WASHINGTON, June 07, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global District Heating Market finds that increase in concerns of recycling waste energies along with government subsidies & power taxes, and minimal impact on the environment in line with low dependency on conventional fuel for heat generation are some factors that bolster the growth of District Heating Market in upcoming years.
The Global Market revenue stood at a value USD 170.6 Billion in the year 2021.
The Global District Heating Market size is forecasted to reach USD 207.2 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period; states Vantage Market Research, in a report, titled “District Heating Market Size, Share & Trends Analysis Report by Source (Coal, Natural Gas, Renewable, Oil & Petroleum Products), by Type (Boiler, CHP, Others), by Application (Residential, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers: Fossil Free Living Drives the Market
The palpable shift from fossil fuels, considering the environmental determinants, the renewable energy sources have taken a considerable percent of market share in District Heating Market worldwide. During the Covid-19 lockdown period, renewable energy sources have gained an upper hand in the energy production. According to the study conducted by International Renewable Energy Agency (IRENA), the operational renewable energy projects have witnessed higher utilization rates than ever before during the Covid-19 period. District heating, being extremely flexible and it can accommodate all heat sources, including wind and solar, surplus heat from industrial, CHP, and boilers.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the District Heating market is predicted to grow at a CAGR of roughly 3.3% during the forecast period.
- The District Heating market was estimated to be worth roughly USD 170.6 Billion in 2021 and is expected to reach USD 207.2 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide District Heating market.
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Segmentation of the Global District Heating Market:
- Source
- Coal
- Natural Gas
- Renewable
- Oil & Petroleum Products
- Others
- Type
- Boiler
- CHP
- Others
- Application
- Residential
- Commercial
- Industrial
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Restraints: High Installation Cost Hinders the growth of the Market
Establishing a safe transmission and distribution line network is very expensive and calls for heavy initial capital requirement. Another major obstacle for investors is the cost of insulated pipes and their underground laying which requires high capital investment. Thus, high installation cost is the major obstacle in the growth of District Heating Market during forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on District Heating Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Largest Market Share
Asia Pacific Dominates the market owing to its low temperature conditions for most of the year. The heat generated by large industries and plants which would otherwise go waste is utilized for meeting all heating demands within the region. Various initiatives to curb the carbon emissions are further adding up to the increased demand for the District Heating Market in this region.
List of Prominent Players in the District Heating Market:
- Fortum (US)
- Vattenfall (Sweden)
- Engie (France)
- Danfoss (Denmark)
- NRG Energy (US)
- Statkraft (Norway)
- Shinryo Corporation (Japan)
- LOGSTOR (Denmark)
- Vital Energi (UK)
- Kelag (Austria)
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "District Heating Market Size, Share & Trends Analysis Report by Source (Coal, Natural Gas, Renewable, Oil & Petroleum Products), by Type (Boiler, CHP, Others), by Application (Residential, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/district-heating-market-874096
Recent Developments:
June 2018: Danfoss acquires additional shares of Leanheat (Finland) to strengthen its position within building energy optimization and management.
June 2018: Cypress Creek Renewables and NRG Energy partnered to provide renewable energy to commercial and industrial customers in Texas. With this partnership, Cypress Creek will develop and operate 25 megawatts of solar projects.
April 2018: Engie partnered with Axium Infrastructure (Canada) to provide district heating services for 6 Harvard-affiliated medical institutions in the US.
March 2018: Vattenfall installed new smart heat meters for district heating system in Berlin. The new smart meters have precise control that helps in optimum utilization of fuel to reduce CO2 emission.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the District Heating Market?
- How will the District Heating Market change in the upcoming six years?
- Which application and product will take a lion’s share of the District Heating Market?
- What is the District Heating market drivers and restrictions?
- What will be the CAGR and size of the District Heating Market throughout the forecast period?
This market titled “District Heating Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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