Chilled water storage system is a type of thermal energy storage technique, which is used to store water at temperatures ranging from 4°C to 6°C. The system is made of concrete and steel. Their sizes of storage range from 1 ton to several 100 tons and are generally used for commercial and industrial or residential purpose.
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Less annual energy consumption and operational cost along with low initial investment cost have resulted in a high demand for chilled water storage system from many end-use industries, such as petrochemical, oil & gas, pharmaceutical, and food & beverages, thereby driving the growth of chilled water storage system market. Further, growing necessity from the end-use industries for maintaining the heat density of various chemicals is another major factor fueling the growth of chilled water storage systems market currently. However, high electricity consumption by cooling systems, resulting in high electricity costs is one of the major factor restraining the growth of the chilled water storage system market.
Key players in the Chilled Water Storage System Market:
Some of the major player operating in the in the chilled water storage system market include Cool Water Technologies, Cooling Tower Systems, Inc., Delta Cooling Towers, Inc., Johnson Controls, Berg Chilling Systems Inc., King Sun Industry Co. Ltd., and Wessels Company among others.
Chilled Water Storage System Market Outlook:
North America is the largest market for chilled water storage systems. The U.S is the major contributor to the chilled water storage system market in North America, owing to the development of abundant unconventional natural gas resources and shale oil boom, which has resulted in rapid industrialization, in turn fueling the demand for chilled water storage systems, on account of its efficiency and energy saving capabilities.
Asia Pacific is the fastest growing region in chilled water storage systems market. China, India, and Japan are the major contributors to the growth of the chilled water storage systems market. Asia pacific is the largest region in food & beverages market. The food & beverage industry has a huge requirement for chilled water storage systems for a variety of applications. Further, economic stabilities in the region, rapid urbanization, and rising disposable income are the other factors responsible for the growth of chilled water storage system market in Asia Pacific.
Latin America is the leading economy in renewable resources with 52% of energy being produced from renewable sources, which has resulted in a high demand for chilled water storage systems.
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The Middle East is a major region for oil & gas and petroleum industries. Kuwait, Saudi Arabia, and Qatar are the important economies for the oil and gas production. Oil and gas industries have a high requirement for chilled water storage systems, which is fuelling the growth of chilled water systems market in the Middle East