Evolving utility and power sector to fuel industrial cooling system market share
Publisher : Fractovia | Published Date : 2019-08-02Request Sample
Existing nuclear and thermal power plant operations around the world are anticipated to augment industrial cooling system market outlook due to increased focus on emission control. These systems are extensively used for minimizing excessive heat as well as maintaining optimum temperature in industrial environments including utility & power, oil & gas, and chemical, among several others. Prevention of industrial equipment overheating aids in maximizing productivity and reduces maintenance costs. Escalating demand for energy efficient cooling systems will drive industrial cooling system market trends over the coming years.
France Industrial Cooling System Market, By Application, 2018 & 2025 (USD Million)
Ongoing advancements in cooling technology are optimizing operational efficiencies of cooling systems, enabling industry players to minimize energy expenditures. Excessive heat generated during production processes can adversely affect the health of workers as well as the quality of manufactured or stored goods. Surge in the installation of new, efficient systems equipped with latest technologies, coupled with growing concerns towards the employee health will significantly propel industrial cooling system industry share over the analysis period.
International Energy Agency (IEA) has reported that nuclear power production will escalate by almost 46% by 2040, with China and India accounting for over 90% of that growth. China nuclear power sector expansion is driven by its efforts to minimize carbon intensity, achieve greater energy efficiency and diversify away from fossil fuels. In India, the shortage of fossil fuels is likely to boost nuclear power generation over the coming years. Currently, 11% of world’s total electricity is generated by almost 450 nuclear power plants across the world, indicating substantial potential for the expansion of industrial cooling system market size.
Industry players are investing in engineering and R&D for product innovations to attract a larger consumer base and expand their product offerings. Manufacturers are also working on reducing cooling-related energy expenditures using free sources of cooling as well as innovative cooling techniques such as low-speed ventilation. Evaporative industrial cooling systems are experiencing an increasing adoption rate owing to benefits such as easy installation, cost-effective maintenance as well as product compatibility with dry & arid climates for regions such as the North Africa as well as Western, and Middle Eastern Australia.
Brentwood Industries, for instance, has invested considerably in R&D and testing of industrial cooling systems, with its new AccuPac Cross-Fluted Cooling Tower Film Fills based on water cooling technology that enhances water distribution. Its counterflow film fill sports a bonded edge having separate bond points to offer additional durability and strength. Its low-pressure drop and high thermal performance are balanced via upholding supreme manufacturing standards and effectively deploying the engineered microstructure design. Introduction of more such innovative cooling solutions will foster industrial cooling system industry prospects.
Over the past decade, innovations in production and management of systems have transformed the auto manufacturing sector, with the opening up and expansion of several emerging markets. The automobile industry is now facing new challenges and increasing market competition, fueled by rapid digitalization and globalization, which will considerably change the face of the sector. Statistics suggest that automobile sales are accelerating at a rate of 2.8% per year globally and are estimated to surpass 100 million units by 2020. Industrial cooling system market will witness remarkable consumption over the forecast timeframe owing to increased automotive production.
Owing to advantages like low power consumption, high energy efficiency and reduction in environmental impact, industrial cooling system industry will experience a jump in product demand. Key manufacturers highlighting the industry’s competitive dynamics include Emerson Electric Co., Brentwood Industries, Inc., STULZ GmbH, Johnson Controls Inc., Schneider Electric SE, EVAPCO Inc. and Star Cooling Towers Pvt. Ltd.. Reports estimate that global industrial cooling system market size will reach the USD 25 billion mark by 2025.
