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The combined heat power (CHP) market accounted for over USD 150 billion in 2022. The growing adoption of renewable energy systems and integration of advanced technologies will contribute to the increased product demand. Also, ongoing government reforms aimed at energy conservation in conjunction with reducing carbon footprints will escalate the industry outlook. The growing focus on improving energy efficiency and optimizing the performance of DH systems will proliferate the espousal of these technologies. The rising need for energy-efficient systems to support constant construction activities will stimulate the market statistics. Governments and regulatory bodies are implementing policies and providing incentives to promote the technology implementation.
The growing need of environment-friendly technologies including waste heat and hot streams for generating energy has significantly strengthened the use of absorption cooling technology across the regions. The technology involves the use of waste incineration, CHP, and industrial waste heat to generate energy. In addition, it dissolves the vapor in an absorbent and transfers the resulting product to a high-pressure environment through a pump with low power consumption. Hence, the average increase in the surface temperature coupled with stringent regulatory norms toward sustainable DC technologies will boost the district heating & cooling market demand.
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The commercial district heating & cooling industry is projected to generate USD 300 billion revenues by 2032. Increasing adoption of sustainable building measures and codes along with shifting focus toward constructing green buildings will fuel the product penetration across emerging economies. Increasing investments toward the real-estate industry together with burgeoning service sector will accelerate the industry outlook. Additionally, the demand for efficient and environmentally friendly heating and cooling solutions in commercial buildings including retail spaces, offices, and hospitals will influence the business growth.
The residential district heating & cooling market is foreseen to register 7.5% growth rate between 2023 and 2032. The industry will witness a significant growth on account of growing construction activities of energy efficient residential building. The implementation of more stringent greenhouse gas (GHG) regulations and rising demand of renewable energy sources for power generation will further enhance the industry overview. Ongoing integration of heat pumps across residential premises and increasing shift toward decentralized energy systems will foster the business revenues.
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Asia Pacific district heating & cooling market is estimated to amass USD 220 billion by 2032. The region will witness notable growth owing to the development of climate action plans implemented by governments. Continuing execution of government policies supporting the transition to cleaner and more efficient solutions will stimulate the demand for district energy systems across the region. Furthermore, instant urbanization and increasing investments in residential developments in the region have positively impacted the industry. Growing energy security concerns related to the depletion of conventional energy sources will propel the adoption of district energy systems. The market for Europe district cooling will observe 3.2% growth rate through 2032.