District Cooling Market is supposed to rise at a CAGR of 24.5% by 2032
With an estimated CAGR of 3% during the projected period, the district cooling industry share is expected to reach US$ 1.28 billion by 2032, finds a recent report published by FMI. The study finds that the rising demand for energy-efficient cooling technology proportionately reflects on the adoption of district cooling.
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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 gxrowth.
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.
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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.
Competitive Landscape
As a large pool of players are present in the district
cooling market, the nature of the market is fragmented. National Central
Cooling Company PJSC (TABREED) (UAE), Emirates Central Cooling System
Corporation (EMPOWER) (UAE), Emirates District Cooling, LLC (EMICOOL) (UAE),
and Qatar District Cooling Company (QATAR COOL) are the top players in the
global district cooling market.
The district cooling companies have been using
strategic initiatives such as contracts and agreements, investments and
expansions, partnerships, collaborations, alliances, and joint ventures to
capture a larger district cooling market share.
- Tabreed,
a leading district cooling company, signed a significant
strategic agreement with the International Finance Corporation (IFC), a
World Bank Group member and the world’s largest development agency focused
on the private sector in emerging economies, in December 2021. IFC has
invested more than USD 321 billion in emerging nations since its founding
in 1956.
- Empower
signed an agreement in November 2021 to acquire Dubai International
Airport’s district cooling systems, with a total cooling capacity of
110,000 refrigeration tonnes (RT), for a total value of AED 1.1 billion,
using an amalgamation of internal accruals and debt financing from local
and international banks with whom Empower has close strategic
relationships.
Key Segment
By Production Technique:
- Free
Cooling
- Absorption
Cooling
- Electric
Chiller
By Application:
- Residential
- Commercial
- Industrial
By Region:
- North
America
- Latin
America
- Europe
- Asia
Pacific
- The
Middle East and Africa
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