The Global District Cooling Market Size is valued at 28.36 billion in 2023 and is predicted to reach 51.88 billion by the year 2031 at a 7.94% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Growing environmental consciousness and a surge in financial support from businesses lead to market growth.
- The heightened concern for the environment and incentives from the government and regulators that play a significant role in promoting district cooling systems are expected to drive industry growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- One significant concern is restraining the high cost of competing cooling technologies and providing alternative technical procedures.
In the coming years, the District Cooling industry is projected to be driven by the government's tight rules to reduce greenhouse gas emissions and rapid environmental change. The market is expected to expand in the coming years as more people become aware of the benefits of district cooling, such as its use of less energy than conventional scattered air conditioning. The popularity of chilling is increasing as a result of urbanization and rising incomes. The need for affordable chilling systems will grow due to increased energy prices, stricter environmental regulations, etc.
District cooling facilities use significantly less water and energy, which results in more significant environmental advantages. A centralized facility produces cooling, which is more efficient than individual air conditioners. The market will also have room to grow over the forecast period due to the rise in district cooling system demand brought on by rapid urbanization. The market may need several constraints and challenges to expand—the costly initial outlay and the challenging implementation of the district cooling system.
Recent Developments:
- In October 2022, Aligned Data Centers, a provider of IT infrastructure and colocation services, has purchased two new parcels of land in Phoenix, Arizona, for the construction of two new mega campuses with a combined capacity of over 400 MW of IT load and 2 million square feet. Aligned's unique Delta cooling technology, which uses arrays to absorb and remove heat and reduce water flow requirements, will be used in the new data centres. A heat rejection system that uses 85% less water and can function without it will also be included in the building.
- In Dec 2023, Veolia started implementing a residual cold recovery system at the Barcelona LNG terminal Enagás. This technology will produce 131 GWh of local, economical, and environmentally friendly energy annually, a first of its kind.
- In July 2023, Emicool and Kamstrup established a robust relationship to promote innovation in cooling meter technology. This alliance was a significant achievement in our long-standing collaboration and paved the way for innovative developments in cooling meter technology.
Competitive Landscape:
Some of the District Cooling market players are:
- ADC Energy Systems LLC
- Danfoss (Denmark)
- Emicool
- Emirates Central Cooling System Corporation (Empower) (UAE)
- Emirates District Cooling LLC,
- ENGIE SA
- Enwave Energy Corporation (Canada)
- Keppel Corporation Ltd.
- Logstor A/S (Denmark)
- Marafeq Qatar (Qatar)
- National Central Cooling Company PJSC (Tabreed) (UAE)
- Ramboll Group A/S
- Shinryo Corporation
- Siemens
- Singapore Power Ltd. (Singapore)
- SNC-Lavalin (Canada)
- Stellar Energy
- Vattenfall (Sweden)
- Veolia Environment SA
Market Segmentation:
The District Cooling market is segmented on the basis of production technique and application. Based on production techniques, the market is segmented as free cooling, absorption cooling, and electric chillers. By application, the market is segmented into commercial, residential, and industrial.
Based On Production Technique, The Electric Chillers Segment Is Valued As A Major Contributor In The District Cooling Market
The electric chillers category is expected to hold a major share in the global District Cooling market in 2024. The largest market segment, electric chillers, is anticipated to experience immense growth over the forecast period. Electric chillers are the best option for buildings that need constant temperature control since they offer an uninterrupted supply of cooling services. They work well for large-scale endeavours.
Commercial Segment Witness Growth At A Rapid Rate
The largest market segment, Commercial, is anticipated to experience significant growth over the projection period. In developing nations, infrastructure is being built quickly, and strict regulations are being implemented to lessen the effect of economic development on the environment. Commercial buildings now use district cooling systems at a higher rate than industrial buildings when compared to individual room cooling solutions.
In The Region, The North America District Cooling Market Holds Significant Revenue Share
District cooling systems have a lot of potential in the Middle East. The constant heat throughout the year combined with expensive glass exteriors for hotels, airports, offices, etc. causes exceptionally high interior temperatures. The region's high demand for refrigeration can be permanently addressed by combining waste heat use and distributed power generation. District cooling systems are advantageous for commercial buildings, lodging facilities, apartment buildings, shopping centres, and other structures. The Integrated District Cooling Plant, the largest district cooling facility in the world, was installed in The Pearl-Qatar in 2010. (IDCP). More than 80 apartment towers, coastal villas, townhouses, shopping centres, workplaces, schools, and hotels will be serviced by IDCP throughout the Island, providing more than 130,000 tonnes of refrigeration to the anticipated 50,000 residents.
District Cooling Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 28.36 Bn |
|
Revenue forecast in 2031 |
USD 51.88 Bn |
|
Growth rate CAGR |
CAGR of 7.82 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Production Technique And Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Emirates Central Cooling System Corporation, National Central Cooling Company PJSC, Emirates District Cooling LLC, Shinryo Corporation, ADC Energy Systems LLC. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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