The global chilled water storage system market is anticipated at USD 155 million in 2022. Demand is likely to remain high for chilled water storage systems during the assessment period. This is due to the increased application in end-use industries and garnering USD 322.9 million in 2033, recording a CAGR of 6.9% from 2023 to 2033. The market is likely to secure USD 165.7 million in 2023.
| Data Points | Key Statistics |
|---|---|
| Chilled Water Storage System Market Size Value in 2023 | USD 165.7 million |
| Chilled Water Storage System Market Forecast Value in 2033 | USD 322.9 million |
| Global Growth Rate | 6.9% CAGR |
| Forecast Period | 2023 to 2033 |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
| Historical CAGR (2018 to 2022) | 2.7% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 6.9% |
Demand is expected to register a 6.9% CAGR between 2023 and 2033, in comparison with the 2.7% CAGR recorded during 2018-2022.
The chilled water storage system is a type of TES (Thermal Energy Storage), which is a widespread technique to implement energy management strategy from the demand side. It is used to store water at temperatures ranging from 4.40 Celsius to 5.60 Celsius with the help of conventional chillers.
On the basis of size, chilled water storage systems are available in a range from 1 tonne to several 100 tonnes. They are used in building applications such as residential, commercial, and industrial. They are designed for commercial projects of over 500,000 square feet, which has space in order to install a chilled water storage system. On the basis of storage and mixing of water, they are divided into three types namely, multiple tank systems, stratified tank/nozzle matrix, and diaphragm systems.
Principal Consultant
Increasing Applications in End-Use Industries to Drive the Market Demand
Increasing demand in many end-use industries, such as petrochemical, oil & gas, pharmaceutical, and food & beverages, drives the demand for the chilled water storage system market. The new cooling systems in industries, growing demand from power generation plants, and increasing demand for cost and energy-effective products are some other factors boosting the growth in the chilled water storage system market.
Increasing focus on green buildings and renovation of old constructed buildings to green buildings are expected to be emerging opportunities for the chilled water storage system market.
Some factors such as significant demand for free cooling, storage cooling solutions, growing use of efficient air cooling systems, etc. can be considered trends in the industry. Power generation, automotive manufacturing, petrochemical processing, and similar sectors are influencing the market demand for chilled water storage systems, owing to the growing awareness of new techniques among end-users.
High Installation Cost May Hamper the Market Growth
The chilled water storage system market has numerous end-uses, and there are numerous obstacles that likely pose a challenge to market growth. The high cost of electricity supply that is used by cooling systems in industries may hinder the growth of the chilled water storage system market. Another significant factor impeding the growth of the chilled water market is the high installation and maintenance cost of the chilled water storage system market.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
Growing Industrialization to Boost the Market Demand
North America was the largest market for chilled water storage systems market and the trend is expected to continue into the forecast period owing to the development of abundant unconventional natural gas resources and oil industries in the region. Rapid industrialization, in turn, fuels the demand for chilled water storage systems, on account of its efficiency and energy-saving capabilities expected to augment the market. The region is forecast to account for a 16.6% share in 2023.
North America is expected to be the next dominant region witnessing high adoption rates for the chilled water storage system market during the forecast period. With the rapid development of the food and beverage industry in the region accounts for high demand of chilled water storage system market are anticipated to rise in the region.
Growing Demand in End-User Industries to Drive the Market Growth
According to Future Market Insights, Europe is expected to provide immense growth opportunities for the chilled water storage system market, due to rapid urbanization, growing disposable income, and other factors responsible for the growth of the market. Europe chilled water storage system market accounts for a 19.4% share of the total global market. High requirements in many end-user industries also boost the growth of the market.
Stratified Tank Segment to Remain Prominent Among Others
By type, the stratified tank segment is likely to remain at the forefront in terms of the chilled water storage system market share in the forthcoming years. Increasing application of renewable energy sources, such as solar or wind, to store chilled water generated by renewable technologies are anticipated to boost sales in this segment.
The stratified storage tank allows for more efficient cooling by storing chilled water at different temperature layers. During cooling demand periods, the coldest water at the bottom of the tank is used first, minimizing the need for active cooling, and reducing energy consumption. Stratified storage tanks help manage peak cooling loads in buildings and industrial processes. The stored chilled water can be used during peak demand hours, reducing the load on the chiller plant and optimizing energy usage.
The Industrial, residential & commercial segment is Expected to Generate Leading Share of the Chilled Water Storage System Market during the forecast period
Based on application, the industrial, commercial & residential application segment is expected to generate the lion’s share of the chilled water storage system market by 2033. Growth is attributable to the increasing industrialization and upgradation activities in the commercial and residential sectors worldwide.
Chilled Water Storage Systems are used in industrial processes that require consistent and precise cooling. Industries like manufacturing, chemical processing, pharmaceuticals, and food processing often have cooling needs that can be efficiently met by storing chilled water during off-peak hours and utilizing it during peak demand periods.
Some of the key participants present in the global chilled water storage system market include Wessels Company, Cool Water Technologies, Cooling Tower Systems, Inc., Delta Cooling Towers, Inc., Johnson Controls., Brentwood Industries, Inc., Paharpur Cooling Towers Limited, Berg Chilling Systems Inc., Liang Cooling Tower Sdn Bhd and King Sun Industry Co. Ltd. & Horus Air Moving Co. Ltd. among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as Wessels Company, Cool Water Technologies, Cooling Tower Systems, Inc., account for considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.9% from 2023 to 2033 |
| Market Value in 2023 | USD 165.7 million |
| Market Value in 2033 | USD 322.9 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Applications, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada,Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland,Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Wessels Company; Cool Water Technologies; Cooling Tower Systems,Inc.; Delta Cooling Towers Inc.; Johnson Controls; Brentwood Industries Inc.; Paharpur Cooling Towers Limited; Berg Chilling Systems Inc.; Liang Cooling Tower Sdn Bhd; King Sun Industry Co. Ltd.; Horus Air Moving Co. Ltd. |
The net worth of the market is expected to be USD 322.9 million by 2033.
The market is calculated to expand at a CAGR of 6.9% through 2033.
The market expanded at a CAGR of 2.7% from 2018 to 2022.
Growing applications in commercial and residential sectors.
Development of technologically advanced system is expected to enhance the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Stratified Tank 5.2. Multiple Tank 5.3. Diaphragm Tank 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Food Processing & Storage 6.2. Industrial, Commercial and Residential Applications 6.3. Healthcare & Pharmaceuticals 6.4. Petrochemical Processing 6.5. Petroleum & Natural Gas Refining 6.6. Power Generation and Automotive 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Wessels Company 17.2. Cool Water Technologies 17.3. Cooling Tower Systems, Inc. 17.4. Delta Cooling Towers Inc. 17.5. Johnson Controls 17.6. Brentwood Industries Inc. 17.7. Paharpur Cooling Towers Limited 17.8. Berg Chilling Systems Inc. 17.9. Liang Cooling Tower Sdn Bhd 17.10. King Sun Industry Co. Ltd. 17.11. Horus Air Moving Co. Ltd. 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Industrial Automation Insights
View Reports
Chilled Water Storage System Market
