Chilled Water Storage System Market: Key Players, Applications, Outlook, SWOT Analysis And Forecasts By 2032
The global chilled water storage system market is anticipated to be valued at US$ 155.0 Million in 2022, forecast to grow at a CAGR of 6.9% to be valued at US$ 302.2 Million from 2022 to 2032. Growth is attributed to increasing demand in end-user industries such as petrochemical, oil & gas, pharmaceutical, and food & beverages. From 2016–2021 a CAGR of 2.7% was registered for the biscuit mixes market.
The chilled water storage system is a type of TES (Thermal Energy Storage), which is a popular technique for implementing demand-side energy management strategies. It is used to store water at temperatures ranging from 4.40 to 5.60 degrees Celsius using conventional chillers.
Chilled water storage systems are available in sizes ranging from one to several hundred tonnes. They are also used in residential, commercial, and industrial construction. They are also intended for commercial projects larger than 500,000 square feet that have space for a chilled water storage system. They are classified into three types based on water storage and mixing: multiple tank systems, single tank systems, and single tank systems.
The chilled water storage system market is being driven by rising demand in a variety of end-use industries, including petrochemical, oil and gas, pharmaceutical, and food and beverages. Other factors driving growth in the chilled water storage system market include the installation of new cooling systems in industries, increased demand from power generation plants, and rising demand for low-cost, energy-efficient products.
Furthermore, the chilled water storage system market is expected to benefit from an increased focus on green buildings and the renovation of old constructed buildings to green buildings.
Also, some factors such as significant demand for free cooling, storage cooling solutions, growing use of efficient air cooling systems, etc. can be considered trends in the industry. Power generation, automotive manufacturing, petrochemical processing, and similar sectors are influencing the market demand for chilled water storage systems, owing to the growing awareness of new techniques among end-users.
Market Competition
Some of the key participants present in the global chilled water storage system market include Wessels Company, Cool Water Technologies, Cooling Tower Systems, Inc., Delta Cooling Towers, Inc., Johnson Controls., Brentwood Industries, Inc., Paharpur Cooling Towers Limited, Berg Chilling Systems Inc., Liang Cooling Tower Sdn Bhd and King Sun Industry Co. Ltd. & Horus Air Moving Co. Ltd. among others.
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