Pune, Sept. 25, 2019 (GLOBE NEWSWIRE) -- The cost-effectiveness and flexibility of district heating systems will contribute positively to the global district heating market, says Fortune Business Insights in a report, titled “District Heating Market Size, Share & Industry Analysis, By Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products, and Others), By Plant Type (Boiler, CHP, Others), By Application (Residential, Commercial, Industrial), and Regional Forecast, 2019-2026.” According to the report, the global district heating market was valued at USD 172.83 Billion in 2018 is predicted to reach USD 237.53 Billion by 2026 at a CAGR of 4.11% during the forecast period.
According to the report, the global district heating market on the basis of heat source is segmented into coal, natural gas, renewables, oil & petroleum products. Natural gas-powered district heating systems will hold maximum share in the global district heating market owing to the advantages of natural gas such as lower costs and fewer carbon emissions with excellent efficiency.
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An all-encompassing study on the developments of the district heating industry is incorporated in the report. The report provides an all-encompassing view of the district heating market and discusses in detail the recent market trends besides elaborating on the segmentation and industrial development impacting its growth trajectory.
Increasing Deployment in Residential Sector Will Create Lucrative Growth Opportunities
The global district heating market on the basis of application is segmented into residential, commercial and industrial. The residential segment accounts for the largest market share due to the increasing requirement of the heating for household works. Further, the rising demand from the residential sector for district heating system to keep the house warm and use hot water for various activities will enable growth of the global district heating market. The surge in construction work in developing nation will benefit the district heating market shares. In addition, the increasing heat demand in the residential sector and curbing of carbon emissions with the use of district heating system will boost the global district heating market revenue.
Moreover, rising concerns regarding carbon emissions and favourable government policies together will augment the growth of the global district heating market during the forecast period.
Increasing Number of Biomass Expansion Projects Will Support Growth
The announcement of the biomass expansion projects such as the one by the Canadian government will accelerate the growth of the global district heating market. For instance, the Canadian government has announced its decision to fund the biomass expansion project carried out by the University of British Columbia’s. The total funding by the government would be $7.6 billion, to increase the university’s renewable energy capacity. UBC also told about the investment I would be making for the 12MW biomass-fuelled hot water consumption boiler. Furthermore, the agreement regarding energy efficiency optimization will stimulate the growth of the global district heating market. For instance, CNIM a French International Industrial equipment manufacturer and integrator entered into an agreement regarding the energy efficiency optimization at the waste to energy plant serving sites in cities of Nantes and Saint Nazaire. Under the agreement, CNIM will install an absorption heat pump to boost the supply of hot water to Nantes.
Some of the Leading Players in the Global District Heating Market are:
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