation process.
Industrial cooling systems are increasingly utilized in the cooling systems in the chemical, metalworking, automotive, and energy & power sectors. The demand for medications and vaccines is rising due to population growth and pollution. The number of cases of lifestyle diseases has also increased dramatically among the population due to the swiftly rising consumption of junk food and the changing workplace culture.
In order to retain their potency and chemical stability, pharmaceutical products like medications and vaccines must be stored in a cool environment, which has boosted the demand for industrial cooling system solutions. Additionally, the pharmaceutical sector develops, manufactures, and distributes medicines with the intention of curing diseases.
According to the Government of Canada, with sales of items worth $117.8 billion in 2019 and 2% of the country's Gross Domestic Product (GDP), the food & beverage processing sector ranks second among all manufacturing sectors in Canada in terms of production value. Its sales represent 17% of all manufacturing sales. 290,000 Canadians are employed by it, making it the largest manufacturer in the country. It provides around 70% of all processed food and beverage items sold in Canada and is the biggest consumer of agricultural output. Hence, with the expansion of the food and beverage sector, the demand for industrial cooling will increase, thereby propelling the growth of the market.
The US market dominated the North America Industrial Cooling Systems Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,547.3 million by 2030. The Canada market is experiencing a CAGR of 7.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.3% during (2023 - 2030).
Based on End-user, the market is segmented into Chemical, Oil & Gas, Utility & Power, Pharmaceuticals, Food & Beverage, and Others. Based on Function, the market is segmented into Stationary Cooling, and Transport Cooling. Based on Product Type, the market is segmented into Evaporative Cooling, Air Cooling, Water Cooling, and Hybrid Cooling. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Industrial Cooling Systems Market is Projected to reach USD 23.4 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Airedale International Air Conditioning Ltd. (Modine Manufacturing Company), Emerson Electric Co., GEA Group AG, Johnson Controls International PLC, Schneider Electric SE, SPX Technologies, Inc., Baltimore Aircoil Company, Inc. (Amsted Industries), Brentwood Industries, Inc., Star Cooling Tower Pvt Ltd. and Rittal GmbH & Co. KG (Friedhelm Loh Stiftung & Co. KG).
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