Pune, May 28, 2020 (GLOBE NEWSWIRE) -- The global district heating market size is predicted to reach USD 237.53 billion by 2026, exhibiting a CAGR of 4.11% during the forecast period. The growing consumption of electricity can be an essential factor promoting the growth of the market during the forecast period, states 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” the market size stood at USD 172.83 Billion in 2018. The rising demand for district heating systems from various industries will spur growth opportunities for the market.
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Market Driver:
Rising Emphasis on Low Emission Systems to Boost market
The rising demand for heating systems in various sectors owing to the need for hot water or steam will propel the growth of the market. The rising focus of manufacturers towards the development of low emission heating systems will create lucrative business opportunities for the market. Similarly, the growing concerns regarding carbon emissions will fuel demand for the market. The growing government subsidies for the adoption of district heating systems will bode well for the market. For instance, in August 2019, the Canadian government announced its decision to fund the biomass expansion project, carried out by the University of British Columbia’s. The total funding by the government is approximately $7.6 billion with an aim to increase the university’s renewable energy capacity. The University of British Columbia also declared that the investment for the development of a 12MW biomass-fueled hot water consumption boiler. The increasing knowledge about the benefits of district heating systems will enable speedy expansion of the market. For instance, the cost-effectiveness of energy production as well as the reduction in greenhouse gases by allowing the use of renewable energy sources will further augment the growth of the market.
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Regional Analysis:
Rising Gas Exploration Activities to Foster Growth in North America
The market in North America is predicted to dominate the market during the forecast period owing to the growing adoption of district heating systems in the region. The growing installation gas exploration activities of district heating systems will augur well for the market in North America. The ongoing gas exploration activities will contribute positively to the growth of the market in North America. Asia Pacific is predicted to rise exponentially during the forecast period owing to the rising demand for heating systems in the region. China accounts for the largest share in the market. The Northern part of China has low temperatures most time of the year, thus, the necessity for heating in the area along with the deployment of the district heating plants will enable the growth of the market. The increasing installation capacity in South Korea will boost the district heating market share in the forthcoming years.
Key Development:
August 2019: A grant of £6 million was announced by the first minister Nicola Sturgeon which is named Stirling district heat network project. The project was developed in collaboration with Scottish water horizons and the Stirling council. The project is first of its kind and will be providing affordable and low carbon heat to the local Stirling community.
May 2019: CNIM, a French International Industrial equipment manufacturer announced that it has signed an agreement to provide energy efficiency and optimization to plant serving sites in cities of Nantes and Saint Nazaire.
List of the Key Companies Operating in the District Heating Market are:
- Danfoss Group
- Ramboll
- Dall Energy
- Veolia
- Helen
- Alfa Level
- GE
- COWI
- Statkraft
- Uniper
- ENGIE
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Detailed Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global District Heating Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights, and Forecast – By Heat Source (USD Billion) (GWth)
- Coal
- Natural Gas
- Renewables
- Oil & Petroleum Products
- Others
- Market Analysis, Insights, and Forecast – By Plant Type (USD Billion) (GWth)
- Boiler
- CHP
- Others
- Market Analysis, Insights and Forecast – By Application (USD Billion) (GWth)
- Residential
- Industrial
- Commercial
- Market Analysis, Insights and Forecast – By Region (USD Billion) (GWth)
- North America
- Europe
- Asia Pacific
- Rest of the World
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