Infrastructure projects that require mass concrete supply are expected to be one of the driving factors for the global concrete cooling market. This market, valued at $936 million in 2015, is expected to soar to more than $1.7 billion by 2026, a CAGR (compound annual growth rate) of 5.7 percent during the 10-year period from 2016 to 2026.
Some of the other influencing factors for concrete cooling are demand from Middle East regions and regions with high temperatures. As noted, infrastructure projects that require mass concrete supply will also play a critical role in the growing demand. Concrete cooling solutions are used in these regions because they help to cure concrete appropriately.
A major opportunity in the market is the advent of liquid nitrogen cooling. The major restraints and challenges for concrete cooling are their limited applicability in cold regions such as Europe or North America and the dangers due to improper concrete cooling.
The water cooling segment was the largest segment of the market in 2015. This growth can mainly be attributed to the steep increase in the usage of water cooling systems across several applications due to its simple functionality, availability, and cost-effectiveness.
Among all applications, highway construction is estimated to be the fastest-growing in the market during the forecast period. Local geography, climate, and architectural design of highways being constructed are some of the key factors to be considered when selecting the type of concrete cooling system. The right cooling system helps to cure the concrete, which improves its strength in the long-term, making the structure strong enough to last for years.
The Middle East region accounted for the largest share of the concrete cooling market in 2015, and is projected to continue its dominance until 2026. The UAE, Saudi Arabia, and Qatar led the Middle East concrete cooling market in 2015. The concrete cooling market in Saudi Arabia is projected to grow at the highest CAGR among all countries in the Middle East region during 2016-2016. The need for concrete cooling in construction will grow in parallel with all of the infrastructure improvements happening worldwide.
