The global industrial cooling system market is projected to reach USD 17.24 billion by 2021, at a CAGR of 5.0% between 2016 and 2021.
Stringent environment regulations for industrial cooling processes, coupled with technological advancements, are expected to drive the market in coming years in developed countries as well as emerging markets, such as, China, India, Brazil, and so on.
The power generation segment accounted for the largest share of the global industrial cooling system market in 2015. Cooling systems play a critical role in coal-based electricity production to maintain production efficiency by removing surplus heat from the steam circuit and reusing the condensed water. Thermal power plants use these systems to cool circulating water. These systems condense water and reuse it for its cooling processes to ensure economical and environment-friendly operations.
The Asia-Pacific region accounted for the largest share of the global industrial cooling system market in 2015. The industrial cooling system market in Asia-Pacific is projected to register the highest growth rate mainly because of the rising demand for cooling system from power generation and industrial manufacturing end-user segments in the region. Increasing population and urbanization is stimulating the market growth for an array of industries in the region, thus raising the demand for industrial cooling systems.