Seawater Cooling System Market: Introduction
- Seawater cooling system utilizes the cold water available deep in the ocean, river, or lake in order to replace conventional air conditioning and cooling systems, either on a ship or in an establishment
- In vessels or ships, seawater is majorly utilized as a cooling media for engines. Seawater is used as a coolant for heat exchangers in a central cooling system of a vessel or ship. However, freshwater is also used to cool the engine room equipment. Freshwater is further cooled by seawater in the heat exchanger after cooling the engine.
- The central cooling system can be categorized into low-temperature circuit and high-temperature circuit. In a low-temperature circuit, freshwater is cooled by a seawater cooler, while in a high-temperature circuit, freshwater is used to cool the engine room.
- The seawater cooling system is also utilized for district cooling systems in order to provide air conditioning and cold water to residential, commercial, and industrial buildings. High operational costs associated with chillers in a district cooling plant can be reduced by employing the cold water of oceans, rivers, or lakes.
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Key Drivers of Global Seawater Cooling System Market
- Increase in demand for energy-efficient technologies across the globe is likely to boost the seawater cooling system market during the forecast period. Rapid increase in demand for energy and awareness about energy conservation has resulted in a shift toward adoption of energy-efficient technologies across the globe. The seawater cooling system saves around 90% of the total energy consumed for conventional air conditioning systems. It reduces the dependence upon fossil fuels and subsequently, helps reduce air pollution and global warming. Thus, increase in the demand for energy-efficiency technologies is anticipated to drive the global seawater cooling system market during the forecast period.
- Advantages offered by the seawater cooling system over conventional air conditioning is also a key factor that is expected to drive the global seawater cooling system market during the forecast period. The seawater cooling system has relatively shorter payback period as compared to that of chillers based system. The seawater cooling system also has lower operational costs, as compared to that of modern chiller based plants, due to minimal to nil usage of electricity for cooling.
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Key Developments in Global Seawater Cooling System Market
- In July 2019, Allseas a leading subsea construction, offshore pipeline installation, and heavy lift company acquired Bluerise. The latter is a project developer of Ocean Thermal Energy Conversion (OTEC) technology, which presents a renewable energy solution. Allseas is expected to utilize its expertise in offshore and deep-water technologies in order to advance Bluerise’s OTEC technology and accelerate its implementation for renewable energy projects.
- In April 2018, Ocean Thermal Energy Corporation, a developer of water desalinization and Ocean Thermal Energy Conversion (OTEC) renewable energy projects, announced the acquisition of U.S.-based as well as global synergistic companies. The company wants to expedite the implementation of its renewable based OTEC technology across several regions such as the U.S., Caribbean, Asia Pacific, and eventually across the globe.
- In November 2016, BARDOT Group signed a MoU with Doris Group in order to advance their activities in Marine Thermic Energy industry. Both companies would be working together in order to develop innovative solutions for OTEC and Sea Water Air Conditioning (SWAC) applications.
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North America to Lead Global Seawater Cooling System Market
- North America is likely to hold a leading share of the global seawater cooling system market during the forecast period. Increasing investment in district cooling systems along with the presence of a developed marine industry in the U.S. is a major reason for the region’s dominance of the global market.
- Europe and Asia Pacific are anticipated to follow North America in terms of share of the global seawater cooling system market. The market in Asia Pacific is projected to expand at a significant pace during the forecast period, primarily due to the expansion of the marine industry along with a rise in the adoption of district cooling systems in the region, especially in China and ASEAN.
- Latin America and Middle East & Africa accounted for relatively minor shares of the global seawater cooling system market in 2018. However, investments in district cooling systems have been increasing significantly in Middle East & Africa, especially in GCC, in the last few years, with the sub-region emerging as one of the largest hubs for district cooling plants in the world.
Key Players Operating in Global Market
Few of the key players operating in the global seawater cooling system market include:
- Makai Ocean Engineering, Inc.
- Kelvion Holding GmbH
- Ocean Thermal Energy Corporation
- Bardot Ocean
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