According to a new report, published by KBV research, The Global Industrial Cooling Systems Market size is expected to reach $23.4 billion by 2030, rising at a market growth of 5.6% CAGR during the forecast period.
The Pharmaceuticals segment is registering a CAGR of 5.3% during (2023 - 2030). New medications that enhance human life are developed annually by pharmaceutical corporations. To satisfy the process conditions required for safe and efficient production, these medications frequently need specifically built systems. The non-freezing indirect and direct cooling systems offer accurate temperature control and quick cooling while lowering running costs and obviating the need for elaborate, multi-stage mechanical refrigeration.
The Stationary Cooling segment is leading the Global Industrial Cooling Systems Market by Function in 2022; thereby, achieving a market value of $15.3 billion by 2030. Placing a stationary cooling system at a set place can cool an industrial facility's space or process. Stationary cooling systems are widely used in many sectors. The automotive and food & beverage industries are predicted to have a significant growth in demand for cooling equipment over the projected timeline due to the growing necessity for such systems for controlling the temperature of components, machines, and equipment on the manufacturing site.
The Water Cooling segment would experience a CAGR of 6.3% during (2023 - 2030). The main factor propelling the growth of the segment is its energy efficiency. To circulate the coolant liquid during water cooling, pumps are needed. The pumps don't need as much energy to operate as the fans do to cool the system because the volume of liquid required is very little. As a result, less energy is used, resulting in cost savings.
The Asia Pacific market dominated the Global Industrial Cooling Systems Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.5 billion by 2030. The North America market is expected to witness a CAGR of 4.8% during (2023 - 2030). Additionally, The Europe market is expected to witness a CAGR of 5.1% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/industrial-cooling-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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