Industrial Cooling System Market Analysis

Product (Evaporative Cooling, Air Cooling, Water Cooling, and Hybrid Cooling)

By 2037, evaporative cooling segment is anticipated to dominate over 42.9% industrial cooling system market share. The segment’s growth is attributed to rising demand for sustainable and energy-efficient cooling solutions. Evaporative cooling uses water to absorb and dissipate heat and is a cost-effective solution compared to traditional cooling methods, increasing its adoption. The growing adoption is a major driver of the segment. Businesses can leverage the growing opportunities in this segment by providing advanced cooling towers for industries. For instance, in November 2023, Metso Corporation launched an upgraded evaporative cooling tower, i.e., a furnace dry gas cleaning solution via evaporation.

The air-cooling segment of the global industrial cooling system market is projected to increase its revenue share during the forecast period. The segment’s growth is due to rising demands in the food and beverage sector for controlled cooling solutions. Additionally, the segment’s growth is driven by increasing calls to reduce water usage as air cooling solutions require no water. For instance, in September 2022, Novamax announced the launch of industrial air coolers that are shock-resistant and portable. Regions with water scarcity are positioned to drive demands for air cooling solutions boosting the robust growth curve by the end of the forecast period.

Application (Automotive, Chemicals, Food & Beverage, Utility & Power, Oil & Gas, Pharmaceuticals, Industrial Manufacturing, and Data Centers)

The automotive segment of the industrial cooling system market by application is positioned to increase its revenue share by the end of the forecast period. The segment’s growth is owed to rising demands for precision cooling solutions that can ensure optimal performance. The automative industry requires cooling systems to manage the heat generated by heavy machinery and other manufacturing processes such as welding. Additionally, the rise of the electric vehicles (EV) sector is positioned to drive demands for industrial cooling solutions boosting the market’s growth. For instance, in April 2024, BASF Plastics announced support for RML group to develop immersion cooling in high-speed hybrid car.

Our in-depth analysis of the industrial cooling system market includes the following segments: