WILMINGTON, DE / ACCESSWIRE / February 22, 2023 / Transparency Market Research Inc. - According to a Transparency Market Research study, the district cooling market stood at US$ 25.2 Bn in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2031.
A district cooling system is used for the centralized distribution and production of thermal energy in the form of cold air to different establishments such as industries, residential buildings, and workspaces. Any district cooling system comprises a distribution network, a consumer station, and a central chiller plant.
District cooling systems can function on electricity, natural gas, waste heat, and renewable energy sources such as natural or geothermal cooling from water. District cooling improves the functional structure and provides benefits to building owners and municipalities.
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District cooling has witnessed more demand than alternative cooling technologies due to advantages such as ease of operation, cost-effectiveness, and energy efficiency.
Launch of new products is helping prominent market players in gaining an edge over others and in generating new revenue streams. Additionally, leading district cooling market players are collaborating with other players to expand their presence and increase revenue share.
Key Findings of Market Study
- Rise in Global Warming Concerns: Global warming has evolved into a key issue, in the last few years. Factors such as the shrinking of glaciers, lakes breaking, and surge in land clearing activities for agricultural and industrial purposes have contributed to rise in emission of hazardous greenhouse gases. This has led to surge in temperatures worldwide, which is fueling the demand for district cooling systems and assisting in business growth
- Advancements to Existing District Cooling Technologies: Advancements and innovations over the past few years is a key reason for investment in improving existing district cooling technologies to make the product easy to operate and suitable for use for different energy sources. Additionally, rise in demand for eco-friendly, sustainable solutions that can integrate renewable energy sources such as geothermal power and natural gas is likely to drive the demand for district cooling technologies in future.
- Increase in Demand from Commercial End-users: Based on end-user, the global market has been segmented into industrial, commercial, and residential. The commercial segment accounted for dominant share in 2021 and is estimated to maintain its dominance in the next few years. Increase in demand for district cooling from different commercial establishments such as hotels, data centers, and malls is anticipated to help drive the growth of the segment.
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District Cooling Market-Key Drivers
- Rapid urbanization and industrialization, especially in developing economies, is expected to drive the global market during the forecast period
- Continuous expansion in the real estate industry globally is triggering the demand for district cooling systems
- Increase in investments in localized heating and cooling infrastructure to reduce energy imports is helping expand district cooling market size
- Incentive schemes and regulatory mechanisms are projected to help market growth during the forecast period
District Cooling Market-Regional Insights
- Middle East & Africa accounted for dominant market share in 2021. Increase in government measures to establish district cooling plants and rise in awareness about net zero buildings in countries such as the U.A.E. drives market development in the region. Additionally, heat wave conditions during the summer in countries of the Middle East region is projected to increase the demand for district cooling systems and propel the market.
- The market in North America is anticipated to account for significant share in the next few years due to rise in penetration of commercial building structures and growth in adoption of energy-efficient DC systems in countries such as the U.S. and Canada
District Cooling Market-Key Players
The global district cooling market is fragmented and consists of several international and local players. Entry of new players is likely to intensify the competition during the forecast period.
Leading companies are investing in R&D to manufacture improved district cooling systems that meet consumer requirements in different end-use segments. Rise in demand for improved products is expected to help business growth in the next few years.
Some of the key players active in the market are Alfa Laval, Singapore Power (SP) Group, Stellar Energy, ADC Energy Systems, Emirates District Cooling LLC, and Shinryo Corporation.
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The global market has been segmented as follows:
End-user
- Residential
- Commercial
- Industrial
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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