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 to 2021 a CAGR of 2.7% was registered for the biscuit mixes market.
A common way to apply demand-side energy management strategies is to use TES (Thermal Energy Storage), which the chilled water storage system is a kind of. Using standard chillers, it is utilised to hold water at temperatures between 4.40 and 5.60 degrees Celsius.
Systems for storing chilled water come in quantities from one to several hundred tonnes. They are also employed in the construction of homes, businesses, and factories. They are also meant for commercial buildings with a chilled water storage system that are more than 500,000 square feet. Depending on how much water is stored and mixed, they can be divided into three categories: multiple tank systems, single tank systems, and single tank systems.
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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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Key Segments Profiled in the Chilled Water Storage System Industry Survey
Chilled Water Storage System Market by Type:
- Stratified Tank Chilled Water Storage Systems
- Multiple Tank Chilled Water Storage Systems
- Diaphragm Tank Chilled Water Storage Systems
Chilled Water Storage System Market 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
Chilled Water Storage System Market by Region:
- North America Chilled Water Storage System Market
- Latin America Chilled Water Storage System Market
- Europe Chilled Water Storage System Market
- Asia Pacific Chilled Water Storage System Market
- Middle East and Africa Chilled Water Storage System Market
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