Global Industrial Water Cooling System Market To Expand At A 4.7% Value CAGR By 2032 – Says FMI
The global industrial water cooling system market is likely to garner a market value of US$ 1,673.1 Million in 2022, expected to reach US$ 2,648 Million by registering a CAGR of 4.7% in the forecast period 2022-2032. Growth of the industrial water cooling system market can be attributed to the increasing need for water cooling systems in end user industries such as food & beverage and pharmaceutical industry.
The increase in the rate of industrialization across the globe coupled with utilization of water for numerous industrial processes have led to an improved demand for industrial water cooling system in the current scenario and is likely to improve at a healthy rate in the upcoming years.
In almost every industrial sector, including manufacturing, power generation, and petrochemicals, water is the primary chemical compound used. These industries use water for processing, fabrication, cooling, dilution, product transportation, cleaning, and as a medium for heat exchange.
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Water must be cooled down to the ideal working temperature before it can be recycled and used again for a variety of industrial processes. These processes make water unclean and raise its temperature. When it comes to water cooling in industries, industrial water cooling systems come into play. These industries use a variety of techniques, including heat exchangers, large cooling towers, and industrial-scale chillers.
Industrial Water Cooling System Market: Dynamics
According to estimates published by the World Business Council for Sustainable Development (WBCSD), about 22% of the available water is used for industrial purposes with developed countries utilizing over 55% of water, while the lesser developed countries using around 7% only. In terms of water volume, it is estimated that 1,170 cubic kilometres of water will be used up for industrial purposes by the year 2025.
This enormous exploitation of water in the industries is likely to shape the market of industrial water cooling system in the future positively. Initiatives imposed to reduce water wastage and changing environmental regulations around the globe have put an onus on the manufacturing companies to revamp their infrastructure to house newer systems and processes with efficient machineries and also to reuse the spent water for other processes driving the growth of industrial water cooling system market in an upward trend.
Though the market of industrial water cooling system is expected to improve in the forthcoming years, it will be facing a number of challenges in order to sustain at a healthy pace, which includes the availability of large quantity of freshwater.
Installation of industries within the proximity of ground or surface water resources is also another challenge, as exploitation of such water bodies for industrial purposes is looked down upon by the general public leading to restricted usage of water for cooling purposes.
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Industrial Water Cooling System Market Segmentation
Industrial Water Cooling SystemMarket can be segmented as follows;
By Product type, the Industrial Water Cooling System can be segmented as:
- Dry Cooling
- Natural Draft Cooling Towers
- Mechanical Draft Cooling Towers
- Wet Cooling
- Hybrid Cooling
- Water Chillers
- Heat Exchangers
By Applications, the Industrial Water Cooling System market can be segmented as:
- Power Generation Plants
- Metal Working
- Food and Beverage