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The market for industrial water cooling systems is anticipated to reach US$ 2,648 Million in 2022, growing at a CAGR of 4.7 percent over the forecast period of 2022-2032. The market is anticipated to reach US$ 1,673.1 Million in 2022. The need for water cooling systems in end user industries like the food and beverage and pharmaceutical industries is one factor driving the growth of the industrial water cooling system market. In the historical period from 2016 to 2021, the market for industrial water cooling systems experienced a CAGR of 3.8 percent.
Water is the foremost chemical compound used in almost all the industrial sectors, be it manufacturing, power generation or petrochemical sector. Water is utilized in these industries for the purpose of processing, fabricating, cooling, diluting, product transportation, cleaning and as a heat exchange medium.
The utilization of water for various industrial processes makes it unclean and increases its temperature, which has to be cooled down to optimal working temperature so that it can be recycled and reutilized for various purposes. Industrial water cooling system comes into picture as far as water cooling in industries is concerned. Some of the methods adopted by such industries include but not limited to industrial scale chillers, large scale cooling towers and heat exchangers.
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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.
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.
Industrial Water Cooling SystemMarket: Regional Outlook
The market of industrial water cooling system in the Asia Pacific region is expected to grow at a rapid rate due to high level of industrialization taking place in China, India and Japan. The markets in North America and Western Europe regions are expected grow at sluggish pace as compared to Asia Pacific region, owing to low demand for such cooling systems and maturity attained in terms of industrialization.
Growing petrochemical industry in the Latin America and Middle East regions is expected to contribute higher revenue returns, thereby improving the market in the said regions.
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Industrial Water Cooling System Market: Market Participants
Examples of some of the market participants identified in the Global Industrial Water Cooling System market include:
Industrial Water Cooling System Market Segmentation
Industrial Water Cooling System Market can be segmented as follows;
By Product type, the Industrial Water Cooling System can be segmented as:
By Applications, the Industrial Water Cooling System market can be segmented as:
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