Hyderabad, July 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "District Heating Market Report (2023-2028)," the market is estimated at USD 51.80 billion in 2023. It is expected to register a CAGR of 1.59% during the forecast period.
District heating is a system that distributes heat produced centrally through insulated pipes for heating water and spaces in homes and commercial buildings. Industrial district heating has limited potential, but it can save electricity and reduce fossil fuel usage by 11% and 40%, respectively, reducing global carbon dioxide emissions. Machine learning is used to optimize heat production and reduce heat loss in district heating systems, and intelligent algorithms can detect faults and inefficiencies. Supportive government initiatives are expected to encourage market growth in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 51.80 billion |
| Market Size (2028) | USD 56.05 billion |
| CAGR (2023-2028) | 1.59% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Aggressive climate objectives. |
| Attempt to integrate renewable energy sources. |
Who are the Top Companies in the Global District Heating Market?
The market is moderately competitive and has many global and regional players. To gain a competitive advantage and expand their presence, these players are investing more in R&D while engaging in strategic collaborations and other organic and inorganic growth tactics.
The significant players in the global district heating market are,
- Vattenfall AB
- SP Group
- Danfoss Group
- Engie
- NRG Energy Inc.
- Statkraft AS
- Logstor AS
- Shinryo Corporation
- Vital Energi Ltd
- Göteborg Energi
- Alfa Laval AB
- Ramboll Group AS
- Keppel Corporation Limited
- FVB Energy
Other Reports That Might Be of Your Interest:
- United Kingdom District Heating Market Report - The UK district heating market size is expected to grow from USD 1.44 billion in 2023 to USD 1.68 billion by 2028, at a CAGR of 3.20% during the forecast period (2023-2028).
- Personal Cooling Devices Market Report - The personal cooling device market is expected to witness a CAGR of over 5.2% over the next five years.
Key Highlights from the Global District Heating Market Report:
Growth in the Residential Segment
- District heating is widely used in industrialized nations. It offers advantages over individual building equipment, including improved safety, lower emissions, and fuel flexibility with alternative fuels. Previously, district heating relied on byproducts of power plants, waste-to-energy facilities, and industrial activities. Countries like Sweden are now integrating more renewable sources.
- District heating is commonly used in single-family houses, multi-family dwellings, high-rise buildings, and mega townships for space and water heating.
- Well-established district heating markets exist in cold-climate countries like Denmark, Iceland, Germany, the United States, other EU countries, and Canada.
Opportunities in Asia-Pacific
- Governments in the Asia-Pacific region are collaborating with local businesses to develop the district heating market. Modern district heating systems are crucial for Southeast Asian countries to address air pollution and its associated economic costs and premature fatalities.
- India and Australia are significant markets in the region, with increased investment in district heating and cooling solutions and government initiatives promoting these solutions.
- China is also witnessing growth in its district heating market, driven by rising disposable income, increased concerns about CO2 emissions, and high usage of heating and cooling systems.
What are the Latest Developments in the Global District Heating Market?
- In April 2023, Danfoss Group expanded its Z-design range of Micro Plate Heat Exchangers and announced new options for OEMs that are ideal for scroll chillers.
- In October 2022, ENGIE acquired a 6 GW portfolio of solar, paired, and stand-alone battery storage development projects from Belltown Power US.
Mordor Intelligence has Segmented the Global District Heating Market Based on Plant Type, Heat Source, Application, and Geography.
- By Plant Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Boiler
- Combined Heat and Power (CHP)
- By Heat Source (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Coal
- Natural Gas
- Renewables
- Oil and Petroleum Products
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Residential
- Commercial and Industrial
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Europe
- Asia-Pacific
- Rest of the World
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global District Heating Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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