Industrial Cooling System Market To Soar At A CAGR Of 5% To 2021 Led By Power Generation Segment
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 driven by stringent environment regulations for industrial cooling processes, coupled with technological advancements
Pune, India – July 19, 2016 /MarketersMedia/ —
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.
Complete report on global industrial cooling system market spread across 191 pages, profiling 10 companies and supported with 69 tables and 72 figures is now available http://www.rnrmarketresearch.com/industrial-cooling-system-market-by-end-user-power-generation-industrial-manufacturing-petrochemical-processing-food-processing-storage-petroleum-natural-gas-refining-pharmaceutical-data-center-type-b-ts-to-2021-market-report.html .
The evaporative cooling system segment accounted for the largest share of the global industrial cooling system market in 2015. Evaporative cooling systems are the most preferred cooling systems used in industrial processes, worldwide, as they are relatively cheap with less energy requirements. These systems are mostly used in industries that have large cooling requirements. These systems are mostly employed in the power generation sector.
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.
Furthermore, as a part of qualitative analysis, the research provides a comprehensive review of major market drivers, restraints, opportunities, and challenges. It also discusses competitive strategies adopted by different market players, such as Baltimore Aircoil Company (U.S.), Bell Cooling Tower (India), Brentwood Industries Inc. (U.S.), Hamon Group (Belgium), Johnson Controls Inc. (U.S.), Paharpur Cooling Towers (India), SPIG S.p.A. (Italy), and SPX Corporation (U.S.) among others.
Get a discount on this report at http://www.rnrmarketresearch.com/contacts/discount?rname=632081 .
In the process of determining and verifying, the global industrial cooling system market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (55%), Tier 2 (20%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (75%) and Manager Level (25%) from various key organizations operating in the global industrial cooling system market. The primary interviews were conducted worldwide covering regions such as North America (10%), Europe (20%), Asia-Pacific (30%), Middle East & Africa (20%) and Latin America (20%).
On a related note, another research on Cooling Tower Market Trends & Forecasts to 2020 says, the market size of cooling tower is estimated to reach USD 2.88 billion by 2020, at a CAGR of 4.2%. Increasing investments in power and HVACR industries drive the cooling tower market. HVACR is the fastest-growing application of cooling tower. Rising demand from Asia-Pacific is a major driver of cooling tower market. Companies like Baltimore Aircoil Company, Bell Cooling Tower, Brentwood Industries Inc., Enexio, Hamon & Cie International SA, Johnson Controls Inc., Paharpur Cooling Towers, SPIG S.p.A., SPX Corporation and Star Cooling Towers Private Ltd. have been profiled in this 139 pages research report available at http://www.rnrmarketresearch.com/cooling-towers-market-by-type-dry-evaporative-hybrid-by-application-chemical-petrochemical-and-oil-gas-hvacr-food-beverage-power-generation-and-region-trends-forecast-to-2020-market-report.html .
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