Pune, India, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The global District Heating Market size is projected to reach USD 204.74 billion by the end of 2027. The massive investments in the integration of these heating units in industrial manufacturing units will have a huge impact on the growth of the market. According to a report published by Fortune Business Insights, titled “District Heating Market Size, Share & COVID-19 Impact Analysis, By Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products, and Others), By Plant Type (Boiler, CHP, Others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2020-2027the market was worth USD 173.42 billion in 2019 and will exhibit a CAGR of 2.2% during the forecast period, 2020-2027.
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District heating is the process of circulating heat through a centralized system through insulated pipes. This heat is generated through a system that involves the mechanism on energy generation through electricity or natural resources. The use in commercial, industrial, and residential sectors will bode well for the growth of the overall market in the coming years. Technological integration has played a massive role in the growth of this market, specifically in the past few years. The massive investments in technological integration indicate the potential held by district heating across the world. The increasing applications and subsequently rising demand across the world will bode well for the growth of the overall district heating market in the coming years.
List of companies profiled in the report:
- Danfoss Group (Denmark)
- Ramboll (Denmark)
- Dall Energy (Denmark)
- Veolia (France)
- Helen (Finland)
- Alfa Level (Sweden)
- GE (United States)
- COWI (Denmark)
- Statkraft (Norway)
- Uniper (Germany)
- ENGIE (France)
- ABB (Switzerland)
- Kelvion (Germany)
- GRUNDFOS (Denmark)
- E.on Energy Services (Germany)
- FVB Energy Inc. (United States)
- NextGen Heating (United Kingdom)
Reduced Construction Activities during Covid-19 Pandemic will have an Adverse Effect on Market Growth
The recent coronavirus outbreak has created a sense of panic across the world. With several businesses coming to a halt altogether, the pandemic has brought down the economies of major countries across the world. The strict measures implemented by governments across the world to curb the spread of the disease have unfortunately affected several businesses. The decrease in a number of construction and building activities, as well as the slowdown in manufacturing processes, have resulted in a drop in the demand for district heating across the world. As a result, companies in this sector will find it increasingly difficult to operate, given that the market will shape up as a tightly constrained environment.
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Several High-Budget Projects have Been Lined up in the District Heating Sector
The report encompasses several factors that have contributed to the growth of the overall market in recent years. It is observed that numerous projects have been initiated in recent years that revolve around district heating. The rising number of building and construction activities across the world has already given the platform for companies in this sector but the increasing number of high-budget, as well as high-profile projects, will subsequently aid the growth of the market in the coming years. In August 2019, Nicola Sturgeon announced the launch of a new £6 million project. The project will be developed in collaboration with Scottish Water Horizons. Such large-scale projects will bode well for the growth of the overall market in the coming years.
Asia Pacific Holds Highest Potential for Immediate Growth; Increasing Efforts Towards Sustainability Will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Among all regions, the market in the Asia Pacific is projected to rise at the highest CAGR in the coming years. The rising demand for sustainable energy and the efforts taken to maximize the use of renewable sources will emerge in favor of the growth of the regional market. Although the market in Europe currently dominates the global space, Asia Pacific holds the highest potential as far as short-term growth is concerned. As of 2019, the market in Europe was worth USD 137.18 billion, and this value is projected to rise at a considerable pace in the coming years.
Industry Developments:
October 2019 –The Ministry of Mining and Energy announced that it will sponsor six municipal corporations in Serbia to switch from fossil fuels to biomass.
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Part 2 ::
The global district cooling market size is expected to experience significant growth by reaching USD 47.64 billion by 2028 while exhibiting a CAGR of 8.7% between 2021 and 2028. Fortune Business Insights in its report, titled “District Cooling Market, 2021-2028.”, mentions that the market stood at USD 24.63 billion in 2020. The growing demand from the Middle East countries and the increasing demand for energy consumption in cooling systems will boost the adoption of the product during the forecast period.
Reduced Industrial Operations amid COVID-19 Affecting Market Growth
The lockdown announced by the government agencies has led to reduced industrial activities leading to supply disruption. Moreover, the limited availability of the workforce and decreased demand is hampering the growth prospects of several industries. However, the post-pandemic situation is likely to favor the market growth with the resumption of industrial operations by implying the stringent regulations set by the government to contain the spread of the novel coronavirus.
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Market Segmentation:
Based on technology, the market is trifurcated into electric chillers, absorption chillers, and others. On the basis of end-user, the market is divided into residential, industrial, and commercial.
- Based on the end-user, the commercial segment held a market share of about 73.1% in terms of revenue in 2020. The segment is anticipated to experience considerable growth backed by the growing demand for advanced district cooling systems due to temperature rise from several commercial establishments worldwide. These include institutions, government, offices, airports, organizations, and shops.
Lastly, on the basis of region, the market is categorized into North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaborate that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years
DRIVING FACTORS
Increasing Demand from the Middle East Region to Promote Growth
According to the UAE Government, the air conditioning sector in Dubai represents around 70% of electricity consumption owing to extreme weather conditions. The Middle East region generally experiences extreme hot climatic conditions with average temperatures hovering around 35 to 550 Celsius. The rising electricity consumption has propelled the government to implement sustainable initiatives to ensure optimum energy-efficiency. This has led to the high adoption of DC systems to meet the growing demand for cooling mechanisms. For instance, in January 2021, the National Central Cooling Company PJSC (Tabreed) signed an agreement with Miral. The agreement includes providing DC services to SeaWorld, Abu Dhabi. Therefore, the surging demand from the Middle East countries is anticipated to favor the global district cooling market growth during the foreseeable future.
REGIONAL INSIGHTS
The Middle East & Africa to Remain Dominant; Supportive Government Initiatives to Spur Demand
Among all the regions, the Middle East & Africa is expected to remain at the forefront and hold the largest global district cooling market share in the forthcoming years. This is attributable to the supportive government initiatives that are boosting the demand for innovative DC systems in the region. For instance, the Government of Qatar is funding the development of state-of-the-art facilities in accordance with the upcoming FIFA World Cup 2022. The region stood at USD 9.28 billion in 2020.
The market in Asia-Pacific is expected to showcase exponential growth in the forthcoming years. This is due to the increasing focus on the development of smart cities and smart grid infrastructures that will propel the demand for advanced district cooling systems in countries such as India, China, Singapore, and South Korea in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Facility Expansion by Major Companies to Brighten Their Market Prospects
The market comprises small, medium, and large companies striving to maintain their stronghold by expanding their production facilities to increase the uptake of the district cooling systems to cater to the growing consumer demand worldwide. Additionally, the adoption of strategies such as partnership, collaboration, and merger and acquisition by other key players is expected to bode well for the growth of the market.
Industry Development:
October 2020 - Emirates Central Cooling Systems Corporation (Empower) secured a set of contracts worth AED 190 million that includes construction of their fourth district cooling plant in Business Bay, Dubai. The new plant, according to the company, will have a capacity of 50,000 refrigeration tons (RT).
List of the Companies Operating in the Global Market:
- 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)
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