Pune, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The global district heating market size is projected to reach USD 204.74 billion by the end of 2027. The massive investments in the integration of these heating units in industrial manufacturing units will have a huge impact on the growth of the market. According to a report published by Fortune Business Insights, titled “District Heating Market Size, Share & COVID-19 Impact Analysis, By Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products, and Others), By Plant Type (Boiler, CHP, Others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2020-2027the market was worth USD 173.42 billion in 2019 and will exhibit a CAGR of 2.2% during the forecast period, 2020-2027.
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District heating is the process of circulating heat through a centralized system through insulated pipes. This heat is generated through a system that involves the mechanism on energy generation through electricity or natural resources. The use in commercial, industrial, and residential sectors will bode well for the growth of the overall market in the coming years. Technological integration has played a massive role in the growth of this market, specifically in the past few years. The massive investments in technological integration indicate the potential held by district heating across the world. The increasing applications and subsequently rising demand across the world will bode well for the growth of the overall district heating market in the coming years.
Reduced Construction Activities during Covid-19 Pandemic will have an Adverse Effect on Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. With several businesses coming to a halt altogether, the pandemic has brought down economies of major countries across the world. The strict measures implemented by governments across the world to curb the spread of the disease have unfortunately affected several businesses. The decrease in number of construction and building activities as well as slowdown in manufacturing processes have resulted in a drop in the demand for district heating across the world. As a result, companies in this sector will find it increasingly difficult to operate, given that the market will shape up as a tightly constrained environment.
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Several High-Budget Projects have Been Lined up in the District Heating Sector
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It is observed that numerous projects have been initiated in recent years that revolve around district heating. The rising number of building and construction activities across the world has already given the platform for companies in this sector but the increasing number of high-budget as well as high-profile projects will subsequently aid the growth of the market in the coming years. In August 2019, Nicola Sturgeon announced the launch of a new £6 million project. The project will be developed in developed in collaboration with Scottish Water Horizons. Such large scale projects will bode well for the growth of the overall market in the coming years.
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Asia Pacific Holds Highest Potential for Immediate Growth; Increasing Efforts Towards Sustainability will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to rise at the highest CAGR in the coming years. The rising demand for sustainable energy and the efforts taken to maximize the use of renewable sources will emerge in favor of the growth of the regional market. Although the market in Europe currently dominates the global space, Asia Pacific holds the highest potential as far as short term growth is concerned. As of 2019, the market in Europe was worth USD 137.18 billion and this value is projected to rise at a considerable pace in the coming years.
List of key companies profiled in District Heating Market Report:
- Danfoss Group (Denmark)
- Ramboll (Denmark)
- Dall Energy (Denmark)
- Veolia (France)
- Helen (Finland)
- Alfa Level (Sweden)
- GE (United States)
- COWI (Denmark)
- Statkraft (Norway)
- Uniper (Germany)
- ENGIE (France)
- ABB (Switzerland)
- Kelvion (Germany)
- GRUNDFOS (Denmark)
- E.on Energy Services (Germany)
- FVB Energy Inc. (United States)
- NextGen Heating (United Kingdom)
Industry Developments:
October 2019 –The Ministry of Mining and Energy announced that it will sponsor six municipal corporations in Serbia to switch from fossil fuels to biomass.
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the District Heating Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global District Heating Market Analysis (USD Billion, GWth), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Heat Source
- Coal
- Natural Gas
- Renewable
- Oil & Petroleum Products
- Others
- Market Analysis, Insights and Forecast – By Plant Type
- Boiler
- CHP
- Others
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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