The global chilled water storage system market is anticipated to be worth USD 165.7 million in 2023, with projections indicating it will grow at a CAGR of 6.9%, reaching USD 322.9 million by 2033. This expansion is primarily driven by increased demand from industries such as petrochemicals, oil & gas, pharmaceuticals, and food & beverages. Chilled water storage systems, a form of thermal energy storage (TES), play a critical role in energy management by storing water at temperatures between 4.4°C and 5.6°C using conventional chillers. These systems are widely utilized in residential, commercial, and industrial construction, with capacities ranging from a few tonnes to several hundred tonnes.
There are three key types of chilled water storage systems, classified by water storage and mixing methods: multiple tank systems, single tank systems, and combined systems. Market growth is further supported by the installation of new cooling systems across industries, demand from power plants, and the rising need for low-cost, energy-efficient solutions. The growing focus on green buildings and the renovation of existing structures to meet sustainable standards is also contributing to increased demand.
Industry trends, including heightened demand for free cooling, efficient air cooling systems, and storage cooling solutions, are shaping the market, particularly in sectors like power generation, automotive manufacturing, and petrochemical processing. These trends highlight the growing awareness of innovative techniques among end-users, further driving market expansion.
Key Takeaways:
- Broad Applications: Chilled water storage systems are widely used in residential, commercial, and industrial construction, with a focus on large commercial projects over 500,000 square feet.
- Growth Drivers: The market is driven by increasing demand from industries like petrochemical, oil & gas, pharmaceuticals, and food & beverages, along with the installation of new cooling systems and the rising need for energy-efficient solutions.
- Types of Systems: Chilled water storage systems are categorized into multiple tank systems, single tank systems, and combined systems based on water storage and mixing methods.
- Sustainability Focus: The shift towards green buildings and the renovation of existing structures to meet sustainable standards are boosting market demand.
- Emerging Trends: Rising demand for free cooling, efficient air cooling systems, and storage cooling solutions, especially in power generation, automotive manufacturing, and petrochemical sectors, is shaping the market’s growth.
Key Companies Profiled
- 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
- King Sun Industry Co. Ltd.
- Horus Air Moving Co. Ltd.
Key Segments Profiled in the Chilled Water Storage System Industry Survey]
By Type:
• Stratified Tank Chilled Water Storage Systems
• Multiple Tank Chilled Water Storage Systems
• Diaphragm Tank Chilled Water Storage Systems
By Application:
• Chilled Water Storage System for Food Processing & Storage
• Chilled Water Storage System for Industrial, Commercial and Residential Applications
• Chilled Water Storage System for Healthcare & Pharmaceuticals
• Chilled Water Storage System for Petrochemical Processing
• Chilled Water Storage System for Petroleum & Natural Gas Refining
• Chilled Water Storage System for Power Generation and Automotive
By Region:
• North America Market For Chilled Water Storage System
• Latin America Market For Chilled Water Storage System
• Europe Market For Chilled Water Storage System
• Asia Pacific Market For Chilled Water Storage System
• Middle East and Africa Market For Chilled Water Storage System
Report Preview: https://www.futuremarketinsights.com/reports/chilled-water-storage-system-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube