The global market for district cooling has gained a significant momentum in the recent past.
Albany, NY -- (SBWIRE) -- 10/13/2017 -- Transparency Market Research (TMR) in a new study found that the global district cooling market exhibits the presence of numerous regional and local players due to the increasing demand and high preference for local products among customers. The prominent players in this market are focusing on product innovation and technological advancements, which is likely to escalate the competition within the market over the forecast period of 2016-2024. Some of the prominent players in this market include Frio Brasil Refrigeracao Ltda, Qatar Cool, Emirates District Cooling LLC, Singapore District Cooling Pte Ltd., Keppel, Engie, Veolia, Enwave Energy Corp, and Aecon Group Inc. These players are focusing on to offer more cost and energy efficient cooling products, to strengthen their competitive strength in the market.
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Transparency Market Research has estimated that the global district cooling market will reach up to US$17.3 bn in 2024 from the valuation of US$11.1 bn in 2015. For this forecast period of 2015-2024 the market is expected to expand at a CAGR of 5.10%.
Hot Climatic Conditions to Raise Demand for District Cooling Solutions in Africa
On the basis of applications, commercial sector holds a leading share in the global market owing to markedly expansion of worldwide commercial sector. It 2015, this sector accounted for more than 50% of global market and is anticipated to sustain its dominance through the forecast period as well. Laboratories, data centers, hospitals, shops, malls, restaurants, and hotels, various commercial facilities are exhibiting high demand for district cooling market in the commercial sector.
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Geographically, North America accounted for nearly 48% of the global market in 2015. The efficient usage of energy resources, increased incentives for the adoption of renewables, and rising temperature levels are the factors boosting the market in this region. However, it is expected that North America will lose ground to the market in Africa and Middle East. The hot climate condition in the Middle East and Africa has made it a lucrative market for district cooling.
Construction of High-Rise Buildings to Boost District Cooling Market
The growing population in developing countries such as India and China are exhibiting high demand for heating and cooling devices, which is expected to add a benefit of the global district cooling market. Moreover, the construction of high-rise buildings in regions such as Africa, Middle East, North America, and Europe have led to the buildings obstructing the natural ventilation of each other. This scenario is driving this market and expected to be a key driver during the forecast period. The residential sector, which include individual flats in buildings, buildings, and individual houses, is demanding for district cooling systems owing to their eco-friendly processes. Furthermore, the changing climate in countries such as Oman, Kuwait, Bahrain, Qatar, UAE, and Saudi Arabia and the adoption of technology to reduce carbon emission is expected to drive this market. The growing concerns regarding energy saving are demanding for LEED and BREEAM-certified buildings. Against this backdrop, the market will continue growing through the forecast period
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Innovations to Play Significant Role in Overcoming Challenges Including High Installation Costs
The high initial costs for the installation of district cooling projects may curb the growth of this market in the forecast period. Nevertheless, being a sustainable energy solution, the global market for district cooling is expected to overcome this hurdle due to steps taken by market players to innovate cost-effective solutions. Moreover, the growing adoption of district cooling solutions by the industrial sector to reduce carbon emissions is expected to act in a favor of the global market growth.
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