District Cooling Market worth $1,177 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 23, 2022 /PRNewswire/ -- According to the new market research report "District Cooling Market by Production Technique (Free Cooling, Absorption Cooling, Electric chillers), Application (Commercial, Residential, and Industrial) and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the global District Cooling Market is projected to reach USD 1,177 million by 2026 from an estimated market size of USD 931 million in 2021, at a CAGR of 3.4% during the forecast period.
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Rapid urbanization will put tremendous pressure on urban infrastructure. With increasing number of people moving to cities, the demand for residential and commercial spaces is also expected to increase in the coming years. To accommodate this massive influx of people, the demand for taller buildings is also likely to increase. According to the International Energy Agency (IEA), air conditioner ownership is increasing in such regions. Middle Eastern countries are one of the most advanced markets for district cooling. The Middle East has been witnessing an increase in temperature in summer, exceeding 50-degree Celsius. Cooling is one of the biggest issues faced by the countries in this region. District cooling offers numerous advantages compared with conventional cooling technologies. It is environment-friendly and relatively more cost and energy-efficient. District cooling could be one of the best solutions for meeting the cooling demand of the rapidly growing Middle Eastern countries. For instance, Dubai has the world's largest district cooling network that has enabled it to meet the country's cooling demand and reduce its electricity demand. Moreover, there has been an increase in the demand for innovative and sustainable cooling technology because of rapid economic development in the Middle East. The upcoming construction projects due to increasing GDP will eventually lead to an increase in energy consumption, and subsequently, carbon dioxide emissions. This would increase the demand for energy-efficient cooling technology. The upcoming infrastructure projects in developing economies such as the Middle East and Asia Pacific are providing opportunities for growth of the District Cooling Market.
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The Commercial segment is expected to be the largest District Cooling Market, by Application, during the forecast period.
The Application segment is categorized as commercial, residential, and industrial. The commercial District Cooling Market is projected to grow at a CAGR of 3.5% during the forecast period. Middle east and Africa, with a share of 73.7% in 2021, dominated the district cooling commercial market. The demand for district cooling in the commercial segment is driven by concerns regarding the impact on the environment and rising energy prices have made the use of energy-efficient district cooling systems a favorable solution for cooling in commercial spaces.
The electric chillers segment is expected to be the largest District Cooling Market, by production technique, during the forecast period.
The electric chillers segment accounted for the largest share of the District Cooling Market, by application, in 2021. The demand for electric chillers from the production technique sector is driven by the relatively higher coefficient of performance (COP) in comparison with that of residential and commercial air conditioning units. Even Linking electric chillers with cold storage on a network helps reduce peak electricity demand for cooling in a city by shifting production to other periods of the day.
Middle East and Africa is expected to remain as the largest District Cooling Market
The Middle East and Africa are expected to dominate the District Cooling Market during the forecast period due to shift in the electricity demand and supply balance in the Middle East & Africa and Asia Pacific regions have resulted in the wider use of district cooling, which has enabled utilities and developers to balance power supply and effectively manage its usage. District cooling is being promoted as a way of addressing energy shortages, energy demand, and global warming in the Middle East & Africa, and Asia Pacific. To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the District Cooling Market.
The leading players in the District Cooling Market are 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), Keppel DCHS PTE LTD (Singapore), LOGSTOTR A/S (Denmark), Ramboll Group A/S (Denmark), SIEMENS AG (Germany), Stellar Energy (USA), and District Cooling Company LLC (UAE) and others. The major strategies adopted by these players include new product launches, sales contracts, agreements, expansions, partnerships, and collaborations.
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