District Cooling Market Size & Share to Surpass $ 37.2

WASHINGTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Global District Cooling Market is valued at $ 25.8 Billion in 2021 and is projected to reach a value of $ 37.2 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 6.30% over the forecast period 2022-2028.

One of the most significant economic areas is the District Cooling business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for District Cooling, including rising investment requirements, developing technology, and new laws.

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Market Overview

Some of the significant variables are predicted by Vantage Market Research to accelerate the growth of the District Cooling market during the projected timeframe. Growing worries over rising surface temperatures and targeted regulatory regulations for energy efficiency, which will encourage the adoption of sustainable technology, are two key aspects that favorably influence the market for district cooling.

Due to increasing investments in offices, stores, airports, and organizations, the District Cooling market sales commercial segment will generate more revenue throughout the projected period.

North America is expected to maintain its market dominance throughout the projected period. Investments in energy-efficient construction across the United States and Canada are significantly responsible for the regional outlook. In North America, cities and colleges are reportedly served by almost 400 systems, according to the International District Energy Association (IDEA). Furthermore, energy savings may be significantly increased by upgrading already-existing structures.

Market Dynamics

Rising Effect of Global Warming on the Environment to Drive the Market

The environment is negatively impacted by global warming. For example, trees are flowering earlier, rivers and lakes' ice is breaking earlier, and glaciers have diminished. Over the past century, the atmospheric concentrations of carbon dioxide (CO2) have risen due to burning fossil fuels like coal and oil. In addition, clearing land for industrial and agricultural purposes, as well as other human activities, has increased the concentration of dangerous greenhouse gases. As a result, temperatures have risen, contributing to global warming's effects. Thus, as global warming progresses, there is inevitably a greater demand for cooling.

Growing Industrialization and Urbanization to Fuel Market Growth

To meet the increasing energy demand, district cooling is crucial. The requirement for cooling is projected to increase as commercial and industrial activity increases worldwide. The market for district heating and cooling systems has grown significantly due to the expansion of the real estate industry, the urbanization of these developing nations, and the population growth in places like India, Brazil, and Mexico.

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Top Trends in Global District Cooling Market

One trend that Vantage Market Research (VMR) expects to see in the District Cooling industry is the introduction of plans and strategies to ensure energy efficiency and enforce government standards and regulations to combat climate change and greenhouse gas emissions.
Another trend that VMR predicts will continue in the District Cooling industry is that the significant investments in the creation of sustainable technologies and the evolving movement toward the usage of renewable resources will favorably impact the market statistics. In addition, the industry outlook will be fueled by the increase in urban population, followed by lower upfront costs and high maintenance and operations standards.

Top Report Findings

Based on production technique, most of the District Cooling market's revenue is controlled by the free cooling category. Free cooling is the technique of capturing and freely moving the heat produced by a structure or an industrial facility. Any machinery, including air conditioners, electric resistance heaters, water boilers, or even solar energy, could serve as the heat source.
Based on application, the commercial category dominated the District Cooling market in 2021. Most commercial buildings, including those utilized by the government, institutions, offices, stores, airports, and organizations, adopt this system. Due to the rise in global temperature, the system has become a crucial component of commercial structures.

Recent Developments:

In 2022, Daikin and SP Group formed a joint venture to establish the largest industrial district cooling system of capacity up to 36,000 refrigerant tons (RT) in Singapore. After the completion in 2025, it is expected to help achieve 20% savings in cooling-related electricity consumption annually.
In 2021, Emicool, in partnership with AIUT, a Poland-based system integrator, initiated a phased implementation of a new smart solution known as Emivalve. The solution enables remotely controlled processes, facilitating instant connection and disconnection through an automated centralized software. This move is expected to strengthen the company’s position among the leading district cooling companies in the region and improve customer satisfaction and convenience.

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Top 5 Market Players Generate the Greater Part of the Global District Cooling Market Revenue

Major players in the district cooling market include Emirates Central Cooling System Corporation, National Central Cooling Company PJSC, Emirates District Cooling LLC, Shinryo Corporation, and ADC Energy Systems LLC. Given the advantages of district cooling systems, electricity utility companies, real estate developers, and gas utility companies are now investing in developing business models for district cooling.

Global leaders in the district cooling industry are UAE-based businesses. For example, the Dubai Palm district cooling project's major acquisition was made by Emirates Central Cooling Systems Corporation.

Ramboll Group A/S, Fortum Oyj, Emicool LLC, Engie SA, Tabreed, Veolia Environment S.A, Empower, Qatar District Cooling Company, Keppel Dhc, Stellar Energy, Shinryo Corporation, Cetetherm AB, Logstor, Alfa Laval AB, Wien Energie GmbH, Danfoss, and Marafeq are more companies in the district cooling sector.

Absorption Chillers Category in District Cooling Market to Generate Most of the Revenue

During the forecast period, the absorption chillers market will expand significantly. The growth is partially related to the energy system's decreased use of electrically powered cooling and declining carbon dioxide emissions.

Using air conditioning, absorption cooling involves removing heat from a structure. It has several uses in data centers, hospitals, schools, and other commercial structures. Fans or air conditioners are used in absorption cooling systems, deployed indoors or outdoors, to remove heat from the local area. In addition, oil-based or water-based (evaporation type) coolants can be utilized in absorption cooling systems (convection type).

Moreover, the absorption cooling method is equally preferred for installing district cooling systems in different places. Therefore, by adopting a more sustainable energy source, this market segment has an equal chance of expanding during the forecast period.

Top Players in the Global District Cooling Market

Emirates Central Cooling System Corporation (UAE)
National Central Cooling Company PJSC (UAE)
Emirates District Cooling LLC (UAE)
Shinryo Corporation (Japan)
ADC Energy Systems LLC (UAE)

Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on District Cooling Market Forecast Report (2022-2028).

Global District Cooling Market Segmentation

By Production Technique

Free Cooling
Absorption Cooling
Electric Chillers

By Application

Commercial
Residential
Industrial

By Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Regional Analysis:

North America is estimated to dominate the market with the highest CAGR during the forecast period. The industry statistics will increase due to the widespread use of commercial building constructions and increased efforts to use energy-efficient DC systems. Rising investments will further aid product penetration in the region through sustainable technology and ongoing government initiatives to integrate renewable energy sources and decarbonize the energy sector. However, the market revenue will be supported by implementing government programs to encourage the use of district energy systems.

Scope of the Report:

Report Attributes	Details
Market Size in 2021	USD 25.8 Billion
Revenue Forecast by 2028	USD 37.2 Billion
CAGR	6.3% from 2022 to 2028
Base Year	2021
Forecast Year	2022 to 2028
Key Players	Emirates Central Cooling System Corporation, National Central Cooling Company PJSC, Emirates District Cooling LLC, Shinryo Corporation, ADC Energy Systems LLC

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Top Companies in District Cooling Market by Size, Share, Historical and Future Data & CAGR

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