- Economic and environmental benefits of district cooling system, including energy efficiency, to spur demand; widespread installations in commercial establishments propelling revenue streams in district cooling market
- Middle East witnessing massive lucrative avenues, reinforced by policy push and adoption of advanced cooling technologies in industrial & residential buildings, particularly in GCC countries
WILMINGTON, Del., July 29, 2022 /PRNewswire/ -- District cooling plants are steadily growing in installations to meet the needs of indoor space cooling and air conditioning, pivoting on the customer propositions of cost-effectiveness, energy efficiency, and reduced environmental footprint. The study has found all key market segments in district cooling have witnessed growth from increased awareness of the district cooling system for their environmental and economic benefits. The global district cooling market is projected to advance at CAGR of 7.8% from 2022 to 2031 (forecast period).
Commercial establishments account for a vital share of revenue of district cooling market in 2021 and will create largest opportunity for district cooling market. The commercial segment is expected to witness substantial profitable avenues during the forecast period. Of note, firms are leaning on tapping into abundant opportunities in installations in shopping complexes and malls, hotels, restaurants, and cold storage facilities.
Advancements in district cooling technologies have resulted in the introduction of systems that are easy to install and operate, and can work on range of primary energy sources. Demand for environmentally sustainable solutions that integrate renewable sources of energy such as natural gas, solar and geothermal power will expand the frontiers. The trend of incorporating renewable energy sources will shape the future market outlook for district cooling market.
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Key Findings of District Cooling Market Study
- Need for Energy-efficient Cooling Systems to Spur Installations in Industrial & Residential Buildings: Rise in need for cooling systems with reduced electricity consumption and remarkable energy efficiency is catalyzing the prospects of district cooling systems. Their demands are anticipated to generate profitable avenues in developing world particularly for residential buildings. The study found that the residential segment held 31.1% share of district cooling market market in 2021.
- Application in Indoor Cooling and Comfort in Commercial Establishments Steering Revenue Generation: Several projects especially for the development of cooling plants with massive capabilities in the near future are shaping the contours of district cooling market. A case in point is such projects evoking interest of stakeholders in the Middle East to meet rising air conditioning needs in commercial buildings. Rise in demand for district-cooling services to the public, commercial, and industrial sectors underpin enormous opportunity for system manufacturers. District cooling systems are gaining popularity for ensuring comfortable indoor spaces especially in months of summer.
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District Cooling Market: Key Drivers
- Rapid pace of industrialization and urbanization in developing world is a key driver of energy-efficient, environment-friendly, and cost-effective heating and air-conditioning systems. This is driving the evolution of the district cooling market.
- Rise in adoption of district cooling systems in various residential and commercial building for maintaining comfortable indoor climate presents a vast profitable avenue for stakeholders in the market. Advancements in urban heating and cooling networks have led to introduction of district cooling systems that employs various renewable sources.
District Cooling Market: Regional Growth Dynamics
The Middle East has emerged as a remarkably lucrative region in the global district cooling market. Presence of hot climatic conditions underpins enormous profitable opportunities for market players.
Installations especially in Dubai, have increased, generating substantial revenue streams. Stringent implementation of policies in the country to attain cooling targets in buildings has spurred the demand. End users elsewhere have benefitted from the installations such as reduced electricity consumption and energy-efficient cooling. In particular, the demand is poised to proliferate in Saudi Arabia, creating growth prospects for the global district cooling market.
Firms are leaning on capturing revenues from rising demand for district cooling systems in several economies of Europe and North America.
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District Cooling Market: Key Players
Some of the prominent players are
- Alfa Laval
- Singapore Power (SP) Group
- Dalkia
- Shinryo Corporation
- Ramboll Group A/S
- LOGSTOR A/S
- Stellar Energy
- Keppel DHCS Pte. Ltd
- ENGIE
- Veolia
- Emirates Central Cooling Systems Corporation (EMPOWER)
- ADC Energy Systems
District Cooling Market Segmentation
- End-user
- Residential
- Commercial
- Industrial
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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