Global District Cooling Market to Clock CAGR of 7.82% to Reach Valuation of US$ 39 Bn during 2019 - 2027: Transparency Market Research
- Facility managers and building owners in various regions around the world have been increasingly deploying district cooling systems to reduce on-site carbon emissions and electricity consumptions in traditional cooling systems
- Commercial facilities have harnessed district cooling to advance cooling energy efficiencies and renewable cooling systems
ALBANY, New York, Feb. 11, 2020 /PRNewswire/ -- District cooling networks deployment has gained popularity around the world as an economical and efficient system to meet the rising cooling requirement of building and construction industries. Benefits of low maintenance and improved availability that define the operational gains account for the preference over traditional cooling solutions. The proposition of looping in this centralized cooling system with different free source, particularly water sources, has been a key proposition underlying the popularity of district cooling systems. A study by Transparency Market Research (TMR) projects the district cooling market to garner a CAGR of more than 7% during 2019 – 2027. By 2027-end, the opportunities are anticipated to be worth US$ 39 bn from US$ 20 Bn in 2018.
"Supportive regulatory frameworks and significant incentive schemes by governments in numerous developing and developed regions underpin the lucrative prospects in the district cooling market", notes analysts at TMR. In many cooling system projects, district cooling portrays win-win situation for consumers and urban infrastructure developers.
Among the various key end users, commercial leads the pack as it held the majority of share in the global district cooling market in 2018. Vast uptake in commercial sectors will propel market revenues from the segment in coming years as well.
The Middle East and Africa is considered as one of the leading revenue generators among the various regions during the assessment period of 2019 – 2027.
Continuing shift in deploying closed loop pipe cooling networks in industrial, commercial, and residential buildings is the key trend behind the prospects of all key markets.
Explore 217 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on District Cooling Market (End user - Residential, Commercial, Industrial) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/district-cooling-market.html
District Cooling Market: Key Driving Factors
The study by TMR has made a granular assessment of the various growth dynamics, highlighting trends that will pave way to lucrative avenues for players in the district cooling market. Increased need for various systems for renewable cooling systems in urban infrastructure underlies the key technology trends, a few of which warrant the attention of interested market participants:
Building's energy demand for cooling applications has peaked in various cities across the world. District cooling system is a key enabler of net zero energy residential building architectures in urban settlements, especially in developed countries.
Rapid pace of urbanization in industrialized nations, thus, is propelling deployment of district cooling systems in urban centers across the world.
Integration of smart technologies such as smart meters and sea water usage have catalyzed business prospects of district cooling.
Key Impediments to District Cooling Market Players
The study by Transparency Market Research highlights factors that constrain the steady growth of the potential in the district cooling market. The following slew of factors are currently impeding the market to attain its full potential:
Lack of awareness about energy-saving gains and cost reductions among commercial users in some regions has posed difficulty in expanding the market prospect.
Integrated cooling systems such as district lacking lack an apt infrastructure in numerous countries for their deployment
Integrated design of energy-efficient constructions is still a far-fetched idea in some regions.
Of the various regions, North America and the Middle East and Africa were prominent markets, as they accounted for sizable shares in the global district cooling market in 2018. The growth has come on the back of modernization of cooling systems to meet the energy needs of urban centers.
Particularly in the Middle East and Africa, district cooling systems have become increasingly popular for space cooling in an array of commercial buildings in heating-dominated climates. The installed equipment capacity is expected to grow at rapid pace in coming years. Asia Pacific is also a promising market, with large chunks of demands coming from industrial parks and special economic zones.
Analyze District Cooling Market growth in 30+ countries including UAE, U.S., Canada, Germany, United Kingdom, India, China, and Brazil. Request a sample of the study.
Various players are leveraging multi-pronged strategy to gain a better hold in the district cooling market. Several players are expanding their capacity to meet wide array of district cooling services in developing and developed markets. A few players are mulling entering into partnerships with governments to consolidate their scope of revenue generations, most notably in the Middle East. The entire market landscape is characterized by high degree of fragmentation, with several players setting sights on adopting novel technologies, such as artificial intelligence, to advance the application scope.
Well-entrenched players include Dalkia, Singapore Power (SP) Group, Shinryo Corporation, Logstor A/S, Keppel DHCS Pte. Ltd., Stellar Energy, ADC Energy Systems LLC, and Emirates Central Cooling Systems Corporation (EMPOWER).
The district cooling market is segmented on the basis of:
Rest of Europe
Rest of Asia Pacific
Rest Latin America
Middle East & Africa
Rest of Middle East & Africa
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