The global district cooling market size is expected to reach USD 45.61 billion by 2027, exhibiting a CAGR of 9.4% during the forecast period. The increasing awareness about energy-efficient cooling technology will have a colossal effect on the global market, states Fortune Business Insights, in a report, titled “District Cooling Market Size, Share and COVID-19 Impact Analysis By Technology (Electric Chillers, Absorption Chillers, and Others), By End User (Residential, Industrial, and Commercial), and Regional Forecast, 2020-2027.” The market size stood at USD 23.34 billion in 2019.
The Report Lists Key
Companies Present in the District Cooling Market:
- ENGIE
(France)
- National
Central Cooling Company (Tabreed) (UAE)
- Emirates
Central Cooling System Corporation (Empower) (UAE)
- Emirates
District Cooling LLC (Emicool) (UAE)
- Marafeq
Qatar (Qatar)
- Stellar
Energy (U.S.)
- ADC Energy
Systems LLC (UAE)
- Shinryo
Corporation (Japan)
- Logstor A/S
(Denmark)
- Danfoss (Denmark)
- Veolia
(France)
- Enwave
Energy Corporation (Canada)
- Petronas
(Malaysia)
- Keppel
Corporation Limited (Singapore)
- Ramboll
(Denmark)
- Singapore
Power Ltd. (Singapore)
- Vattenfall
(Sweden)
- SNC-Lavalin
(Canada)
The report of district cooling market includes:
- Essential
insights into the market
- Newest
trends and developments
- Dominant
regions in the market
- Market
obstructions and plans to recover financial loses
- Vital
information about key players
- COVID-19
impact
DRIVING FACTORS:
Increasing Environmental Concerns to Spur Growth
The
increasing global warming is formed into a worrisome predicament. Hence, many
industries are taking strict measures to curb greenhouse gases. According to
the National Oceanic and Atmospheric Administration (NOAA), the average global
temperature has increased by around 1.4° F (0.8° C) over the past 100 years.
The rising climate change will promote the deployment of district cooling
systems in numerous industries, which, in turn, will aid the growth of the
market. For instance, district cooling produced from a number of natural
resources such as seawater or steam or electricity, making an eco-friendly
option for its users. It can also diminish cooling consumption by half, thus
decreasing electricity use. The growing knowledge about its eco-friendly
benefit will further bolster the healthy growth of the market.
Read Detailed Summary of This Report:
https://www.fortunebusinessinsights.com/industry-reports/district-cooling-market-100090
IMPACT OF COVID-19 PANDEMIC:
Disrupted Supply Chain to Hamper Market during
COVID-19
The
disturbances caused by the coronavirus have resulted in a halt on production
and distribution. The district cooling plants are shut due to a shortage of
labors and transportation problems. Moreover, the closed hotels and shopping
malls have considerably contributed to the substantial drop in the demand for
district cooling. In addition, the implementation of crisis management
strategies to recover the loses will subsequently improve the market in the
forthcoming years.
REGIONAL INSIGHTS:
Rising Government Support to Aid Expansion in
the Middle East
The market
in Middle East & Africa is expected to experience a rapid growth rate owing
to government support for the use of district cooling services. For instance,
in Dubai, the government has planned to use district cooling services to meet
40% of its cooling capacity by 2030. The development of net-zero energy (NZE)
buildings in the region will further influence the healthy growth of the market
in the Middle East & Africa.
The
increasing government funding for the eco-friendly building will favor the market
in the region. North America is expected to hold a significant share in the
global market owing to the policy-related and programmatic activities to
address energy efficiency in existing infrastructure. The growing demand for
renewable energy production and distribution will aid development in North
America. According to the International District Energy Association (IDEA),
nearly 400 systems serve cities and campuses across North America.
COMPETITIVE LANDSCAPE:
Key Companies to Focus on Geographic
Expansion and New Product Launches
The global market
is fragmented because of the presence of multiple companies worldwide. Most of
them are focusing on introducing state-of-the-art district cooling systems to
cater to the high customer demand. A few others are aiming to broaden their
geographic presence by opening new production plants.
KEY INDUSTRY DEVELOPMENT:
- March 2019:
ENGIE announced the introduction of an integrated system for the district
cooling network with a capacity of 30,000 RT which will serve the Jurong Town
Corporation (JTC), the Singapore Institute of Technology (SIT), and the
community facilities.
Read Press Release:
https://www.fortunebusinessinsights.com/press-release/district-cooling-market-9276
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