Ocean View, DE -- (SBWIRE) -- 04/09/2020 -- The worldwide district cooling market is defined by a widespread application landscape spanning the commercial, residential and industrial spaces. The commercial market summed by colleges or universities, offices, and government buildings is expected to accrue hefty gains in the upcoming years. The expanding floor area across these segments with an intent to suffice the high refrigeration demands has added an impetus to the product demand globally.

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The rising global warming concerns have prompted the world to undertake urgent damage control initiatives. District cooling market primarily benefits from this proliferating trend that is gaining traction across most countries worldwide. For instance, Paris has taken a step further in expanding its district cooling system which makes use of underground pipe network. It has been claimed that the expansion of the cooling network would form a part of the criteria in the latest tender for the operation of the network which since last 30 years has been operated by Climespace.

The heat pumps can effectively produce heat, electricity, and cooling simultaneously. Strict energy efficiency protocols, primarily across developed economies has led to large-scale product adoption, which is likely to foster district cooling market over the coming years. Moreover, the ongoing integration of sustainable technologies to the existing energy mix due to the enactment of various government policies and directives aimed at emission reduction will further encourage technology adoption.

Speaking in terms of the geographical landscape, the Nordic countries have led the development of district cooling systems across the Europe region for installing these systems despite the hinderance of less population and comparatively colder climate. The expediting district cooling market demands across the region can be fundamentally supported by the rising infrastructural spending and expanding residential and service sectors.

The European region in the past few years, has witnessed a stagnant growth rate of 1 to 3 per cent with almost minimal developments taking place. The chief factors that can add to the growth trajectory of the market include ongoing research and development activities and unfavorable legislative reforms pertaining to the carbon emissions. In line with this, a paradigm shift towards sustainable energy solutions for the economic and environmental advantages is aiding to the overall district cooling market expansion.

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With a high concentration across the Southern region, China has a sizeable district cooling capacity and its total sales has impressively increased over the past 10 years. Accelerating demand for space cooling across office and government buildings, colleges/universities, commercial setups along with strict laws for emission reduction across the region will supplement district cooling market share.

The key players dominating the global district cooling market include "Veolia, Vattenfall AB, Fortum, Siemens, Alfa Laval, Tabreed, ADC Energy Systems, Qatar District Cooling Company, SNC Lavalin, Danfoss"

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