Yahoo Finance District Cooling Market Size [2021-2028] worth USD 47.64 Billion | exhibiting a CAGR of 8.7%
District Cooling Market to Hit USD 47.64 billion by 2028; Facility Expansion by Companies Such as ENGIE and Veolia to Create Promising Growth Opportunities: Fortune Business Insights™
Pune, India, May 19, 2022 (GLOBE NEWSWIRE) -- The global district cooling market size stood at USD 24.63 billion in 2020. The market is estimated to rise from USD 26.50 billion in 2021 to USD 47.64 billion by 2028 at 8.7% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “District Cooling Market, 2021-2028.”
According to the analysis, growing demand from the Middle East countries and the increasing demand for energy consumption in cooling systems, effect of global warming will boost the adoption of the product during the forecast period.
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List of Key Companies Profiled in the Market Report:
ENGIE (France)
National Central Cooling Company PJSC (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)
Keppel Corporation Limited (Singapore)
Ramboll Group (Denmark)
Singapore Power Ltd. (Singapore)
Vattenfall (Sweden)
SNC-Lavalin (Canada)
Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2021 to 2028 CAGR | 8.7% |
2028 Value Projection | USD 47.64 billion |
Base Year | 2020 |
Market Size in 2020 | USD 24.63 billion |
Historical Data for | 2017-2019 |
No. of Pages | 184 |
Segments covered | By Technology, End-user and Region |
Growth Drivers | Reduced Industrial Operations amid COVID-19 Affecting Market Growth |
Increasing Demand from the Middle East Region to Promote Growth |
COVID-19 Impact:
Reduced Industrial Operations amid COVID-19 Affecting Market Growth
The lockdown announced by the government agencies has led to reduced industrial activities leading to supply disruption. Moreover, limited availability of workforce and decreased demand is hampering the growth prospects of several industries. However, the post-pandemic situation is likely to favor the market growth with the resumption of industrial operations by implying the stringent regulations set by the government to contain the spread of the novel coronavirus.
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Report Coverage:
The report has been prepared meticulously through quantitative and qualitative assessments to offer a comprehensive market view. Notably, many primary interviews have been conducted with major stakeholders and suppliers. Primary data has been collected through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases. The report also gives an in-depth view of market size, share, revenue, volume and delves into SWOT analysis.
Drivers and Restraints:
Increasing Demand from the Middle East Region to Promote Growth
According to the UAE Government, the air conditioning sector in Dubai represents around 70% of electricity consumption owing to extreme weather conditions. The Middle East region generally experiences extreme hot climatic conditions with average temperature hovering around 35 to 550 Celsius. The rising electricity consumption has propelled the government to implement sustainable initiatives to ensure optimum energy-efficiency. This has led to the high adoption of DC systems to meet the growing demand for cooling mechanisms.
For instance, in January 2021, the National Central Cooling Company PJSC (Tabreed) signed an agreement with Miral. The agreement includes providing DC services to SeaWorld, Abu Dhabi. Therefore, the surging demand from the Middle East countries is anticipated to favor the global district cooling market growth during the foreseeable future.
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Competitive Landscape:
Facility Expansion by Major Companies to Brighten Their Market Prospects
The market comprises small, medium, and large companies striving to maintain their stronghold by expanding their production facilities to increase the uptake of the district cooling systems to cater to the growing consumer demand worldwide. Additionally, adoption of strategies such as partnership, collaboration, and merger and acquisition by other key players is expected to bode well for the growth of the market.
Market Segmentation:
Based on technology, the market is trifurcated into electric chillers, absorption chillers, and others. On the basis of end-user, the market is divided into residential, industrial, and commercial.
Based on the end-user, the commercial segment held a market share of about 73.1% in terms of revenue in 2020. The segment is anticipated to experience considerable growth backed by the growing demand for advanced district cooling systems due to temperature rise from several commercial establishments worldwide. These include institutions, government, offices, airports, organizations, and shops.
Lastly, on the basis of region, the market is categorized into North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America.
Regional Insights:
The Middle East & Africa to Remain Dominant; Supportive Government Initiatives to Spur Demand
Among all the regions, the Middle East & Africa is expected to remain at the forefront and hold the largest global district cooling market share in the forthcoming years. This is attributable to the supportive government initiatives that are boosting the demand for innovative DC systems in the region. For instance, the Government of Qatar is funding the development of state-of-the-art facilities in accordance with the upcoming FIFA World Cup 2022. The region stood at USD 9.28 billion in 2020.
The market in Asia-Pacific is expected to showcase exponential growth in the forthcoming years. This is due to the increasing focus on development of smart cities and smart grid infrastructures that will propel the demand for advanced district cooling systems in countries such as India, China, Singapore, and South Korea in the region between 2021 and 2028.
Industry Development:
October 2020 - Emirates Central Cooling Systems Corporation (Empower) secured a set of contracts worth AED 190 million that includes construction of their fourth district cooling plant in Business Bay, Dubai. The new plant, according to the company, will have the capacity of 50,000 refrigeration tons (RT).
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
Insights on Regulatory Scenario
Industry SWOT Analysis
Porters Five Forces Analysis
Value Chain Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the District Cooling Market
Steps Taken by the Government to Overcome the Impact
Key Developments by the Industry Players in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global District Cooling Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
Continued…
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