District Cooling Market - Global Industry Analysis, Size, Growth , Trends and Forecast 2024
The
global district cooling market is predominantly run by regional players
due to the high preference for local products among consumers, finds a
new study by Transparency Market Research (TMR). The leading
participants in this market are focusing aggressively on product
innovation and advancements, which is likely to increase the competition
within the market over the next few years.
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Aecon
Group Inc., Enwave Energy Corp, Veolia, Engie, Keppel, Singapore
District Cooling Pte Ltd., Emirates District Cooling LLC, Qatar Cool,
and Frio Brasil Refrigeracao Ltda are some of the leading players in the
global district cooling market, states the report.
As
per the Research Report, the global market for district cooling is
likely to expand at a 5.10% CAGR during the period from 2015 to 2024,
surging from a value of US$11.1 bn in 2015 to US$17.3 bn by the end of
the forecast period. The commercial sector has emerged as the leading
application area of district cooling and is expected to remain so thanks
to the swift rise in the commercial sector across the world. The
increasing focus on energy saving and the burgeoning demand for BREEAM
and LEED-certified buildings are also expected to fuel the usage
district cooling in this sector over the forecast period.
Middle East and Africa to Acquire Dominance, Surpassing North America by 2024
The
report also analyzes the worldwide market for district cooling on the
basis of its geographical reach. According to the study, the Middle East
and Africa, North America, Latin America, Asia Pacific, and Europe are
the key regional markets for district cooling across the world. In 2015,
North America surfaced as the most prominent regional market for
district cooling with a share of nearly 48% in the overall market.
Though
this regional market is likely to witness significant growth over the
forecast period, thanks to the increasing levels of temperature, rising
incentives for the adoption of renewable resources of energy, and the
efficient usage of energy resources, the market in the Middle East and
Africa is likely to surpass the former by 2024 due to the high potential
for DC development, supported by its hot climatic conditions.
Apart
from this, the growing adoption of technology to reduce carbon
emissions, rise in district cooling installation and industrial
activities are also anticipated to boost the Middle East district
cooling market over the next few years. Saudi Arabia, UAE, Qatar,
Bahrain, Kuwait, and Oman are likely to surface as the key domestic
markets for district cooling in the Middle East and Africa, states the
research report.
Rise in Urbanization to Boost Demand for District Cooling
“The
significant rise in the real estate sector, globally, thanks to
increasing urbanization, particularly in Asia Pacific and the Middle
East and Africa, has the most prominent impact on the demand for
district cooling across the world,” states the author of the study. The
soaring consumption of building energy for heating and cooling
requirements and the increasing construction of high rise buildings in
North America, Europe, and the Middle East and Africa, fueled by the
growing population, worldwide, are expected to raise the need for
mechanical means of air conditioning and energy consumption, which
eventually is anticipated to reflect on the sales of district cooling
machinery substantially in the near future.
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Apart
from this, the peak electricity demand and the rising greenhouse gas
emissions are also projected to increase the demand for district cooling
services as a sustainable energy solution over the next few years,
boosting the growth of this market significantly. However, the high
initial costs incurred in district cooling projects may hamper the
progress of this market to some extent in the years to come, notes the
study.
The
study presented here is based on a report by Transparency Market
Research (TMR), titled “District Cooling Market (Application -
Residential, Commercial, and Industrial) - Global Industry Analysis,
Size, Share, Growth Trends and Forecast 2016 - 2024.”
The district cooling market has been segmented as follows:
By Region
-North America
-The U.S.
-Canada
-Europe
-Denmark
-Sweden
-Austria
-Germany
-France
-Finland
-Italy
-Rest of Europe
-Asia Pacific
-China
-Malaysia
-Philippines
-Singapore
-India
-Indonesia
-South Korea
-Japan
-Rest of Asia Pacific
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