Austin, March 24, 2025 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that the Industrial Cooling System Market size was estimated at USD 21.07 billion in 2023 and is expected to arrive at USD 34.15 billion by 2032 with a growing CAGR of 5.51% over the forecast period 2024-2032. The industrial cooling system market is experiencing rapid growth, driven by the increasing demand for energy-efficient cooling technologies across various industries, including power generation, manufacturing, and data centers. As businesses prioritize sustainability and regulatory compliance, the adoption of innovative cooling systems that reduce carbon emissions and optimize energy consumption has surged. Technological advancements, such as liquid cooling and waste heat recovery, are further propelling market expansion, making industrial cooling systems a crucial component of modern industrial operations.
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Key Players:
- Berg Chilling Systems Inc. (Cooling Towers, Chillers, Pumping Systems)
- SPIG S.p.A. (Italy) (Cooling Towers, Air-Cooled Condensers)
- Brentwood Industries Inc. (U.S.) (Cooling Tower Components, Fill Media, Drift Eliminators)
- Thermal Care Inc. (Industrial Chillers, Process Cooling Systems)
- Johnson Controls International PLC (HVAC Systems, Industrial Chillers)
- Trane Technologies (Industrial Cooling Solutions, Chillers, HVAC Systems)
- Hamon Group (Belgium) (Cooling Towers, Air-Cooled Condensers, Heat Exchangers)
- Black Box Corporation (Data Center Cooling, Precision Cooling Solutions)
- Airedale International Air Conditioning Ltd. (Precision Air Conditioning, Chillers)
- SPX Corporation (U.S.) (Cooling Towers, Air-Cooled Heat Exchangers)
- Paharpur Cooling Towers (India) (Cooling Towers, Air-Cooled Condensers)
- Bell Cooling Tower (India) (FRP Cooling Towers, Wooden Cooling Towers)
- Baltimore Aircoil Company Inc. (Cooling Towers, Fluid Coolers, Evaporative Condensers)
- Baltimore Aircoil Company (U.S.) (Evaporative Cooling Systems, Hybrid Cooling Towers)
- STULZ GmbH (Data Center Cooling, Precision Cooling Solutions)
- Star Cooling Towers Pvt. Ltd. (Cooling Towers, Heat Exchangers)
- Delta Cooling Towers, Inc. (HDPE Cooling Towers, Evaporative Cooling Solutions)
- EVAPCO Inc. (Cooling Towers, Closed Circuit Coolers, Ice Thermal Storage Systems)
- Daikin Applied (Industrial Cooling Systems, HVAC Chillers)
- Munters Group (Adiabatic Cooling Systems, Humidification & Dehumidification Systems)
Industrial Cooling System Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 21.07 Billion |
| Market Size by 2032 | USD 34.15 Billion |
| CAGR | CAGR of 5.51% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product Type (Hybrid Cooling, Water Cooling, Air Cooling, Evaporative Cooling) • By Function (Transport Cooling, Stationary Cooling) • By End-User (Utility and Power, Chemical, Food & Beverage, Pharmaceutical, Oil and Gas, Others) |
| Key Drivers | • Industrial expansion, rising data centers, energy-efficient cooling adoption, and increasing regulatory compliance. |
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Market Leaders in Cooling Solutions: Evaporative Cooling, Transport Cooling, and Utility & Power Segments Drive Growth in 2023
By Product Type: The evaporative cooling segment dominated the market with a share of over 32% in 2023. Its market dominance is free of cost due to energy-efficient cooling by producing lower air temperatures through water evaporation and hence an energy-efficient and cost-efficient cooling alternative to conventional cooling systems. Moreover, the growing need for sustainable cooling solutions in the industrial and commercial sectors has also helped increase the uptake of evaporative cooling systems. Moreover, their capacity for functioning well in arid regions has led to their increasing prevalence in several industrial sectors.
By Function: The transport cooling segment led the market with a share of over 68% in 2023. Rapid growth and adoption of temperature-controlled transportation, particularly in the pharmaceutical, food and beverage, and logistics industry, are some of the key factors fueling this growth. A growing adoption of advanced transport cooling systems worldwide is being driven by the need to preserve optimal storage conditions of perishable goods before they have been delivered to where they need to be eaten. Moreover, the global trade has also been booming; the expansion of e-commerce has been increasing the need for reliable and efficient shipping and freight cooling solutions.
By End-User: The utility and power segment held a dominant share of over 34% in 2023. Such high share is mainly driven by prevalence of cooling systems in power plants and utility settings for temperature regulation and improved operating efficiency. With the growth of the energy sector from more electricity generation and renewable energy projects, the need for effective cooling solutions has also increased. Moreover, the push for energy efficiency and reliability have been the great motivators for the advancement of new cooling technologies for power generation and utility applications.
North America Leads the Industrial Cooling System Market with 48% Share in 2023
In 2023, North America led the industrial cooling system market, capturing over 48% of the market share. The primary reason behind this dominance is the presence of a mature industrial sector that requires effective cooling solutions for manufacturing facilities, power plants, and data centers. The rise in digitalization and move towards cloud computing had already pushed the need for high-end cooling technologies, data centres started to expand rapidly. Moreover, elevated awareness about energy usage and carbon footprint has caused massive investments into green cooling technology. The North America industrial cooling systems market has retained its top place globally owing to the presence of major industry players, continuous research and development of energy-efficient cooling systems, and the government initiatives promoting eco-friendly industrial operations.
Europe is experiencing rapid growth in the industrial cooling system market due to the rising demand for energy-efficient cooling solutions and stringent environmental regulations. All governments in the region are encouraging sustainable technologies with incentives and policies to reduce carbon footprint. As regulations become stringent, demand for advanced cooling systems is expected to rise from industries such as manufacturing, power generation, and data centers. Moreover, increasing need for renewable energy integration and waste heat recovery solutions is expected to accelerate investment in advanced cooling technologies. Europe’s market is projected to maintain its strong growth trajectory over the next year as awareness of climate change and the need for sustainable industrial operations continues to increase.
Recent Developments
In October 2024: Hewlett Packard Enterprise (HPE) announced the industry’s first 100% fanless direct liquid cooling systems architecture, designed to enhance the energy and cost efficiency of large-scale AI deployments. The cooling system offers up to a 90% reduction in cooling power consumption compared to traditional air-cooled systems while supporting high-density AI workloads.
In February 2023: Vertiv launched the Vertiv XR app, the first tool in the data center space that allows data center operators to visualize Vertiv products in locations they would use in a facility. The application is promoting Vertiv’s widespread and ongoing digitalization initiative to improve the customer experience.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Industrial Cooling System Market Segmentation, By Product Type
8. Industrial Cooling System Market Segmentation, By Function
9. Industrial Cooling System Market Segmentation, By End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practice
13. Conclusion
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