An electromagnetic component assembly disposed in a power source of a welding or cutting system. The electromagnetic component assembly includes a core and a tubular winding. The tubular winding is placed near or around the core and conducts a current for an electromagnetic operation. The tubular winding includes a passageway for a process fluid, an inlet, at one end of the passageway, that receives the process fluid, and an outlet, at another end of the passageway, that directs the process fluid downstream toward a torch assembly. The passageway enhances cooling of the electromagnetic component assembly as the process fluid travels through the passageway from the inlet to the outlet.