CHICAGO , Aug. 1, 2024
/PRNewswire/ -- District Cooling Market in terms
of revenue was estimated to be worth $1.1
billion in 2024 and is poised to reach $1.3 billion by 2029, growing at a CAGR of 3.6%
from 2024 to 2029 according to a new report by
MarketsandMarkets™.
Commercial, Industrial, and Residential are the major
applications of district cooling. The District Cooling Market is
majorly concentrated in Middle
East & Africa.
Energy efficiency improvement is a key driver for the district
cooling market, due to its potential for substantial energy savings
and environmental benefits. District cooling systems are designed
to optimize the use of energy by centralizing cooling production,
which reduces the overall energy consumption compared to individual
cooling units. This centralization allows for the use of advanced,
energy-efficient technologies that are not feasible on a smaller
scale. As energy costs rise and environmental concerns grow,
businesses and municipalities are increasingly seeking solutions
that lower their energy usage and carbon footprint. Additionally,
many governments offer incentives and support for adopting
energy-efficient systems, further driving the demand for district
cooling. This focus on energy efficiency helps organizations
achieve sustainability goals while also improving their bottom
line, making it a crucial factor in the market's growth.
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Browse in-depth TOC on "District Cooling
Market"
200 - Tables
150 - Figures
250 -
Pages
District Cooling Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$1.1 billion
|
Estimated Value by
2029
|
$1.3 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 3.6%
|
Market Size Available
for
|
2021–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Source, By
Production Technique, By Application, By Region
|
Geographies
Covered
|
Asia Pacific, Europe,
North America, South America, Middle East & Africa
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Technological
advancements in Smart Grid Integration and IoT
|
Key Market
Drivers
|
Urbanization and
population growth fueling demand for sustainable district cooling
solutions
|
Electric chillers is expected to hold largest share of the
District Cooling Market in production technique segment during the
forecasted period.
Electric chillers segment by production technique hold the
largest share of the District Cooling Market due to their high
efficiency, reliability, and widespread availability. They can be
easily integrated into existing infrastructure and are capable of
producing large amounts of chilled water needed for district
cooling systems. Additionally, electric chillers benefit from
advancements in technology, which have significantly improved their
energy efficiency and reduced operational costs. This makes them an
attractive option for developers and operators seeking to minimize
environmental impact and comply with increasingly stringent energy
regulations. Their versatility in handling varying cooling loads
across different applications further solidifies their dominant
market position.
Commercial application segment accounted largest share of the
global District Cooling Market during forecasted period.
The commercial segment holds the largest share of the District
Cooling Market because commercial buildings have high and
continuous cooling demands. District cooling systems provide an
efficient, reliable, and cost-effective solution to meet these
needs, reducing energy consumption and operational costs.
Additionally, increasing energy efficiency regulations and
sustainability goals in the commercial sector make district cooling
an attractive and scalable option.
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Middle East &
Africa region likely to account
the largest share of the global District Cooling Market during
forecasted period.
The District Cooling Market in Middle
East & Africa has a
huge growth potential. The increasing number of construction
activities in the commercial, residential, hospitality, and retail
sectors has also positively impacted the district cooling market.
Thus, the demand for district cooling is expected to increase in
the region. Countries worldwide are increasingly adapting
non-fossil fuel sources for their energy needs. This factor can
potentially impact the economy of the UAE and Saudi Arabia, as crude oil and gas exports are
the major revenue sources. This, in turn, may affect the spending
on infrastructure projects, and subsequently, the District Cooling
Market in these countries.
Key Players
Emirates Central Cooling Systems Corporation PJSC (UAE), Tabreed
(UAE), Emicool (UAE), Shinryo Corporation (Japan), LOGSTOR Denmark Holding ApS
(Denmark). The companies are
majorly following product launches, investments, expansions,
contracts, agreements, partnerships, funding, initial public
offering, and acquisition as the strategy to grow and expand the
market.
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Get access to the latest updates on District Cooling
Companies and District Cooling Industry Growth
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