Report Says Industrial Cooling Market will Reach $25 Billion by 2025
The industrial cooling system market will surpass $25 billion by 2025, according to a research report by Global Market Insights Inc. The report cites an increasing demand for reliable, efficient cooling systems coupled with technological advancement. Such demand driving new cooling systems installations to enhance component and manufacturing operations.
The report authors predict that the food and beverage sector will see a steady adoption of industrial cooling systems due to an increasing number of manufacturing plants. Also, the Asia Pacific industrial cooling system market will grow substantially over the coming years because of the increased presence of companies offering advanced cooling solutions.
In the utility and power sector, nuclear power plants consume large amounts of water to condense steam from the turbine exhaust. According to the World Business Council for Sustainable Development (WBCSD), developing countries consume around 22 percent of water while developed countries utilize more than 55 percent of water for industrial purposes. The growing usage of water for cooling components and processes in manufacturing, power generation, and chemical sectors is increasing the demand for the industrial water-cooling system. The industries are also focusing on reusing the water for cooling to reduce water withdrawal and to decrease the impacts on the environment.
The report can be purchased here.