Pune, Aug. 18, 2020 (GLOBE NEWSWIRE) -- The global district cooling market size is poised to derive gain from the rapid urbanization and industrialization, coupled with the growing construction and infrastructural development activities that are further increasing the overall temperature of the earth. District cooling delivers chilled water through an insulated underground pipeline to various residential, commercial, and industrial infrastructures. This process involves a centralized distribution and production of cooling energy. As per a recent report 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 is expected to hit USD 39.94 billion by the end of 2026 from USD 21.88 billion generated in 2018. The forecast period is set between 2019 to 2026. The market is expected to rise at a CAGR of 7.77%.
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What is the Scope of the Report?
The report is based on an in-depth analysis of the market emphasizing on various parameters such as growth drivers, restraints, current artificial intelligence market trends, challenges, and opportunities. It also highlights various segments of the market, overall competitive landscape, and lists out the names of key players and their strategies. Furthermore, the report provides information on significant industry developments and other interesting insights. It is available for sale on the company website.
Drivers & Restraints-
Rise in Demand for Energy-Efficient Cooling Systems to Propel Growth
The increasing use of air conditioners has generated significant concern about greenhouse gas emission and the decreasing level of the ozone layer. This propels the need for efficient energy systems for cooling purposes. The mechanism used in district cooling systems do not cause harm to the environment and this acts as the primary growth driver for the market. Additionally, the increasing investments by the government and private institutions on research, development, and production of energy-efficient cooling systems to meet the growing demand for air conditioning is propelling the district cooling market growth.
On the flip side, the high cost of installation may hamper the market growth. This, coupled with the problems associated with site planning and operability in rural areas, may pose a major challenge to the market in the coming years.
Nevertheless, the increasing demand for energy-efficient and sustainable energy cooling systems and the utilization of treated sewage effluent (TSE) for district cooling are likely to create lucrative growth opportunities of the market in the future.
Segment:
Commercial Section to Hold Dominance Owing to Adoption of Massive Investment in Energy
Based on segmentation by end-user, the commercial segment earned 61.14% district cooling market share and emerged dominant. This is because a major part of the commercial segment utilizes energy for business purposes. This includes educational institutes, Business hubs, IT parks, airports, and other commercial buildings.
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Regional Analysis-
The Middle East and Africa Earned Major Share Owing to Rising Investment on Energy-efficient Cooling Systems Production
In 2018, the Middle East and Africa overtook North America to emerge dominant with a revenue of USD 7.79 billion. This is accountable to the MEA government initiatives for sustainable energy development and massive investment by private entities on energy-efficient cooling systems. Saudi Arabia and the U.A.E. are the most significant nations in the Gulf Cooperation Council (GCC), holding about 75% of the total district cooling market share. North America ranks second as most of the institutional buildings and airports in the United States utilize district cooling to suffice to the rising demand for air conditioning. Asia Pacific will also grow significantly in the coming years on account of the increasing need for air-conditioning and the rising concern about GHG emission. Japan and China are the leading nations in this regional market.
Competitive Landscape-
ENGIE to Emerge Dominant Stoked by Worldwide Expansion of Products
Presently, the competitive scenario of the global market is highly fragmented on account of the presence of many players. However, a French company called ENGIE has an extensive presence of its products across all geographies and has therefore, earned the lion’s share. Other players functioning in this market are investing heavily on new cooling capacity projects to gain a competitive edge in the market.
Major Industry Developments of the Market Include:
February 2019 – Capital Region Development Authority of Andhra Pradesh, India and National Central Cooling Company in the United Arab Emirates engaged in a joint venture for building a cooling system for the state capital, Amravati.
March 2019 – A new district cooling network was developed by ENGIE with a capacity of 30,000TR and 105MW to serve the community facilities of the Jurong Town Corporation, and the Singapore Institute of Technology. This is a master integrated plan, the first of its kind and will bring together community facilities, a university, and a business park in the Punggol District in Singapore.
List Of Key Players In District Cooling Market Are:
- Marafeq Qatar
- Danfoss
- Vattenfall
- Singapore Power Ltd.
- Keppel Corporation Limited
- Petronas
- Veolia
- Empower (Emirates Central Cooling System Corporation)
- ENGIE
- SNC Lavalin
- Stellar Energy
- Logstor
- Fortum
- Ramboll
- Shinryo Corporation
- Enwave Energy Corporation
- Emicool
- National Central Cooling Company (Tabreed)
- Other players
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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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