India, Pune, July 31, 2023 (GLOBE NEWSWIRE) -- The global District Cooling Market size was valued at USD 27.12 billion in 2022 and is expected to be worth USD 28.19 billion in 2023. The market is projected to reach USD 44.46 billion by 2030, recording a CAGR of 6.72% during the forecast period. Fortune Business Insights™ displays this information in a report titled, "District Cooling Market, 2023-2030."
District cooling is a type of centralized system that offers cooling to numerous buildings in its vicinity. It is widely used in many residential and commercial spaces, such as households, apartments, offices, government buildings, and many other areas. Since customers are becoming more aware of the harmful effects of using conventional cooling systems on the environment, they are increasing their reliance on these cooling solutions. Moreover, the rising demand for energy-efficient refrigeration solutions will boost the district cooling market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2022 to 2029 CAGR | 6.72% |
| 2030 Value Projection | USD 44.46 Billion |
| Base Year | 2021 |
| Market Size in 2023 | USD 28.19 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 286 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Market Support Will Come from Adequate Government Support for Mining Activities |
| High Versatility of Rotary Bits to Boost Segment Growth |
Key Industry Development:
September 2022: The National Central Cooling Company, also known as Tabreed, signed an agreement worth USD 83.43 million with Egyptians for Healthcare Services (EHCS) to deliver district energy services to CapitalMed, its new healthcare city project. With this move, Tabreed plans to expand its presence in Egypt.
Drivers and Restraints:
Demand for Sustainable and Energy Efficient Cooling Solutions to Drive Market Growth
The demand for sustainable energy solutions is rising across cities across the world. District cooling solutions offer an eco-friendly and more energy-efficient alternative for cooling various buildings as compared to traditional air conditioners. Moreover, due to rapid growth in the global population and large-scale urbanization, the demand for buildings and other vital infrastructure is growing at a strong pace. These factors have fueled the demand for energy-saving and sustainable building designs. These cooling systems can play a vital role in helping end-users reduce their electricity bills as they use a centralized cooling plant to offer cooling to multiple buildings simultaneously. These factors are expected to boost the product demand.
However, the growing access to alternative cooling technologies might hamper the market growth.
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COVID-19 Impact:
COVID-19 Pandemic Boosted Product Demand Despite Initial Challenges
While the COVID-19 pandemic caused several supply chain challenges during the initial stages, the installation of district cooling systems increased during this period. As these supply chain issues worsened, they resulted in the shortage of various supporting devices. The market is witnessing encouraging growth in GCC economies as these nations have an extremely hot climate, which boosted the demand for these systems.
Segments:
High Coefficient Performance to Enhance Adoption of Electric Chillers
Based on technology, the market is segmented into electrical chillers, absorption chillers, and others. The electric chillers segment is expected to hold a dominant district cooling market share during the forecast period as these coolers have better coefficient performance and take less than 50% floor space.
Rising Establishment of Commercial Complexes to Boost Product Demand
Based on end-user, the market is segmented into commercial, residential, and industrial. The commercial end-user segment is the dominating segment in the market as the commercial segment is showing robust growth. These cooling systems usually find robust use in offices, shops, airports, and companies.
The global market has been analyzed across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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Report Coverage:
The report offers a detailed analysis of the industry and highlights important areas such as top companies, product/service types, and key applications of the product. It also provides valuable insights into the latest market trends and highlights key industry developments. Besides the factors above, the report encompasses several factors that contributed to the market’s growth in recent years.
Regional Insights:
Middle East & Africa to Dominate Global Market Due to Extreme Climatic Conditions
The Middle East & Africa region is expected to hold a dominant market share during the forecast period as the region has extremely hot climatic conditions. The region’s commercial and residential sectors are also expanding at a notable rate, further improving the regional market’s growth.
North America will also be a viable market for district cooling solutions as many programs and policies have been launched by the regional governments to boost energy efficiency in existing buildings.
Competitive Landscape:
Market Leaders to Boost Production Capacity to Keep Up With Rising Product Demand
Among many companies involved in this market, ENGIE captured the largest share as the company has a major stake in Tabreed, a leading firm in the Gulf state urban climate control systems market. This has made ENGIE the world’s largest independent player in the urban cooling networks.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
- Danfoss (Denmark)
- ENGIE (France)
- Tabreed National Central Cooling Company PJSC (UAE)
- Emirates Central Cooling System Corporation (Empower) (UAE)
- Emirates District Cooling LLC (Emicool) (UAE)
- Stellar Energy (U.S.)
- Marafeq Qatar (Qatar)
- Shinryo Corporation (Japan)
- Veolia (France)
- Keppel Corporation Limited (Singapore)
- Ramboll Group (Denmark)
- Vattenfall (Sweden)
- Gas District Cooling (M) Sdn Bhd (Malaysia)
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Table Of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions & Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insight on Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the District Cooling Market
- Global District Cooling Market (Thousand RT, USD Billion) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights, and Forecast – By Technology
- Electric Chillers
- Absorption Chillers
- Others
- Market Analysis, Insights, and Forecast – By End-User
- Residential
- Industrial
- Commercial
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America District Cooling Market (Thousand RT, USD Billion) Analysis, Insights, and Forecast, 2019-2030
- Key Findings
- Market Analysis, Insights, and Forecast – By Technology
- Electric Chillers
- Absorption Chillers
- Others
- Market Analysis, Insights, and Forecast – By End-User
- Residential
- Industrial
- Commercial
- Market Analysis, Insights, and Forecast – By Country
- U.S. Market Analysis, Insights, and Forecast – By End-User
- Residential
- Industrial
- Commercial
- U.S. Market Analysis, Insights, and Forecast – By End-User
Continued...
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