The global Industrial Water Cooling System market is likely to garner a market value of USD 1,673.1 Million in 2022, expected to reach USD 2,648 million by registering a CAGR of 4.7% in the forecast period from 2022 to 2032.
Growth of the industrial water cooling system market can be attributed to the increasing need for water cooling systems in end-user industries such as the food & beverage and pharmaceutical industries. The market for industrial water cooling systems registered a CAGR of 3.8% in the historical period 2016 to 2021.
| Report Attribute | Key Statistics |
|---|---|
| Estimated Base Year Value (2021) | USD 1,597.73 Million |
| Expected Market Value (2022) | USD 1,673.1 Million |
| Anticipated Forecast Value (2032) | USD 2,648 Million |
| Projected Growth Rate (2022 to 2032) | 4.7% CAGR |
Water is the foremost chemical compound used in almost all industrial sectors, be it manufacturing, power generation, or petrochemical sector. Water is utilized in these industries for the purpose of processing, fabricating, cooling, diluting, product transportation, cleaning, and as a heat exchange medium.
The utilization of water for various industrial processes makes it unclean and increases its temperature, which has to be cooled down to optimal working temperature so that it can be recycled and reutilized for various purposes. Industrial water cooling system comes into the picture as far as water cooling in industries is concerned. Some of the methods adopted by such industries include but are not limited to industrial-scale chillers, large-scale cooling towers, and heat exchangers.
The increase in the rate of industrialization across the globe coupled with the utilization of water for numerous industrial processes has led to improved demand for industrial water cooling systems in the current scenario and is likely to improve at a healthy rate in the upcoming years.
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According to estimates published by the World Business Council for Sustainable Development (WBCSD), about 22% of the available water is used for industrial purposes with developed countries utilizing over 55% of water, while the lesser developed countries use around 7% only. In terms of water volume, it is estimated that 1,170 cubic kilometers of water will be used up for industrial purposes by the year 2025.
This enormous exploitation of water in industries is likely to shape the market for industrial water cooling systems in the future positively.
Initiatives imposed to reduce water wastage and changing environmental regulations around the globe have put an onus on the manufacturing companies to revamp their infrastructure to house newer systems and processes with efficient types of machinery and also to reuse the spent water for other processes driving the growth of industrial water cooling system market in an upward trend.
Though the market for industrial water cooling systems is expected to improve in the forthcoming years, it will be facing a number of challenges in order to sustain itself at a healthy pace, which includes the availability of large quantities of fresh water.
Installation of industries within the proximity of ground or surface water resources is also another challenge, as exploitation of such water bodies for industrial purposes is looked down upon by the general public leading to restricted usage of water for cooling purposes. Thus, these factors can affect the growth of the industrial water cooling systems market.
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A flourishing petrochemical industry is expected to contribute higher revenue returns to the industrial water cooling system market in North America, thereby improving market growth. The strong presence of the food & beverage and petrochemical industry is contributing to the growth of industrial water cooling systems in the region.
In addition, demand for maintaining certain temperatures constantly is positively influencing the growth of the market. Thus, due to the aforementioned reasons, North America is expected to hold a 21% market share for the industrial water cooling system market in 2022.
Advanced development of the automotive industry is fuelling the growth of industrial water cooling systems in Europe. The strong presence of the healthcare sector along with the growth of the pharmaceutical industry is driving the growth of the European industrial water cooling system market.
In addition, extreme weather conditions in Europe are another key factor for the increasing dependency on industrial water cooling systems. Thus, owing to the reasons mentioned above, Europe is expected to possess a 23% market share for the industrial water cooling system market in 2022.
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The market for industrial water cooling systems in the Asia Pacific is expected to grow at a rapid rate due to the high level of industrialization taking place in China, India, and Japan.
Rapid technological advancement in the end user sector is playing a key role in the wide adoption of industrial water cooling systems in the region. Thus, Asia Pacific is expected to procure a 20% market share for the industrial water cooling system market in 2022.
Key start-ups in the industrial water cooling system market are Chilldyne, Iceotope, BlocPower, Dandelion Energy, dPoint Technologies, Exergyn, SkyCol, SinoGreen,
Some prominent industrial water cooling system manufacturers are IWC (Pty) Ltd., Cold Shot Chillers, Thermal Care, Inc, Parker Hannifin Corporation, ThermoTek Inc., G.I. Industrial Holding S.p.A., Accudyne Industries, Heuch Pty. Ltd., Rittal GmbH & Co. KG., Freeze Co Systems, Ltd, Hamon & Cie (International), SPX Corporation, ENEXIO Management GmbH, Johnson Controls PLC, Berg Chilling Systems Inc.
| Report Attribute | Details |
|---|---|
| Market Value in 2022 | USD 1,673.1 Million |
| Market Value in 2032 | USD 2,648 Million |
| Growth Rate | CAGR of 5.2% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2016 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | IWC (Pty) Ltd.; Cold Shot Chillers; Thermal Care, Inc.; Parker Hannifin Corporation; ThermoTek Inc.; G.I. Industrial Holding S.p.A.; Accudyne Industries; Heuch Pty. Ltd.; Rittal GmbH & Co. KG.; Freeze Co Systems, Ltd.; Hamon & Cie (International); SPX Corporation; ENEXIO Management GmbH; Johnson Controls PLC; Berg Chilling Systems Inc. |
| Customization | Available Upon Request |
FMI projects the global industrial water cooling system market to expand at a 4.7% value CAGR by 2032
Europe is expected to possess a 23% market share in the industrial water cooling system market in 2022.
IWC (Pty) Ltd., Cold Shot Chillers, and Thermal Care, Inc., are some prominent industrial water cooling system manufacturers
1. Executive Summary | Industrial Water Cooling System Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 5.1. Dry Cooling 5.2. Natural Draft Cooling Towers 5.3. Mechanical Draft Cooling Towers 5.4. Wet Cooling 5.5. Condensers 5.6. Hybrid Cooling 5.7. Water Chillers 5.8. Heat Exchangers 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Applications 6.1. Petrochemicals 6.2. Pharmaceuticals 6.3. Power Generation Plants 6.4. Metal Working 6.5. Food and Beverage 6.6. Automotive 6.7. Others (HVACR etc.) 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Key Countries Market Analysis 14. Market Structure Analysis 15. Competition Analysis 15.1. IWC (Pty) Ltd. 15.2. Cold Shot Chillers 15.3. Thermal Care, Inc. 15.4. Parker Hannifin Corporation 15.5. ThermoTek Inc. 15.6. G.I. Industrial Holding S.p.A. 15.7. Accudyne Industries 15.8. Rittal GmbH & Co. KG. 15.9. Freeze Co Systems, Ltd. 15.10. SPX Corporation 16. Assumptions & Acronyms Used 17. Research Methodology
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Industrial Water Cooling System Market
