Industrial Cooling System Market 2019 Study by Growth Statistics and Regional Analysis by 2024
Category: #business  By Partha Ray  Date: 2019-09-12
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Industrial Cooling System Market 2019 Study by Growth Statistics and Regional Analysis by 2024

Industrial cooling system market size is poised to attain substantial growth over the forecast years owing to the rising investment in infrastructural development along with the ever-growing worldwide manufacturing sector. Companies are expanding their manufacturing facilities to enhance their global presence and increasing competition is encouraging the manufacturers to invest in the development of innovative and energy efficient cooling systems, invariably propelling the demand for industrial cooling system market.

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The rate of infrastructural and industrial development in developing nations of the APAC region is steadily driving industrial cooling system market outlook. According to a study by IMF (International Monetary Fund), the Asia Pacific region has witnessed a GDP growth rate of 5.1% in the year 2019. This financial momentum implies a rapid development in different sectors of the region and the apparent increase in infrastructural enhancement as well, necessitating the establishment of a cooling system mechanism.

Industrial Cooling System Market, by Application:

  • Automotive
  • Chemical
  • Food & beverage
  • Metalworking
  • Oil & gas
  • Pulp & paper
  • Utility & power
  • Pharmaceutical

Important pointers encompassed pertaining to the Application spectrum:

  • The study is inclusive of significant data pertaining to the Application spectrum.
  • The report encompasses the revenue forecast details of the Application segments categories by the end of the anticipate duration.
  • The market share which each of the Application segments account for are mentioned in the study.
  • Also, the most proliferating trends that the Application spectrum is characterized by are also entailed.

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In 2018, the U.S. EPA launched the Affordable Clean Energy Rule (ACE) which mandates that the existing coal-fired power plants must limit greenhouse gas emissions, thus requiring the installation of energy efficient, CFC-controlled cooling systems and the overall enhancement in the industrial cooling system structure. In this context, the industrial cooling system market has witnessed a growing demand for evaporative cooling systems owing to its various features such as minimal energy consumption and lower operating temperature.

With the establishment of many foreign manufacturing and production units in the developing nations, the demand for industrial cooling systems is rising steadily. Moreover, favorable government regulations coupled with ever-expanding application domain would increase the product demand. Many companies are aiming to provide energy efficient, low power consuming modern cooling solutions in the years to come, which would accelerate industrial cooling system market size in the forthcoming years.

According to a study, the evaporative cooling systems result in 50% energy savings and the maintenance and installation cost is 25% less than that of traditional cooling systems. The basic principle behind this cooling system is similar to that of perspiration wherein a cooling tower – which is a heat rejection device – discharges warm air from the cooling tower to the atmosphere via the cooling of water. These systems require 70% less water as compared to traditional air-cooled systems, thereby reducing the formation of algae, legionella bacteria and fungi which invariably lowers the maintenance cost.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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