Pune, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The global district cooling market size is expected to reach USD 45.61 billion by 2027, exhibiting a CAGR of 9.4% during the forecast period. The increasing awareness about energy-efficient cooling technology will have a colossal effect on the global market, states Fortune Business Insights, in a report, titled “District Cooling Market Size, Share and COVID-19 Impact Analysis By Technology (Electric Chillers, Absorption Chillers, and Others), By End User (Residential, Industrial, and Commercial), and Regional Forecast, 2020-2027.” The market size stood at USD 23.34 billion in 2019.
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The coronavirus has disturbed and disrupted various businesses and organizations across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus amid pandemic. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
The report district cooling market includes:
- Essential insights into the market
- Newest trends and developments
- Dominant regions in the market
- Market obstructions and plans to recover financial loses
- Vital information about key players
- COVID-19 impact
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Market Driver:
Increasing Environmental Concerns to Spur Business Insights
The increasing global warming is formed into a worrisome predicament. Hence, many industries are taking strict measures to curb greenhouse gases. According to the National Oceanic and Atmospheric Administration (NOAA), the average global temperature has increased by around 1.4° F (0.8° C) over the past 100 years. The rising climate change will promote the deployment of district cooling systems in numerous industries, which, in turn, will aid the growth of the market. For instance, district cooling produced from a number of natural resources such as seawater or steam or electricity, making an eco-friendly option for its users. It can also diminish cooling consumption by half, thus decreasing electricity use. The growing knowledge about its eco-friendly benefit will further bolster the healthy growth of the market.
Disrupted Supply Chain to Hamper Market During COVID-19
The disturbances caused by the coronavirus have resulted in a halt on production and distribution. The district cooling plants are shut due to a shortage of labors and transportation problems. Moreover, the closed hotels and shopping malls have considerably contributed to the substantial drop in the demand for district cooling. In addition, the implementation of crisis management strategies to recover the loses will subsequently improve the market in the forthcoming years.
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Regional Analysis:
Rising Government Support to Aid Expansion in the Middle East
The market in Middle East & Africa is expected to experience a rapid growth rate owing to government support for the use of district cooling services. For instance, in Dubai, the government has planned to use district cooling services to meet 40% of its cooling capacity by 2030. The development of net-zero energy (NZE) buildings in the region will further influence the healthy growth of the market in the Middle East & Africa. The increasing government funding for the eco-friendly building will favor the market in the region. North America is expected to hold a significant share in the global market owing to the policy-related and programmatic activities to address energy efficiency in existing infrastructure. The growing demand for renewable energy production and distribution will aid development in North America. According to the International District Energy Association (IDEA), nearly 400 systems serve cities and campuses across North America.
Key Development:
March 2019: ENGIE announced the introduction of an integrated system for the district cooling network with a capacity of 30,000 RT which will serve the Jurong Town Corporation (JTC), the Singapore Institute of Technology (SIT), and the community facilities.
Lists Of Key Companies in the District Cooling Market:
- ENGIE (France)
- National Central Cooling Company (Tabreed) (UAE)
- Emirates Central Cooling System Corporation (Empower) (UAE)
- Emirates District Cooling LLC (Emicool) (UAE)
- Marafeq Qatar (Qatar)
- Stellar Energy (U.S.)
- ADC Energy Systems LLC (UAE)
- Shinryo Corporation (Japan)
- Logstor A/S (Denmark)
- Danfoss (Denmark)
- Veolia (France)
- Enwave Energy Corporation (Canada)
- Petronas (Malaysia)
- Keppel Corporation Limited (Singapore)
- Ramboll (Denmark)
- Singapore Power Ltd. (Singapore)
- Vattenfall (Sweden)
- SNC-Lavalin (Canada)
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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
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the District Cooling Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global District Cooling Market Analysis (USD Billion) (KRT), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Electric Chillers
- Absorption Chillers
- Others
- Market Analysis, Insights and Forecast – By End-user
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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