The industrial cooling systems market is projected to have a significant CAGR of 6.1% by 2033. According to FMI, the market is expected to expand from US$ 20.98 billion in 2023 to US$ 37.92 billion by 2033. Historically, the market showed significant growth with a CAGR of 5.5% from 2018 to 2022.
As energy-efficient cooling systems grow more popular and as technology progresses, there is likely to be a greater need for industrial cooling systems. The market growth is aligned with the expansion of multiple industries.
The industrial sector has also experienced remarkable growth, which has been very advantageous for the lubricants business and helped the market as a whole. The industrial cooling systems market adoption trends are anticipated to continue rising sharply.
Moreover, industrial cooling systems are experiencing a surge in demand across all major developing nations as a result of growth in the industrial manufacturing sector. Chemical processes need these systems to maintain the necessary temperature.
Strict environmental regulations, rising investments in the chemical industry, and rising demand for energy-efficient systems provide a fresh outlook to the industrial cooling system market. Also, facilities using nuclear and thermal energy are observing an increase in demand for industrial cooling systems.
Additionally, macroeconomic factors including increasing urbanization and industrial activity, as well as developments in HVAC technology, are helping to drive up sales of industrial cooling systems.
| Attributes | Details |
|---|---|
| Industrial Cooling Systems Market CAGR (2023 to 2033) | 6.1% |
| Industrial Cooling Systems Market Size (2023) | US$ 20.98 billion |
| Industrial Cooling Systems Market Size (2033) | US$ 37.92 billion |
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Manufacturers recognized a lot of potential in the market as a result of an increase in demand for industrial cooling systems from numerous industries, including the food and beverage, chemical, and pharmaceutical sectors.
The market for industrial cooling systems increased from US$ 15.66 billion in 2018 to US$ 19.77 billion in 2022, with a CAGR of 5.5% between 2018 and 2021.
A major factor propelling the market expansion includes the rising adoption of industrial cooling systems in the power and energy sectors, the increased emphasis on the use of green technologies, and the adoption of Industrial Internet of Things (IIoT) solutions.
Short Term (2023 to 2026): The vehicle industry is concentrating on replacing outdated cooling systems through various imaginative and technical advancements, as well as ongoing cooling system enhancements.
Medium Term (2026 to 2029): The petrochemical processing industry is anticipated to expand gradually during the projection period as a result of the rise in fuel oil consumption for large commercial vehicles.
Long-term (2029 to 2033): It is projected that as industrial users become more aware of the benefits of temperature control systems, demand for industrial cooling systems is likely to rise.
During the forecast period, the global industrial cooling system market is anticipated to grow from US$ 20.98 billion in 2023 to US$ 37.92 billion by 2033, with a CAGR of 6.1%.
Principal Consultant
The demand for industrial cooling systems faces significant challenges since industrial cooling systems are pricey and have high installation and maintenance costs. The greater operating expenses are caused by improper infrastructure for industrial cooling system installation and operation.
Moreover, due to their high CO2 emissions, industrial cooling systems have a substantial negative influence on the environment. Industrial cooling systems' limited technological capabilities make it difficult for the market share to advance.
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Evaporative cooling systems dominated the market by product type in 2021. Compared to refrigerated systems, they are more efficient and valuable economically. This segment holds a 35% share of the industrial cooling system market.
However, the air-cooling category is predicted to develop at the highest CAGR of 6.50% over the forecast period due to rising government efforts in emerging nations like India and an increase in demand for industrial air-cooling systems.
The transport cooling segment is anticipated to experience the highest CAGR of 5.9% over the projection period, due to the expansion of the food processing industry and the requirement for strict temperature control when transporting pharmaceutical and biopharmaceutical items.
In 2021, more than 2/3rd of the market share for industrial cooling systems was accounted for by the stationary cooling segment, which continued to hold the majority of the market. To create a productive manufacturing system and take advantage of the cost and efficiency benefits, the automotive industry uses top-notch cooling equipment.
Moreover, the development of several innovative technological innovations, along with ongoing cooling system improvements, is being encouraged to replace outdated cooling systems in the automotive industry.
USA market players are significantly contributing to the demand for industrial cooling systems, with a CAGR of 5.9% during the forecast period.
During the projection period, it is predicted that the North American market for industrial cooling systems is likely to grow at a CAGR of more than 6%. The opportunities in the industrial cooling systems industry are expanding in North America as a result of rising processed food and beverage demand, as well as the existence of numerous important manufacturing sectors.
Additionally, growing demand from the commercial and residential sectors promotes long-lasting industrial cooling systems market trends.
China Outlook
China currently has one of the world's fastest-expanding markets for industrial cooling systems. From 2023 to 2033, this market is anticipated to expand at a CAGR of 8.5%.
In order to encourage the use of energy-efficient technology, the Chinese government has developed a number of programs.
One of these programs is the Energy Efficiency Network, which provides incentives and subsidies to companies that purchase energy-efficient cooling systems.
Korea Outlook
In Korea, the market for industrial cooling systems is anticipated to grow at a 6.1% CAGR from 2023 to 2033. The market is propelled by the rising adoption of sophisticated cooling solutions, and rising cooling system demand from the food and beverage and data center sectors.
In addition, the government's increasing investments in renewable energy sources and the growing usage of IoT-enabled cooling systems are anticipated to assist the expansion of the industrial cooling system market in Korea by 2033.
Japan Outlook
The market in Japan was projected to be worth 406.5 billion in 2020, per the FMI industrial cooling systems market research report. By 2024, this amount is anticipated to rise to 444.7 billion, indicating a 2.1% CAGR.
Additionally, Japan's industrial cooling system market was the second-largest in the Asia Pacific in terms of market size, after China. In 2020, it represented 18.5% of the overall market. The major key players in the Japanese market include Mitsubishi Heavy Industries, Air Water, Daikin Industries, Epson, and Mitsubishi Electric.
In the United Kingdom, the adoption of industrial cooling systems is rising quickly. In 2020, its value was US$ 2.7 billion. The United Kingdom is anticipated to expand at a CAGR of 5.7% during the projected period and is expected to be worth $5.55 billion by 2033.
The United Kingdom's market for industrial cooling systems is anticipated to benefit from the government's efforts to reduce carbon emissions and promote the use of renewable energy sources.
The market for industrial cooling systems is fiercely competitive, with many well-known companies contending for market dominance. To obtain a competitive advantage in the market, these businesses are putting their efforts into creating cutting-edge, energy-efficient products.
Additionally, the industry is seeing the entry of numerous new players, including Enertech Industries, LLC, and Cooling Systems, Inc., who are providing their clients with specialized and tailored cooling solutions.
To expand their product offerings, these businesses are investing in Research and Development to create new products and technology. In order to increase their market penetration, firms are also concentrating on strategic alliances and collaborations.
The participants engage in joint ventures, mergers, and other strategic alliances to increase their market share and diversify their clientele. To differentiate their products and keep customers loyal, businesses often concentrate on enhancing their post-sale services, such as customer support and maintenance services.
Recent Competitive Strategies
The industrial cooling systems market is estimated to record a CAGR of 6.1% during the forecast period.
The industrial cooling systems market size is predicted to be valued at US$ 37.92 billion by 2033.
The industrial cooling systems market share is valued at US$ 20.98 billion in 2023.
Asia Pacific is anticipated to hold the largest industrial cooling systems market share.
The transport cooling segment is likely to dominate the industrial cooling systems market, with a CAGR of 5.9% by 2033.
1. Executive Summary | Industrial Cooling Systems Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product Type, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product Type, 2022 to 2032
5.3.1. Air Cooling
5.3.2. Evaporative Cooling
5.3.3. Water Cooling
5.3.4. Hybrid Cooling
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Product Type, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Function
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Function, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Function, 2022 to 2032
6.3.1. Stationary Cooling
6.3.2. Transport Cooling
6.4. Y-o-Y Growth Trend Analysis By Function, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Function, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End-user Industry
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End-user Industry, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End-user Industry, 2022 to 2032
7.3.1. Food & Beverage
7.3.2. Chemical
7.3.3. Pharmaceuticals
7.3.4. Utility & Power
7.3.5. Oil & Gas
7.3.6. Others
7.4. Y-o-Y Growth Trend Analysis By End-user Industry, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By End-user Industry, 2022 to 2032
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa(MEA)
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Product Type
9.2.3. By Function
9.2.4. By End-user Industry
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Product Type
9.3.3. By Function
9.3.4. By End-user Industry
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Product Type
10.2.3. By Function
10.2.4. By End-user Industry
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Product Type
10.3.3. By Function
10.3.4. By End-user Industry
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. United Kingdom
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Europe
11.2.2. By Product Type
11.2.3. By Function
11.2.4. By End-user Industry
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Product Type
11.3.3. By Function
11.3.4. By End-user Industry
11.4. Key Takeaways
12. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.1.4. Singapore
12.2.1.5. Thailand
12.2.1.6. Indonesia
12.2.1.7. Australia
12.2.1.8. New Zealand
12.2.1.9. Rest of Asia Pacific
12.2.2. By Product Type
12.2.3. By Function
12.2.4. By End-user Industry
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Product Type
12.3.3. By Function
12.3.4. By End-user Industry
12.4. Key Takeaways
13. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. GCC Countries
13.2.1.2. South Africa
13.2.1.3. Israel
13.2.1.4. Rest of Middle East and Africa(MEA)
13.2.2. By Product Type
13.2.3. By Function
13.2.4. By End-user Industry
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Product Type
13.3.3. By Function
13.3.4. By End-user Industry
13.4. Key Takeaways
14. Key Countries Market Analysis
14.1. USA
14.1.1. Pricing Analysis
14.1.2. Market Share Analysis, 2021
14.1.2.1. By Product Type
14.1.2.2. By Function
14.1.2.3. By End-user Industry
14.2. Canada
14.2.1. Pricing Analysis
14.2.2. Market Share Analysis, 2021
14.2.2.1. By Product Type
14.2.2.2. By Function
14.2.2.3. By End-user Industry
14.3. Brazil
14.3.1. Pricing Analysis
14.3.2. Market Share Analysis, 2021
14.3.2.1. By Product Type
14.3.2.2. By Function
14.3.2.3. By End-user Industry
14.4. Mexico
14.4.1. Pricing Analysis
14.4.2. Market Share Analysis, 2021
14.4.2.1. By Product Type
14.4.2.2. By Function
14.4.2.3. By End-user Industry
14.5. Germany
14.5.1. Pricing Analysis
14.5.2. Market Share Analysis, 2021
14.5.2.1. By Product Type
14.5.2.2. By Function
14.5.2.3. By End-user Industry
14.6. United Kingdom
14.6.1. Pricing Analysis
14.6.2. Market Share Analysis, 2021
14.6.2.1. By Product Type
14.6.2.2. By Function
14.6.2.3. By End-user Industry
14.7. France
14.7.1. Pricing Analysis
14.7.2. Market Share Analysis, 2021
14.7.2.1. By Product Type
14.7.2.2. By Function
14.7.2.3. By End-user Industry
14.8. Spain
14.8.1. Pricing Analysis
14.8.2. Market Share Analysis, 2021
14.8.2.1. By Product Type
14.8.2.2. By Function
14.8.2.3. By End-user Industry
14.9. Italy
14.9.1. Pricing Analysis
14.9.2. Market Share Analysis, 2021
14.9.2.1. By Product Type
14.9.2.2. By Function
14.9.2.3. By End-user Industry
14.10. China
14.10.1. Pricing Analysis
14.10.2. Market Share Analysis, 2021
14.10.2.1. By Product Type
14.10.2.2. By Function
14.10.2.3. By End-user Industry
14.11. Japan
14.11.1. Pricing Analysis
14.11.2. Market Share Analysis, 2021
14.11.2.1. By Product Type
14.11.2.2. By Function
14.11.2.3. By End-user Industry
14.12. South Korea
14.12.1. Pricing Analysis
14.12.2. Market Share Analysis, 2021
14.12.2.1. By Product Type
14.12.2.2. By Function
14.12.2.3. By End-user Industry
14.13. Singapore
14.13.1. Pricing Analysis
14.13.2. Market Share Analysis, 2021
14.13.2.1. By Product Type
14.13.2.2. By Function
14.13.2.3. By End-user Industry
14.14. Thailand
14.14.1. Pricing Analysis
14.14.2. Market Share Analysis, 2021
14.14.2.1. By Product Type
14.14.2.2. By Function
14.14.2.3. By End-user Industry
14.15. Indonesia
14.15.1. Pricing Analysis
14.15.2. Market Share Analysis, 2021
14.15.2.1. By Product Type
14.15.2.2. By Function
14.15.2.3. By End-user Industry
14.16. Australia
14.16.1. Pricing Analysis
14.16.2. Market Share Analysis, 2021
14.16.2.1. By Product Type
14.16.2.2. By Function
14.16.2.3. By End-user Industry
14.17. New Zealand
14.17.1. Pricing Analysis
14.17.2. Market Share Analysis, 2021
14.17.2.1. By Product Type
14.17.2.2. By Function
14.17.2.3. By End-user Industry
14.18. GCC Countries
14.18.1. Pricing Analysis
14.18.2. Market Share Analysis, 2021
14.18.2.1. By Product Type
14.18.2.2. By Function
14.18.2.3. By End-user Industry
14.19. South Africa
14.19.1. Pricing Analysis
14.19.2. Market Share Analysis, 2021
14.19.2.1. By Product Type
14.19.2.2. By Function
14.19.2.3. By End-user Industry
14.20. Israel
14.20.1. Pricing Analysis
14.20.2. Market Share Analysis, 2021
14.20.2.1. By Product Type
14.20.2.2. By Function
14.20.2.3. By End-user Industry
15. Market Structure Analysis
15.1. Competition Dashboard
15.2. Competition Benchmarking
15.3. Market Share Analysis of Top Players
15.3.1. By Regional
15.3.2. By Product Type
15.3.3. By Function
15.3.4. By End-user Industry
16. Competition Analysis
16.1. Competition Deep Dive
16.1.1. Airedale International Air Conditioning
16.1.1.1. Overview
16.1.1.2. Product Portfolio
16.1.1.3. Profitability by Market Segments
16.1.1.4. Sales Footprint
16.1.1.5. Strategy Overview
16.1.1.5.1. Marketing Strategy
16.1.1.5.2. Product Strategy
16.1.1.5.3. Channel Strategy
16.1.2. Baltimore Aircoil Company
16.1.2.1. Overview
16.1.2.2. Product Portfolio
16.1.2.3. Profitability by Market Segments
16.1.2.4. Sales Footprint
16.1.2.5. Strategy Overview
16.1.2.5.1. Marketing Strategy
16.1.2.5.2. Product Strategy
16.1.2.5.3. Channel Strategy
16.1.3. Brentwood Industries, Inc.
16.1.3.1. Overview
16.1.3.2. Product Portfolio
16.1.3.3. Profitability by Market Segments
16.1.3.4. Sales Footprint
16.1.3.5. Strategy Overview
16.1.3.5.1. Marketing Strategy
16.1.3.5.2. Product Strategy
16.1.3.5.3. Channel Strategy
16.1.4. Emerson Electric Co.
16.1.4.1. Overview
16.1.4.2. Product Portfolio
16.1.4.3. Profitability by Market Segments
16.1.4.4. Sales Footprint
16.1.4.5. Strategy Overview
16.1.4.5.1. Marketing Strategy
16.1.4.5.2. Product Strategy
16.1.4.5.3. Channel Strategy
16.1.5. GEA Group Aktiengesellschaft
16.1.5.1. Overview
16.1.5.2. Product Portfolio
16.1.5.3. Profitability by Market Segments
16.1.5.4. Sales Footprint
16.1.5.5. Strategy Overview
16.1.5.5.1. Marketing Strategy
16.1.5.5.2. Product Strategy
16.1.5.5.3. Channel Strategy
16.1.6. Hamon Group
16.1.6.1. Overview
16.1.6.2. Product Portfolio
16.1.6.3. Profitability by Market Segments
16.1.6.4. Sales Footprint
16.1.6.5. Strategy Overview
16.1.6.5.1. Marketing Strategy
16.1.6.5.2. Product Strategy
16.1.6.5.3. Channel Strategy
16.1.7. Johnson Controls International Plc
16.1.7.1. Overview
16.1.7.2. Product Portfolio
16.1.7.3. Profitability by Market Segments
16.1.7.4. Sales Footprint
16.1.7.5. Strategy Overview
16.1.7.5.1. Marketing Strategy
16.1.7.5.2. Product Strategy
16.1.7.5.3. Channel Strategy
16.1.8. Schneider Electric SE
16.1.8.1. Overview
16.1.8.2. Product Portfolio
16.1.8.3. Profitability by Market Segments
16.1.8.4. Sales Footprint
16.1.8.5. Strategy Overview
16.1.8.5.1. Marketing Strategy
16.1.8.5.2. Product Strategy
16.1.8.5.3. Channel Strategy
16.1.9. SPX Corporation
16.1.9.1. Overview
16.1.9.2. Product Portfolio
16.1.9.3. Profitability by Market Segments
16.1.9.4. Sales Footprint
16.1.9.5. Strategy Overview
16.1.9.5.1. Marketing Strategy
16.1.9.5.2. Product Strategy
16.1.9.5.3. Channel Strategy
16.1.10. Star Cooling Tower Pvt Ltd
16.1.10.1. Overview
16.1.10.2. Product Portfolio
16.1.10.3. Profitability by Market Segments
16.1.10.4. Sales Footprint
16.1.10.5. Strategy Overview
16.1.10.5.1. Marketing Strategy
16.1.10.5.2. Product Strategy
16.1.10.5.3. Channel Strategy
17. Assumptions & Acronyms Used
18. Research Methodology
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Industrial Cooling Systems Market
