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District Cooling Market size surpassed USD 117 billion in 2021 and is projected to witness 4% CAGR from 2022 to 2028. Growing concerns owing to rising surface temperatures along with focused regulatory policies toward energy efficiency will foster the adoption of sustainable technologies.
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Stringent government norms & regulations to reduce Greenhouse Gas (GHG) emissions and climate changes combined with the introduction of plans & strategies to ensure energy efficiency will propel the industry demand. Robust investments in the development of sustainable technologies and shifting inclination toward the adoption of renewable resources will positively sway the market statistics. In addition, an upsurge in urban population, followed by reduced upfront cost and high standards of maintenance & operations will fuel the industry outlook.
|Market Size in 2021:||117 Billion (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||4%|
|2028 Value Projection:||153 Billion (USD)|
|Historical Data for:||2018 to 2021|
|No. of Pages:||370|
|Tables, Charts & Figures:||495|
|Segments covered:||Production Technique, Application|
|Pitfalls & Challenges:|
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The absorption district cooling market will observe significant due to high power costs and the excessive availability of low-cost waste streams. The ability of low carbon emissions and effective cooling capacity generation will further accelerate the product demand. Moreover, the rising average temperature range and the surging global warming index has instituted a favorable business scenario. Furthermore, the regulatory inclination toward green building, followed by the development of sustainable building codes & standards will stimulate the product penetration.
Ongoing deployments in renewable energy solutions and a decline in the use of environmentally damaging refrigerants will drive the demand for district-free cooling techniques. Strict regulatory reforms for zero-emission buildings coupled with government mandates for the adoption of clean and energy-efficient resources will further spur the market trends.
The commercial district cooling market is poised to experience growth of over 3% through 2028. Rapid industrialization and urbanization plus growing investments in the development of new manufacturing facilities will garner the demand for district cooling systems across the commercial sector. Additionally, the increasing space cooling demand across SEZs, colleges/universities, & government buildings accompanying the ongoing expansion of offices and hotels will sway the industry growth. Furthermore, the introduction of strict building emission mandates as well as, the continuous deployment of green building structures will fuel product installation in commercial applications.
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The North America district cooling market is predicted to reach around USD 85 billion by 2028. High penetration of commercial building structures besides rising measures to adopt energy-efficient DC systems will boost the industry statistics. Growing investments in the deployment of sustainable technologies coupled with continuous government efforts to decarbonize the energy sector with renewable integration will further complement product penetration across the region. However, the introduction of government policies to promote the usage of district energy systems will support the market revenue.
The pandemic outbreak considerably affected the overall industry owing to the shutting of various industrial & manufacturing facilities and a delay in several infrastructural projects, thereby impacting the overall demand for district cooling systems. However, government relaxations on lockdowns in line with the resuming of industries have augmented the market demand. Moreover, the district cooling systems will witness a surge in demand on account of increasing construction activities across residential and commercial establishments.
Inorganic growth ventures together with new product innovations, agreements, mergers, collaborations, and contracts among key players across the industry will augment the business spectrum. For instance, in March 2022, Empower won a contract worth USD 52.5 million to construct a new generation advanced district cooling plant and offer international standard-compliant eco-friendly district cooling services in the DLRC region. The construction of the plant facility will reach 47,000 RT out of the total production capacity upon the completion of all construction phases of the project.
Prominent players operating in the district cooling market include Emicool, Veolia, SNC Lavalin Group, PAL Group, Empower, Ramboll Group A/S, Qatar District Cooling Company, Siemens, Tabreed, ADC Energy Systems, DC Pro Engineering, Shinryo Corporation, Marafeq Qatar, Danfoss, Stellar Energy, Keppel Corporation Limited, Fortum, Wien Energie GmbH, Singapore Power Ltd., Vattenfall AB, Logstor A/S, Goteborg Energi, Helen Oy, Cetetherm, and ENGIE.
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Market, By Production Technique
Market, By Application
The above information has been provided for the following regions and countries: