District Cooling Market worth over $153 Bn by 2028

District Cooling Market size is anticipated to cross USD 153 billion by 2028, as reported in the latest study by Global Market Insights Inc.
 

The increasing urban population along with the flourishing real estate sector will augment the district cooling industry growth. Growing consumer inclination toward the adoption of sustainable cooling technologies coupled with strict government mandates to curb carbon emissions will foster the business spectrum. In addition, the rapid demand for space cooling in line with low operating & maintenance and the life cycle cost of district cooling systems will positively influence the market outlook.
 

The heat pump district cooling market will witness growth due to its ability to effectively generate electricity combined with simultaneous heating & cooling. Furthermore, rising energy demand together with low emissions of heat pumps will accelerate product demand. Increasing investments for the development of large-scale heat pumps and ongoing integrations with the renewable mix will positively impact the industry landscape.
 

Rising energy demand along with the growing deployment of renewable energy solutions

Stringent government mandates toward sustainable building solutions combined with promising regulatory norms for renewable adoption across residential establishments will propel market demand.
 

Browse key industry insights spread across 370 pages with 453 market data tables & 42 figures & charts from the report, “District Cooling Market Size By Production Technique (Free Cooling, Absorption Cooling, Heat Pumps, Electric Chillers), By Application (Residential, Commercial {College/University, Office Buildings, Government Buildings}, Industrial), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Size & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/district-cooling-market
 

Introduction of favorable norms for the development of sustainable building solutions in Europe

The Europe cooling tower market is estimated to grow at a CAGR of over 3% through 2028. Stringent energy security policies and rapidly changing climatic conditions will surge the demand for sustainable district cooling systems across the region. For instance, in 2021, the European Commission introduced new efficiency enabled rules to calculate the quantity of district cooling and renewable cooling, which can be counted for the EU’s renewable energy targets in line with their contribution to sectoral targets on district heating & cooling under the 2018/2001/EU Renewable Energy Directive.
 

Growing concerns toward energy security and energy-efficient solutions

The pandemic had a considerable effect on the district cooling market growth owing to the imposition of lockdowns and lack of workforce availability, which resulted in the delay of various ongoing projects. However, restarting of industrial operations, followed by government guidelines and ongoing vaccination drives will boost the business dynamics. Moreover, ongoing construction activities and development in the real-estate sector will positively sway the market statistics.
 

Ongoing mergers combined with agreements and partnerships among key players

Strategic implications including agreements, partnerships, mergers, and contracts among eminent companies will propel the industry scenario. For instance, in May 2021, Engie received a contract from JTC Corporation to construct, own, and operate the underground district cooling system for the Punggol Digital District. Under this contract, the company will be developing and constructing the DSC plant facility with a cooling capacity of approximately 30,000 Refrigeration Tons (RT) in line with minimizing CO₂ emissions and achieving up to a 30% reduction in energy consumption compared to standard commercial buildings.
 

Major players operating in the district cooling market include Emicool, SNC Lavalin Group, Veolia, PAL Group, Ramboll Group A/S, Empower, Siemens, Qatar District Cooling Company, Tabreed, DC Pro Engineering, ADC Energy Systems, Shinryo Corporation, Danfoss, Stellar Energy, Marafeq Qatar, Keppel Corporation Limited, Wien Energie GmbH, Fortum, Singapore Power Ltd., Logstor A/S, Helen Oy, Goteborg Energi, Vattenfall AB, Cetetherm, and ENGIE.