Chilled Water Storage Systems Market Continues To Grow Owing To the Demand from Various Institutions Such As Business and Schools and the Efficiency and Low Energy Consumption of the Device

 

The water from the chilled water storage systems has been treated to remove the sediment and microbes that can cause health problems in people. This water is also put through a filtration process to make sure that the water that comes out of the faucet is clean and pure. One reason why anyone might want to install a chilled water storage system in their home is for those summer months when there is an urge to drink chilled water. Chilled water is great in any household because it is still a steady temperature. It is not too cold and individuals can keep it around room temperature for long periods. Individuals can also buy water bottles and store them in their fridges so that they do not have to drink the cold water right away. It is not difficult to find one, and many retailers stock them in all sorts of sizes.

Market Dynamics                                  

The main factors driving the growth of chilled water storage systems market is lesser yearly energy consumption and operational and maintenance cost along with low initial investment costs. Authoritarian bodies of the world are continuously trying to reduce global energy consumption by initiating various devices that consume lesser energy. For instance, according to Energy Information Administration, in 2019, the US power consumption was approximately 3.9 trillion kilowatt-hours (kWh). This is expected to augment the market growth of chilled water storage systems that consumes lesser power.

However, the bigger size of these devices and the lack of space for keeping them are the main restraining factors hindering the growth of the market.

This market is distributed in five regions that include North America, Europe, Asia-Pacific, Africa, and the Middle East, and Latin America. Among these, North America is expected to hold a bigger share of the chilled water storage systems owing to the development of nontraditional natural energy resources and shale oil boom that has resulted in a rapid spread of industrialization and has fueled the demand for chilled water storage systems owing to its energy-saving capabilities and efficiency. The chilled water storage systems market in the Asia Pacific is estimated to witness significant growth owing to the rising temperatures in the main countries such as India. For instance, according to the India Meteorological Department, the average temperature of the region range from 12 degrees to 25 degrees Celsius in January and 25 degrees to 35 degrees Celsius in April. Owing to this hot temperature the demand for having chilled water is an ever-rising event, propelling the growth of the chilled water storage systems market in the region.

Competitive Analysis

Key players operating in the chilled water storage system market include Wessels Company, Cooling Tower Systems, Inc., Delta Cooling Towers, Inc., King Sun Industry Co. Ltd., Johnson Controls, Berg Chilling Systems Inc., and Cool Water Technologies.

In 2019, Johnson Controls introduced the YHAU-CXR Absorption Chiller-Heater in Atlanta.