According to the new market research report "District Cooling Market by Production Technique (Free Cooling, Absorption Cooling, Electric chillers), Application (Commercial, Residential, and Industrial) and Region (North America, Europe, APAC, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, The global district cooling market is projected to reach USD 1,177 million by 2026 from an estimated market size of USD 931 million in 2021, at a CAGR of 3.4% during the forecast period.
Rapid urbanization will put tremendous pressure on urban
infrastructure. With increasing number of people moving to cities, the demand
for residential and commercial spaces is also expected to increase in the
coming years. To accommodate this massive influx of people, the demand for
taller buildings is also likely to increase. According to the International
Energy Agency (IEA), air conditioner ownership is increasing in such regions.
Middle Eastern countries are one of the most advanced markets for district
cooling. The Middle East has been witnessing an increase in temperature in
summer, exceeding 50-degree Celsius. Cooling is one of the biggest issues faced
by the countries in this region. District cooling offers numerous advantages
compared with conventional cooling technologies. It is environment-friendly and
relatively more cost and energy-efficient. District cooling could be one of the
best solutions for meeting the cooling demand of the rapidly growing Middle
Eastern countries. For instance, Dubai has the world’s largest district cooling
network that has enabled it to meet the country’s cooling demand and reduce its
electricity demand. Moreover, there has been an increase in the demand for
innovative and sustainable cooling technology because of rapid economic
development in the Middle East. The upcoming construction projects due to
increasing GDP will eventually lead to an increase in energy consumption, and
subsequently, carbon dioxide emissions. This would increase the demand for
energy-efficient cooling technology. The upcoming infrastructure projects in
developing economies such as the Middle East and Asia Pacific are providing
opportunities for growth of the district cooling market.
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The electric chillers is
expected to be the largest segment of the district cooling market
The electric chillers segment accounted for the largest
share of the district cooling market, by application, in 2021. The demand for
electric chillers from the production technique sector is driven by the
relatively higher coefficient of performance (COP) in comparison with that of
residential and commercial air conditioning units. Even Linking electric
chillers with cold storage on a network helps reduce peak electricity demand
for cooling in a city by shifting production to other periods of the day.
Middle East and Africa is
expected to remain as the largest district cooling market
The Middle East and Africa are expected to dominate the
district cooling market during the forecast period due to shift in the
electricity demand and supply balance in the Middle East & Africa and Asia
Pacific regions have resulted in the wider use of district cooling, which has
enabled utilities and developers to balance power supply and effectively manage
its usage. District cooling is being promoted as a way of addressing energy
shortages, energy demand, and global warming in the Middle East & Africa,
and Asia PacificTo enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top players in the
district cooling market.
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