Jersey City, NJ, April 11, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global District Cooling Market Size, Share & Trends Analysis Report By Production Technique (Free Cooling, Absorption Cooling, Electric chillers), Application (Commercial, Residential, and Industrial)- Market Outlook And Industry Analysis 2031"
The global District Cooling Market is estimated to reach over USD 51.41 billion by 2031, exhibiting a CAGR of 7.82% during the forecast period 2023-2031.
A sophisticated, energy-efficient way to cool a network of buildings in cities or on college campuses is through district cooling. Huge, high-efficiency industrial-grade machinery is housed in central cooling plants, producing chilled water that is then sent to client buildings through a network of insulated underground pipes. District cooling is an essential component of the energy infrastructure in cities worldwide to lower the load on the electric grid brought on by the increased demand for air conditioning. Workplaces, shopping centers, homes, and other buildings that need interior cooling are supplied with chilled water through district cooling.
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Despite the industry's rapid growth in prior years, the COVID-19 epidemic forced the suspension of several business operations and projects. Several enterprises, including those in the hotel and commercial trade, were forced to close due to pandemics that prompted global lockdowns. During the pandemic, the worldwide district cooling market experienced a negative influence on demand across all regions, which hindered market expansion.
Recent Developments:
- In October 2022, Aligned Data Centers, a provider of IT infrastructure and colocation services, has purchased two new parcels of land in Phoenix, Arizona, for the construction of two new mega campuses with a combined capacity of over 400 MW of IT load and 2 million square feet. Aligned's unique Delta cooling technology, which uses arrays to absorb and remove heat and reduce water flow requirements, will be used in the new data centres. A heat rejection system that uses 85% less water and can function without it will also be included in the building.
List of Prominent Players in the District Cooling Market:
- ADC Energy Systems LLC
- Danfoss (Denmark)
- Emicool
- Emirates Central Cooling System Corporation (Empower) (UAE)
- Emirates District Cooling LLC,
- ENGIE SA
- Enwave Energy Corporation (Canada)
- Keppel Corporation Ltd.
- Logstor A/S (Denmark)
- Marafeq Qatar (Qatar)
- National Central Cooling Company PJSC (Tabreed) (UAE)
- Ramboll Group A/S
- Shinryo Corporation
- Siemens
- Singapore Power Ltd. (Singapore)
- SNC-Lavalin (Canada)
- Stellar Energy
- Vattenfall (Sweden)
- Veolia Environment SA
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District Cooling Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 26.51 Bn |
| Revenue forecast in 2031 | USD 51.22 Bn |
| Growth rate CAGR | CAGR of 7.82 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Production Technique And Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
The Middle East is known to be one of the most sought-after markets for district cooling systems. The sub-region has a hot climate ranging from 35°C to 55°C due to the sharp temperature rise, especially during the summers. Air conditioning uses more than 70% of all energy in Dubai because of the harsh temperature there. As a result, by 2030, the city wants to use district cooling to provide 40% of its cooling requirements. Regarding capacity, the most significant district cooling projects were finished in Qatar, Kuwait, and the United Arab Emirates.
The district cooling system in Qatar, The Pearl, has a cooling output of 450 MW overall and is currently thought to be the world's most extensive integrated district cooling system. Policy-imposed objectives, technological advancements, and a sharp increase in demand primarily drive the Middle East district cooling business. The Saudi district cooling market is also expected to increase during forecasting. The need for the worldwide district cooling market is anticipated to soar throughout the forecast period due to rising global temperatures.
Challenges:
District cooling systems require careful planning since they are both time and money intensive. The distribution network installation is relatively expensive. District heating and cooling require a sizable, centralised production and distribution network. A sizable, centralised cooling generation and distribution network is required for district cooling. As a result, manufacturing and distribution require significant capital investments. With a centralised location, several manufacturing technologies are used to obtain the lowest possible operational costs.
Around half of the first investments are used to build a distribution network. Construction of facilities, installing different pipeline networks, and providing extra connections to clients all require high upfront costs. Costs associated with manufacturing and delivery are so considerable. Hence, the initial investment requirements for district cooling limit the market's growth.
Regional Trends:
Geographically speaking, the Middle East and Africa have the biggest market share. The United Arab Emirates (UAE), Qatar, and Saudi Arabia, together with other wealthy and construction-intensive nations, are contributing to the region's dominance. Technological advancements will increase the capacity of the currently operating facilities and ongoing building initiatives.
Intense construction activities, projects, and corporate partnerships for technical improvement throughout the nation will boost the district cooling market forecast in the UAE. For instance, Empower received a USD 52.5 million contract in March 2022 to build a district chilling facility in Dubai that will deliver 23,500 refrigeration tonnes of environmentally friendly district chilling services to the Dubai Land Residential Complex (DLRC) province (RT).
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Segmentation of District Cooling Market-
By Production Technique-
- Free Cooling
- Absorption Cooling
- Electric Chillers
By Application-
- Residential
- Commercial
- Industrialization
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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