Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- District Cooling Market size is projected to reach USD 51.01 billion in 2029, at a CAGR of 8.9% during the forecast period. The global District Cooling market size was USD 26.15 billion in 2021. District Cooling market is projected to rise during the forecast period due to commercial sector to exhibit significant growth as expansion of airports and shops growing. This information is published by Fortune Business Insights™ in a report, titled, “District Cooling Market, 2022-2029.”
Moderate Demand from Commercial Sector Impeded Growth Prospect
The commercial sector was hardest hit by the ravage of the COVID-19 pandemic, especially hotels and shopping malls. Moreover, supply chain disruptions in the manufacturing, aviation, and hospitality sectors did not bode well for the business forecast. A dip in demand for cooling systems compelled leading companies to rethink their strategies. Major players have upped investments in environment-friendly and sustainable cooling solutions to boost their market presence.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2029 |
| Forecast Period 2021 to 2029 CAGR | 8.9% |
| 2028 Value Projection | USD 51.01 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 28.16 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 184 |
| Segments covered | By Technology, End-user and Region |
| Growth Drivers | Bullish Installation of DC Technology and Reduced Energy Consumption Reshape Global Dynamics |
| Robust Adoption of DC Systems in the UAE to Propel the Middle East & Africa Market |
Market Drivers and Restraints:
Bullish Installation of DC Technology and Reduced Energy Consumption Reshape Global Dynamics
The installation of DC technologies across emerging and advanced economies could underpin the industry growth. Strong demand for energy-efficient systems is expected to redefine the market dynamics. The district cooling market share will witness a significant gain in the wake of the increasing need to minimize energy consumption. DC systems can save 30% to 45% more energy compared to traditional air and water-cooled air conditioners. Furthermore, global warming will prompt commercial, industrial, and residential sectors to inject funds into energy-efficient technologies.
Meanwhile, high capital outflow and lack of awareness are expected to challenge major companies gearing to boost their market presence.
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Regional Insights:
Robust Adoption of DC Systems in the UAE to Propel the Middle East & Africa Market
The Middle East & Africa is expected to emerge as a lucrative destination for DC manufacturers. According to the UAE government, Dubai aims to meet 40% of its cooling requirements through DC systems by 2030. The Middle East & Africa market size was valued at USD 10.08 billion in 2021 and will witness a similar trend due to the expansion of high-end luxury hotels in the UAE. Besides, the presence of leading companies and the implementation of favorable policies will solidify the region’s position in the global market.
The North America district cooling market growth will be noticeable during the assessment period. The regional outlook is largely attributed to investments in energy-efficient buildings across the U.S. and Canada. The International District Energy Association (IDEA) claims that nearly 400 systems serve cities and universities across North America. Additionally, retrofitting existing buildings could be a vital factor in saving energy.
According to a study, District Cooling (DC) technologies, including absorption and electric chillers have become sought-after across industries, houses, apartments, and offices. End-users, including commercial, residential, and industrial sectors are poised to seek energy-efficient refrigeration technology. A palpable dip in cooling energy consumption and a subsequent rise in demand for electric power will play an invaluable role in boosting the industry growth.
Market Segments:
Absorption Chillers to Gain Traction from Rising Demand to Minimize CO2 Emissions
In terms of technology, the market is segregated into absorption chillers, electric chillers, and others. The absorption chillers segment will gain considerable traction during the forecast period. The growth is partly attributed to reducing carbon dioxide emissions and decreasing the use of electrically operated cooling in the energy system.
Commercial Sector to Exhibit Significant Growth Due to Expansion of Airports and Shops
With respect to end-user, the market is segmented into industrial, commercial, and residential. The commercial segment could depict a notable growth due to rising investments in airports, shops, offices, and organizations.
Report Coverage:
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Competitive Landscape:
Stakeholders Focus on Environment-friendly Solutions to Tap into Markets
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development:
- January 2022 – Emirates Central Cooling Systems Corporation (Empower) announced that the company initiated supplying ‘Jumeirah Marsa Al Arab’ with its environment-friendly district cooling services.
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Major Players Profiled in the Report:
- ENGIE (France)
- National Central Cooling Company PJSC (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)
- Keppel Corporation Limited (Singapore)
- Ramboll Group (Denmark)
- Singapore Power Ltd. (Singapore)
- Vattenfall (Sweden)
- SNC-Lavalin (Canada)
Global District Cooling Market Segmentation:
By Technology
- Electric Chillers
- Absorption Chillers
- Others
By End-user
- Residential
- Industrial
- Commercial
Global District Cooling Market Segmentation:
By Technology
- Electric Chillers
- Absorption Chillers
- Others
By End-user
- Residential
- Industrial
- Commercial
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Key Industry Development
- Regulatory Landscape
- Porters Five Forces Analysis
- Value Chain 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) (Thousand RT), Insights and Forecast, 2018-2029
- 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
Continued…
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