The global district heating and cooling market is poised to hit around US$ 17.85 billion by 2026
LOS ANGELES, Feb. 17, 2020 /PRNewswire/ -- Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled "District Heating and Cooling Market (By Category: Heating, Cooling; By Application: Industrial, Residential, Service Sector) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026".
The global district heating and cooling market is anticipated to grow at a CAGR of around 3.9% over the forecast period 2019 to 2026.
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North America dominated the global district heating and cooling market in the year 2018. North America is expected to witness healthy growth in market due to presence of district heating and cooling companies such as Stellar Energy, Siemens, and SNC Lavalin among others. The rapid growth in construction industry in this region is the major driving factor for global market. Moreover, investments in support of the national nanotechnology initiative and growing government investment in infrastructure development further dominate the global district heating and cooling market during the forecast period. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
The Europe region is expected to exhibit a second-largest share in the district heating and cooling market. The increasing numbers of manufactures in the region raise the demand for district heating and cooling is expected to contribute to market growth. Additionally, growing demand for district heating and coolingin various end user applications, increase demand for production and consumption of heating and cooling per KRTin this region further expected to further propel the growth of the market. The Germany has large research and development hub which increases the innovation and development in district heating and cooling and growing population, and growing manufacturing base of heating and cooling companies propels the market growth.
Asia-Pacific is expected to register highest CAGR during the forecast period. Growing construction industry, high research and development from district heating and cooling manufacturers, several government initiatives to enhance the development of heating and cooling systems, and growth in infrastructure development projects further expected to boosts the demand for district heating and coolingin the region during the forecast period. Moreover, manufacturers are investing in the developing countries to meet the growing demand for district heating and cooling. Growing manufacturing facilities due to low manufacturing costs and supportive government incentives are also propelling the growth of district heating and cooling in the Asia-Pacific region.
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Growing infrastructure development and government building and public transport facilities, growing demand for heating and cooling in airport, hospitals, offices, and malls, and rapid urbanization and reduced cost of energy development are the main drivers for the market growth of the global district heating and cooling market over the forecast period. Moreover, increase in research and development in heating and cooling applications across the globe is expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years. The rise in demand for energy-efficient and sustainable cooling technologies and use of treated sewage effluent (TSE) in district cooling system offers huge growth opportunities for district heating and cooling market in the coming years.
However, high initial investment, risk and uncertainty of global economy are expected to hamper the growth of the global district heating and cooling market during the forecast period. Moreover, technological limitations and difficulty in district heating and cooling system implementation are the prime challenges in the global district heating and cooling market throughout the forecast period.
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The residential segment expected to grow at the fastest rate CAGR during the forecast period. Based on application, the global district heating and coolingmarket has been segmented into industrial, residential, and service sector. The growing innovation and development in residential cooling industry, rapid climate change in various countries and increase in pollution because of heavy construction activities these factors are further expected to raise segment over the forecast period.
Some of the leading competitors are Shinryo Corporation, Keppel DCHS PTE Ltd, ADC Energy Systems LLC, Ramboll Group A/S, Siemens AG, District Cooling Company LLC, ENGIE, Emirates Central Cooling System Corporation, Emirates District Cooling (Emicool), LLC, and National Central Cooling Company.
Some of the key observations regarding district heating and cooling industry includes:
- In January 2018, Johnson Controls signed partnership agreement with Molex. The partnership focuses on providing transformational building solutions for Georgia-Pacific. The company also focuses on providing isolated building systems including lighting m heating & cooling systems, sensors and AV equipment into a single unit.
- In January 2017, Tabreed acquired district cooling plant from International Capital Trading. The acquisition focuses on development of product portfolio and adds 11,500 RT to its existing production capacity.
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