As cited by the research report titled ‘Global Industrial Cooling System Market by Product (Air Cooling, Evaporative Cooling, Hybrid Cooling, Water Cooling), By Application (Automotive, Chemical, Food & Beverage, Metalworking, Oil & Gas, Pharmaceutical, Pulp & Paper, Utility & Power) by End User (Power Generation, Industrial Manufacturing, Petrochemical Processing, Food Processing & Storage, Petroleum & Natural Gas Refining, Pharmaceutical, Data Center), and Regional Forecasts 2021-2027’, available with Market Study Report, global industrial cooling system market was worth USD 16.33 billion in 2020 and is projected to grow with a CAGR of 5% to accumulate USD 23 billion over 2021-2027.
 

Rising demand for energy efficient cooling systems with technological advancements is primarily driving global industrial cooling system market growth. Furthermore, surging adoption of equipment across thermal and nuclear powerplants is also adding substantial traction to industry development.

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Reductions in energy cost and enhanced operational efficiency on account of technological advancements are augmenting the market outlook. Additionally, regulations related to routine inspections and scheduled maintenance are positively swaying the market dynamics.
 

For instance, New York has introduced new mandates under which cooling systems are required to undergo regular inspections which promotes installation of efficient cooling systems.
 

For the uninitiated, industrial cooling system is used for eliminating heat from a process or plant like chemical, oil & gas, utility & power and others.
 

As cited in the report, factors such as excessive water consumption for operations, and high investment requirement for installation of such systems are likely to restrain the market progression over the forecast period. 
 

Based on product type, worldwide industrial cooling system market is segmented into air, hybrid, evaporative, and water cooling. Considering the application ambit, the marketplace is divided into automotive, food & beverage, oil & gas, chemical, metalworking, pharmaceutical, utility & power, and pulp & paper. Speaking of end user spectrum, the business space is categorized into power generation, petrochemical processing, industrial manufacturing, petroleum & natural gas refining, pharmaceutical, food processing & storage, and data center.
 

Geographically, Asia Pacific, North America, Europe, and Latin America are major contributors towards the overall industry valuation. Of these, Asia Pacific region is currently dominating the market share on account of the recent developments in the food & beverage industry in regions like India and China.
 

Meanwhile, the European market is anticipated to expand lucratively through 2027, owing to replacement of conventional coolers with industrial coolers.
 

Prominent players influencing the worldwide industrial cooling system market sphere are Black Box Corporation, Berg Chilling Systems Inc., SPX Corporation, SPIG S.p.A., Paharpur Cooling Towers Ltd., Johnson Controls International, Hamon Group, Brentwood Industries Inc., Bell Cooling Towers Private Limited, and Baltimore Aircoil Company.