Pune, May 28, 2020 (GLOBE NEWSWIRE) -- The global district cooling market size is projected to reach USD 39.94 billion by the end of 2026. The rising industrial manufacturing units across the world will aid the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “District Cooling Market Size, Share & Industry Analysis, By End User (Residential, Industrial, and Commercial), By Technology (Electric Chillers, Absorption Chillers, and Others), and Regional Forecast, 2019 - 2026,” the market was worth USD 21.88 billion in 2018 and will exhibit a CAGR of 7.77% during the forecast period, 2019-2026.
District cooling is a centralized system that involves production and distribution of cooling energy in large spaces. The system is widely used in industrial as well as manufacturing units across the world. It is widely used in areas where cooling is essential including places where machinery and equipment are operating for a long time. The presence of several large scale companies in this market is attributable to the rising demand for district cooling across the world. Technological advancements have played a huge role in the growth of the market in recent years. The increasing adoption of district cooling systems in commercial as well as residential spaces will bode well for the market in the coming years.
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An Overview of the Impact of COVID-19 on this Market:
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Rising Concerns Surrounding Greenhouse-gas Emissions Will Lead to a Wider Product Adoption
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing greenhouse gas emissions resulting from the use of several equipment will create a subsequent demand for district cooling systems across the world. The excessive use of air-conditioning systems has raised several concerns over the emission as well as adverse effects of several greenhouse gases. ACs have several benefits but the fact that they emit harmful gases into the atmosphere has indirectly raised concerns. The aforementioned factors are direct contributors to global warming. This has created a demand for a sustainable alternative among end-users across the world. The high investments in technological integration have yielded products of the highest caliber and high efficiency. Thus, the increasing demand for district cooling will have a positive impact on the global district cooling market in the foreseeable future.
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The MEA to Account for the Highest Share; Atmospheric Temperature has Played a Huge Role in Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in the Middle East and Africa is projected to emerge dominant in the coming years. The construction and infrastructure development projects have led to a huge adoption of district cooling system across the region. The rapid urbanization in several countries across this region will aid the growth of the market in the coming years. Moreover, the efforts put in by government organizations to maximize the use of solar energy will contribute to the growth of the market. As of 2018, the market in the Middle East and Africa was worth USD 7.79 billion and this value is projected to increase further in the coming years. Besides MEA, the market in North America will also witness considerable growth in the foreseeable future. The huge adoption of district cooling systems at airports as well as institutional buildings will bode well for the growth of the regional market.
Industry Developments:
March 2019: Engie has been developing a district cooling network (30,000TR, 105MW) with the aim of serving the needs for the Jurong Town Corporation, the Singapore Institute of Technology and the community facilities.
February 2019: National Central Cooling Company (Tabreed) announced that it has signed an agreement with the Andhra Pradesh Capital Region Development Authority to build district cooling system in the state’s capital Amaravati.
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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
- Value Chain Analysis
- Global District Cooling Market Analysis, Insights, and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Technology (USD Billion) (‘000 RT)
- Electric Chillers
- Absorption Chillers
- Others
- Market Analysis, Insights, and Forecast – By End User (USD Billion) (‘000 RT)
- Residential
- Industrial
- Commercial
- Market Analysis, Insights, and Forecast – By Region (USD Billion) (‘000 RT)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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