New York, US, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “District Cooling Market Research Report Information By Production Technique, Operations, End User- Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 51.7 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.3% during the assessment timeframe.
District Cooling Market Overview:
District cooling (DC) is a system that supplies processed cooling to air-conditioning using chilled water. Major cities with downtown or commercial places use district cooling systems. District cooling systems are never used citywide. The low-temperature difference makes district cooling distribution expensive, so district cooling networks can only be built in areas with high cooling demand densities, such as downtowns and commercial areas.
Advanced heating and cooling solutions can reduce greenhouse gas emissions while improving resident comfort. Governments are increasingly realizing that improving the performance of district cooling in public bodies' buildings and data centers is crucial to ensure economic growth and meet green targets. Also, prioritizing investments in green projects pays off well, benefiting to government's climate agenda.
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Key Players Leading the District Cooling Market Include-
- Danfoss (Denmark)
- Veolia (France)
- Emirates District Cooling, LLC (UAE)
- Alfa Laval AB (Sweden)
- Shinryo Corporation (Japan)
- ADC Energy Systems LLC (UAE)
- National Central Cooling Company PJSC (UAE)
- Daikin Industries Ltd. (Japan)
- SNC-Lavalin (Canada)
- Emirates Central Cooling System Corporation (UAE)
- Keppel Corporation Limited (Singapore)
- Qatar District Cooling Company (QATAR)
- Stellar Energy (USA)
- Engie (France)
District Cooling Market Report Scope:
| Report Metric | Details |
| District Cooling Market Revenue forecast in 2030 | USD 51.7 Billion |
| District Cooling Market Growth Rate | CAGR of 7.3% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing need for energy-efficient cooling technologies |
| Key Market Drivers | Rising urbanization and industrialization in emerging nations |
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Industry Trends
With growing global warming concerns, temperatures are scorching, and people are experiencing an increase in the intensity and frequency of heat waves each year. Extreme heat events are leading to more deaths globally. As the warming level increases, breaching critical points, environmental impacts are worsening, posing significant risks to living beings.
The rise in temperatures can also adversely impact data centers, perishable foods & ancillary agriculture services, and the supply of health services like vaccines, medicines, etc. Given these scenarios, access to sustainable, environment-friendly cooling systems is important. Governments also emphasize the use of recycled water in district cooling operations and the rationalization of electricity consumption.
District cooling systems supply chilled water produced in a central plant to buildings through an insulated pipe network, thereby enabling free cooling and decreasing power consumption substantially. These systems can also make use of natural water sources, such as rivers, lakes, and seawater, to exchange heat. These systems offer better utilization of building structures and allow for peak shaving through thermal energy storage.
District cooling systems leverage economies of scale by eliminating the need for independent AC units for buildings. Thus, reducing capex requirements and meeting the growing demand for peak cooling capacity in the buildings. Furthermore, DC systems are more energy efficient than AC systems, and they ensure minimal to zero refrigerant leakage.
While DC systems have already gained significant prominence across major countries worldwide, they are yet to be recognized as a cross-cutting technology supplemented through adequate interventions at the state and central levels. Governments are taking up projects and initiating regulatory mandates in city bylaws and fiscal incentives to make substantial energy savings and widen access to cost-efficient cooling systems.
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District Cooling Market Segments
The district cooling market is segmented into production techniques, operations, end-users, and regions. The production technique segment is sub-segmented into free cooling, absorption chillers, and electric chillers. The operation segment is sub-segmented into storage, distribution, and production. The end user segment is sub-segmented into residential, commercial, and industrial. Further, the region segment is sub-segmented into the Americas, Asia-Pacific, Europe, and rest-of-the-world.
District Cooling Market Geographical Analysis
The Middle East & Africa (MEA) region dominates the global district cooling market. The region demonstrates the enormous potential for the use of district cooling systems due to its harsh weather conditions requiring year-round cooling. Besides, the implementation of costly glass exteriors for hotels, airports, workplaces, etc., substantiates the market demand, resulting in generating extremely high temperatures inside.
Especially the Middle Eastern government has realized that district cooling systems can meet the region's refrigeration and cooling needs. Also, the combination of dispersed generation of electricity and waste heat utilization can offer a long-term solution to increasing numbers of hotels, residential complexes & commercial buildings, retails & malls, and other structures.
The Asia Pacific region is another lucrative market for district cooling systems. Rising deployments of district cooling systems in a number of offices and commercial spaces escalate market revenues. Moreover, the increase in urbanization and government initiatives to ensure the utilization of energy-efficient district cooling systems in newly constructed office buildings substantiate the region's district cooling market size.
India, Australia, and Indonesia are the largest markets for district cooling solutions, with growing industrialization and rising spending on energy-efficient cooling systems in commercial constructions. India represents a compelling market for district cooling products with its robust commercial construction growth. International players are increasingly expanding their footprints into the Indian market, forming exclusive reseller agreements with local players.
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District Cooling Market Competitive Analysis
This market appears highly competitive, with the presence of prominent companies having an international and regional presence. These companies aggressively target increased participation through collaborations to expand their operations and offerings to target potential clientele. The market would witness intensified competition with innovations, increased R&D investments, and M&A.
For instance, on Dec. 08, 2022, Keppel DHCS/Infrastructure, a subsidiary of Keppel Corp, announced that it has spent about $311,000 to increase its stake in a district cooling system (DCS) project in Bangkok, Thailand.
The project worth THB7.5 BN is awarded by the Property Management of Chulalongkorn University (PMCU) to a consortium comprising Keppel DHCS, Thai renewable energy company BCPG, and Thai engineering consultancy, for the DCS project. The consortium partners would form a JV to design, build, operate, and transfer the DCS plant and design, build, own, operate, and transfer the DCS assets. Keppel DHCS would lead the DCS plant's operations and maintenance for the next 20 years.
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