District Cooling Market is growing at a CAGR of 3%, during the forecast of 2022-2032 | FMI
The District
Cooling Market is anticipated to grow steadily at a CAGR of 3%, from
US$ 930 Mn in 2021 to US$ 1.28 Bn in 2032.
“Due to the current coronavirus outbreak, healthcare
facilities will increasingly use energy-efficient district cooling systems.
Governments set stricter GHG emission limits, which improves the outlook for
the Middle East district cooling market.
Problems with the interface are frequent, particularly in
new construction. Planning at the highest level is necessary to resolve these
interface problems. The lack of equipment space presents the biggest
construction challenge for district cooling technology.
If industrial operations start up again and lockdowns are
lifted, there will be a greater demand for district cooling systems in the
Middle East.
Asia Pacific and South America, impressive demand
for district cooling technology is being observed in recent times.
Rapid urbanization and changing climatic conditions are the propellers for
adopting central cooling systems in the significant buildings of these regions.
The global District Cooling System industry is expected to
grow at a 3 percent CAGR, reaching US$ 1.28 Bn by
2032 from US$ 930 Mn in 2021.
To know more@
https://www.futuremarketinsights.com/reports/district-cooling-market
“Due to the current coronavirus outbreak, healthcare facilities
will increasingly utilise energy-efficient district cooling systems.”
Governments enforce stricter GHG emission limitations, improving the prospects
for the Middle East district cooling sector.”
Moreover, the global concern for rising temperatures and
environmental pollution has inspired governments to implement more sustainable
methods of energy utilization. As a result, the district is heating and
cooling markets are emerging as the energy-efficient and
environment-friendly alternative against traditional refrigerators in almost
every world.
Asia Pacific nations are at the forefront of adopting green
energy consumption methods, which translates into the highest growth potential
for the regional market.
The adoption of district cooling systems around the world
has stemmed from rapidly rising temperatures and the proven viability of
district cooling plants over time. However, the study finds that the district
cooling market in Asia Pacific has shown an impressive growth.
With an increasing awareness of the need for energy
conservation, a District Cooling Plant concept has acquired even more traction.
The sales of district cooling are likely to rise as the need for
energy-efficient technologies rises to meet the ongoing construction boom.
Continued deployment of viable and sustainable cooling
systems to accomplish energy-saving targets and increased production of
sustainable building solutions is anticipated to support the district cooling
industry.
Furthermore, the growing use of renewable
technology, combined with strict regulatory requirements to reduce pollution,
would spur the district cooling market growth. Furthermore, severe climate
circumstances would encourage district cooling due to rising surface
temperature levels in the Middle East, Central Europe, and South Asian nations.
Furthermore, over the forecasted period, total demand is increasing.
The population in tropical and hot temperature zones
requires cooling to be more comfortable, particularly during the summer. As a
result, air conditioner ownership is on the rise in these areas, according to
the International Energy Agency (IEA). One of the most advanced markets for
district cooling is the Middle East.
The Middle East has been experiencing an increase in
temperature in the summer, with temperatures exceeding 50 degrees Celsius,
necessitating the adoption of district cooling. When establishing a district
cooling system, the limited availability of space for operating construction
equipment is a significant construction issue.
Other building obstacles include transporting equipment to a
particular site and coordinating the efforts of the many contractors. One of
the significant issues is ensuring that space for chiller plants and
distribution pipelines is available. It isn’t easy to keep a district cooling
plant running at near-total capacity all year. All-in-all, the district cooling
market size is expected to reach a valuation of US$ 1.2 Bn by 2026.
Key Takeaways:
- During
the projection period, the electric chillers market is predicted to be the
largest segment in the district cooling market by production technology.
- During
the forecast period, the commercial segment is likely to be the leading
proportion in the sales of the district cooling market by application. The
expansion of the commercial segment of the district cooling market is
predicted to be fuelled by the development of new infrastructure in Middle
Eastern countries and the growing requirement for businesses to decrease
their carbon footprint.
- Asia’s
major markets include Japan, India, Malaysia, Singapore, China, and South
Korea. The Indian government has outlined ambitious projects like Smart
Cities and Smart Grid, which are anticipated to drive the market in the
coming years.
- Attributed
to the increasingly affluent population and increased construction
activity, the Middle East and Africa are likely to dominate most of the
district cooling market opportunities, particularly in nations like the
United Arab Emirates, Saudi Arabia, and Qatar.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research
organization and a member of Greater New York Chamber of Commerce) provides
in-depth insights into governing factors elevating the demand in the market. It
discloses opportunities that will favor the market growth in various segments
on the basis of Source, Application, Sales Channel and End Use over the next
10-years.
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