Industrial Cooling System Market by Product Type, End-Users, and Geography (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa): Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2030

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for industrial cooling system. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure. This research publication presents exclusive data and statistics outlining the anticipated growth trajectory of the global industrial cooling system market from 2023 to 2033.

The global industrial cooling system market is forecasted to expand at a CAGR of 4.8% and thereby increase from a value of US$19.7 Bn in 2023 to US$27.4 Bn by the end of 2030.

Key Insights

Industrial Cooling System Market Size (2023E): US$19.7 Billion

Projected Market Value (2030F): US$27.4 Billion

Global Market Growth Rate (CAGR 2023 to 2030): 4.8%

Historical Market Growth Rate (CAGR 2018 to 2022): 3.6%

Industrial Cooling System Market - Report Scope

The industrial cooling system market, a subset of the industrial equipment industry, focuses on maintaining optimal temperatures in manufacturing processes. Crucial for operational efficiency and equipment protection, these systems encompass technologies like refrigeration and air conditioning. The market is witnessing a shift towards eco-friendly and energy-efficient solutions due to increased awareness of environmental impact. Global expansion is fueled by rapid industrialization, with developing nations investing in infrastructure. Stringent regulations on sustainability and energy efficiency drive the adoption of advanced cooling technologies. The rise of intelligent manufacturing further boosts the demand for modern cooling systems. Overall, the market's trajectory hinges on technological advancements and innovation.

Market Growth Drivers for Industrial Cooling System:

The global industrial cooling system market is growing rapidly, driven by a rising demand for environmentally sustainable and energy-efficient solutions. As industries focus on greener practices due to heightened awareness of environmental impact and climate change concerns, manufacturers are developing innovative systems that adhere to strict environmental regulations while ensuring optimal performance. Governmental scrutiny on energy consumption and emissions has compelled industries to seek cooling alternatives aligned with sustainability goals. There is a notable increase in demand for industrial cooling systems using eco-friendly refrigerants, prioritizing energy efficiency, and incorporating advanced technologies like evaporative cooling to mitigate carbon emissions. Manufacturers are investing in research and development to create cutting-edge systems that not only efficiently cool industrial processes but also contribute positively to environmental preservation.

Market Restraints

The global industrial cooling system market faces a challenge with rising costs associated with advanced cooling technologies. The adoption of energy-efficient systems, environmentally sustainable refrigerants, and intelligent features contributes to a significant initial capital barrier, particularly affecting small and medium-sized enterprises and industries in developing economies.

Another key factor impacting the market is the fluctuating cost of critical components and raw materials used in production. Market susceptibility to variations in materials such as refrigerants, electronic components, and metals poses obstacles due to supply chain disruptions, geopolitical events, and global commodity market fluctuations. This uncertainty can lead to sudden increases in production expenses, affecting overall profitability and competitiveness in the industrial refrigeration sector.

Market Opportunities

The global industrial cooling system market is growing due to the increasing integration of smart technologies and digitalization in industrial processes. Industry 4.0 and the Internet of Things (IoT) offer new opportunities for the industrial refrigeration sector. Intelligent cooling systems, equipped with sensors and data analytics, enable continuous monitoring, temperature regulation, and efficient energy consumption.

This technological integration enhances operational efficiency, enables predictive maintenance, and extends equipment lifespan. Industries recognize the potential of intelligent cooling solutions to meet current needs and ensure sustainability in the digital age. Digital technologies in refrigeration systems support proactive decision-making, optimize resource allocation, and provide valuable insights into energy usage patterns.

Key Questions Answered in Report::

Which region is expected to have a big part of the market in the future?
What are the main reasons that will increase the demand for industrial cooling system in the future?
How will ongoing trends affect the worldwide natural industrial cooling system market?
Who are the important companies in the market?
What are the important tactics used by major players to improve their positions in this field?

Competitive Intelligence and Business Strategy

Key players like Johnson Controls, Trane Technologies, and Carrier Corporation maintain market dominance through continuous innovation, R&D investments, and strategic partnerships. They focus on sustainability, energy efficiency, and operational optimization in their cutting-edge industrial cooling systems. Streamlined collaborations across the supply chain and alliances with technology providers enhance their competitiveness and offer comprehensive solutions to industrial challenges.

Key Companies Profiled

Johnson Controls International plc

Daikin Industries, Ltd.
Trane Technologies plc
Carrier Global Corporation
GEA Group AG

SPX Cooling Technologies, Inc.

Evapco, Inc.
Alfa Laval AB
SPX Corporation

Baltimore Aircoil Company, Inc.

Industrial Cooling System Market Research Segmentation

Air cooling systems continue to lead the market due to their flexibility, extensive use in various sectors, and integration of energy-efficient technologies. While air cooling retains its dominance, the hybrid cooling sector is expected to witness rapid growth, driven by the demand for integrated, sustainable solutions in industrial settings.

In terms of functionality, stationary cooling products, crucial for power generation, manufacturing, and data centers, hold the largest market share. The transport cooling segment is projected to experience significant growth, driven by the need for energy-efficient refrigeration systems in industries like pharmaceuticals and food.

By Product:
Air Cooling
Evaporative Cooling
Water Cooling
Hybrid Cooling
By Function:
Stationary Cooling
Transport Cooling
By End-Use Industry:
Food and Beverage
Chemical
Pharmaceuticals
Utility and Power
Oil and Gas
Others
By Region:
North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP33564

1. Executive Summary

1.1. Global Industrial Cooling System Market Snapshot, 2023 and 2030
1.2. Market Opportunity Assessment, 2023 - 2030, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Product Type Lifecycle Analysis
2.4. Industrial Cooling System Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of End-Use Industries
- 2.4.5. Profitability Analysis
2.5. Porter Five Force's Analysis
2.6. Geopolitical Tensions: Market Impact
2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
2.8. Forecast Factors - Relevance and Impact
2.9. Regulatory and Technology Landscape

3. Global Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
3.2. Market Size (US$ Mn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2013-2016
- 3.2.2. Current Market Size Forecast, 2018-2026
3.3. Global Industrial Cooling System Market Outlook: Product Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Product Type, 2018 - 2022
- 3.3.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
  - 3.3.3.1. Air Cooling
  - 3.3.3.2. Evaporative Cooling
  - 3.3.3.3. Water Cooling
  - 3.3.3.4. Hybrid Cooling
3.4. Market Attractiveness Analysis: Product Type
3.5. Global Industrial Cooling System Market Outlook: Function
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Function, 2018 - 2022
- 3.5.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
  - 3.5.3.1. Stationary Cooling
  - 3.5.3.2. Transport Cooling
3.6. Market Attractiveness Analysis: Function
3.7. Global Industrial Cooling System Market Outlook: End-use Industry
- 3.7.1. Introduction / Key Findings
- 3.7.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By End-use Industry, 2018 - 2022
- 3.7.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
  - 3.7.3.1. Food and Beverage
  - 3.7.3.2. Chemical
  - 3.7.3.3. Pharmaceuticals
  - 3.7.3.4. Utility and Power
  - 3.7.3.5. Oil and Gas
  - 3.7.3.6. Others
3.8. Market Attractiveness Analysis: End-use Industry

4. Global Industrial Cooling System Market Outlook: Region

4.1. Key Highlights
4.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Region, 2018 - 2022
4.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Region, 2023 - 2030
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
4.4. Market Attractiveness Analysis: Region

5. North America Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

5.1. Key Highlights
5.2. Pricing Analysis
5.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 5.3.1. By Country
- 5.3.2. By Product Type
- 5.3.3. By Function
- 5.3.4. By End-use Industry
5.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 5.4.1. U.S.
- 5.4.2. Canada
5.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 5.5.1. Air Cooling
- 5.5.2. Evaporative Cooling
- 5.5.3. Water Cooling
- 5.5.4. Hybrid Cooling
5.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
- 5.6.1. Stationary Cooling
- 5.6.2. Transport Cooling
5.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 5.7.1. Food and Beverage
- 5.7.2. Chemical
- 5.7.3. Pharmaceuticals
- 5.7.4. Utility and Power
- 5.7.5. Oil and Gas
- 5.7.6. Others
5.8. Market Attractiveness Analysis

6. Europe Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

6.1. Key Highlights
6.2. Pricing Analysis
6.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 6.3.1. By Country
- 6.3.2. By Product Type
- 6.3.3. By Function
- 6.3.4. By End-use Industry
6.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. T rkiye
- 6.4.8. Rest of Europe
6.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 6.5.1. Air Cooling
- 6.5.2. Evaporative Cooling
- 6.5.3. Water Cooling
- 6.5.4. Hybrid Cooling
6.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
- 6.6.1. Stationary Cooling
- 6.6.2. Transport Cooling
6.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 6.7.1. Food and Beverage
- 6.7.2. Chemical
- 6.7.3. Pharmaceuticals
- 6.7.4. Utility and Power
- 6.7.5. Oil and Gas
- 6.7.6. Others
6.8. Market Attractiveness Analysis

7. East Asia Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 7.3.1. By Country
- 7.3.2. By Product Type
- 7.3.3. By Function
- 7.3.4. By End-use Industry
7.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
7.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 7.5.1. Air Cooling
- 7.5.2. Evaporative Cooling
- 7.5.3. Water Cooling
- 7.5.4. Hybrid Cooling
7.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
- 7.6.1. Stationary Cooling
- 7.6.2. Transport Cooling
7.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 7.7.1. Food and Beverage
- 7.7.2. Chemical
- 7.7.3. Pharmaceuticals
- 7.7.4. Utility and Power
- 7.7.5. Oil and Gas
- 7.7.6. Others
7.8. Market Attractiveness Analysis

8. South Asia & Oceania Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 8.3.1. By Country
- 8.3.2. By Product Type
- 8.3.3. By Function
- 8.3.4. By End-use Industry
8.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
8.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 8.5.1. Air Cooling
- 8.5.2. Evaporative Cooling
- 8.5.3. Water Cooling
- 8.5.4. Hybrid Cooling
8.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
- 8.6.1. Stationary Cooling
- 8.6.2. Transport Cooling
8.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 8.7.1. Food and Beverage
- 8.7.2. Chemical
- 8.7.3. Pharmaceuticals
- 8.7.4. Utility and Power
- 8.7.5. Oil and Gas
- 8.7.6. Others
8.8. Market Attractiveness Analysis

9. Latin America Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 9.3.1. By Country
- 9.3.2. By Product Type
- 9.3.3. By Function
- 9.3.4. By End-use Industry
9.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 9.5.1. Air Cooling
- 9.5.2. Evaporative Cooling
- 9.5.3. Water Cooling
- 9.5.4. Hybrid Cooling
9.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
- 9.6.1. Stationary Cooling
- 9.6.2. Transport Cooling
9.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 9.7.1. Food and Beverage
- 9.7.2. Chemical
- 9.7.3. Pharmaceuticals
- 9.7.4. Utility and Power
- 9.7.5. Oil and Gas
- 9.7.6. Others
9.8. Market Attractiveness Analysis

10. Middle East & Africa Industrial Cooling System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 10.3.1. By Country
- 10.3.2. By Product Type
- 10.3.3. By Function
- 10.3.4. By End-use Industry
10.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
10.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Product Type, 2023 - 2030
- 10.5.1. Air Cooling
- 10.5.2. Evaporative Cooling
- 10.5.3. Water Cooling
- 10.5.4. Hybrid Cooling
10.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Function, 2023 - 2030
- 10.6.1. Stationary Cooling
- 10.6.2. Transport Cooling
10.7. Current Market Size (US$ Mn) and Volume (Units) Forecast By End-use Industry, 2023 - 2030
- 10.7.1. Food and Beverage
- 10.7.2. Chemical
- 10.7.3. Pharmaceuticals
- 10.7.4. Utility and Power
- 10.7.5. Oil and Gas
- 10.7.6. Others
10.8. Market Attractiveness Analysis

11. Competition Landscape

11.1. Market Share Analysis, 2022
11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Analog IC
- 11.2.3. Apparent Product Capacity
11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Johnson Controls International plc
  - 11.3.1.1. Overview
  - 11.3.1.2. Segments and Product
  - 11.3.1.3. Key Financials
  - 11.3.1.4. Market Developments
  - 11.3.1.5. Market Strategy
- 11.3.2. Daikin Industries, Ltd.
  - 11.3.2.1. Overview
  - 11.3.2.2. Segments and Product
  - 11.3.2.3. Key Financials
  - 11.3.2.4. Market Developments
  - 11.3.2.5. Market Strategy
- 11.3.3. Trane Technologies plc
  - 11.3.3.1. Overview
  - 11.3.3.2. Segments and Product
  - 11.3.3.3. Key Financials
  - 11.3.3.4. Market Developments
  - 11.3.3.5. Market Strategy
- 11.3.4. Carrier Global Corporation
  - 11.3.4.1. Overview
  - 11.3.4.2. Segments and Product
  - 11.3.4.3. Key Financials
  - 11.3.4.4. Market Developments
  - 11.3.4.5. Market Strategy
- 11.3.5. GEA Group AG
  - 11.3.5.1. Overview
  - 11.3.5.2. Segments and Product
  - 11.3.5.3. Key Financials
  - 11.3.5.4. Market Developments
  - 11.3.5.5. Market Strategy
- 11.3.6. SPX Cooling Technologies, Inc.
  - 11.3.6.1. Overview
  - 11.3.6.2. Segments and Product
  - 11.3.6.3. Key Financials
  - 11.3.6.4. Market Developments
  - 11.3.6.5. Market Strategy
- 11.3.7. Evapco, Inc.
  - 11.3.7.1. Overview
  - 11.3.7.2. Segments and Product
  - 11.3.7.3. Key Financials
  - 11.3.7.4. Market Developments
  - 11.3.7.5. Market Strategy
- 11.3.8. Alfa Laval AB
  - 11.3.8.1. Overview
  - 11.3.8.2. Segments and Product
  - 11.3.8.3. Key Financials
  - 11.3.8.4. Market Developments
  - 11.3.8.5. Market Strategy
- 11.3.9. SPX Corporation
  - 11.3.9.1. Overview
  - 11.3.9.2. Segments and Product
  - 11.3.9.3. Key Financials
  - 11.3.9.4. Market Developments
  - 11.3.9.5. Market Strategy
- 11.3.10. Baltimore Aircoil Company, Inc.
  - 11.3.10.1. Overview
  - 11.3.10.2. Segments and Product
  - 11.3.10.3. Key Financials
  - 11.3.10.4. Market Developments
  - 11.3.10.5. Market Strategy

12. Appendix

12.1. Research Methodology
12.2. Research Assumptions
12.3. Acronyms and Abbreviations