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.
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.
Chilled Water Storage System Market Taxonomy:
On the basis of tank type, the Chilled Water Storage System market is segmented into:
- Diaphragm tank system
- Multiple tank system
- Stratified tank system
On the basis of application, the Chilled Water Storage System market is segmented into:
On the basis of end use industry, the Chilled Water Storage System market is segmented into:
- Food & Beverages Industry
- Pharmaceutical Industry
- Chemical Industry
- Automotive Industry
- Power Generation
- Oil & Gas
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.
- 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
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 Market Key Developments:
- In February 2013, Johnson Controls launched a solar cooling solution to reduce energy costs for large buildings across North America by combining its high-efficiency chillers with hybrid solar thermal and photovoltaic (PV) technologies. The company has developed this technology for capturing the market in warm environments such as Amazon and California.
- In May 2016, Johnson Controls in collaboration with Taiwan Hitachi launched YORK, their centrifugal chiller in Taiwan. This launch helped the company in developing a new product portfolio which is more energy efficient.
- In 2019, Johnson Controls has announced to showcase the YORK® YHAU-CXR Absorption Chiller-Heater as part of its absorption offering at the AHR Expo in Atlanta. Display of products in this expo will help the company in gaining a larger customer base in Atlanta.