Home Press Releases District Cooling Market Size worth $1,265.0 Million By 2030 | CAGR: 3.6%

District Cooling Market Size worth $1,265.0 Million By 2030 | CAGR: 3.6%

The global district cooling market size is expected to reach USD 1,265.0 million by 2030, according to a new study by Polaris Market Research. The report “District Cooling Market Share, Size, Trends, Industry Analysis Report, By Production Technique (Free Cooling, Absorption Cooling, Electric Chillers); By Application (Commercial, Residential, Industrial); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

The increasing need for efficient chilling systems in high temperatures regions boosts industry growth during the forecast period. The tropical areas require chilling to be more comfortable, particularly during the summers. According to the International Energy Agency (IEA), global space chilling demand increased in 2020, partly due to increased home chilling as spent a little more time at home. In 2020, space chilling will account for roughly 16% of final electricity consumption in the building sector (approximately 1 885 TWh).

 

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Incorporating energy efficiency standards might improve AC energy performance by half by 2030, putting chilling on track to reach Net Zero Emissions by 2050. Global energy demand from AC is expected to triple by 2050. Also, the global asset of ACs in buildings would increase to 5.6 billion by 2050, up from 1.6 billion currently, equating to 10 new ACs sold each second for the next 30 years. The Middle East is among the developed economies for these chilling systems. Summer temperatures in the Middle East have climbed to more than 50 degrees Celsius. Cooling is among the most pressing issues confronting the nations in this region.

 

Further, according to the Dubai Electricity and Water Authority, between noon and 6 p.m. in the summer, there is a 40% rise in electricity consumption, primarily for chilling. During summers, chilling accounts for 70% of the region’s energy demand. Compared to conventional air conditioning, district chilling helps reduce environmentally harmful refrigerants such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). The need to save energy and the region’s extremely high temperatures are two significant factors expected to drive up demand for energy-efficient chilling.

 

Based on the production technique, the electric chillers segment accounted for the leading share in the industry. When combined with a thermal energy depository, electric chillers are appropriate for significant processes and can use renewable energy to hold chilled water (TES). Such considerations are anticipated to propel the growth of the electric chillers segment.

 

Market players such as Alfa Laval AB, ADC Energy Systems, Danfoss, DC Pro Engineering, Emicool, Empower, Gas District Cooling (M) Sdn. Bhd, Fortum, Keppel Corporation Limited, Marafeq Qatar, Qatar District Cooling Company, PAL Cooling Holding (PCH), Ramboll Group A/S, Shinryo Corporation, SNC Lavalin Group, Siemens AG, Stellar Energy, Tabreed, and Veolia are key players operating in the global market. In September 2021, Emirates Central Cooling Systems Corporation (Empower) introduced a new agreement with Mitsubishi Heavy Industries Thermal Systems to use Mitsubishi’s revolutionary air-conditioning and heating systems.

 

Polaris market research has segmented the district cooling market report based on production technique, application, and region:

 

District Cooling, Production Technique Outlook (Revenue – USD Million, 2018 – 2030)

  • Free Cooling
  • Absorption Cooling
  • Electric Chillers

District Cooling, Application Outlook (Revenue – USD Million, 2018 – 2030)

  • Commercial
  • Residential
  • Industrial

District Cooling, Regional Outlook (Revenue – USD Million, 2018 – 2030)

  • North America
    • U.S.
    • Canada
  • Europe
    • France
    • Germany
    • UK
    • Italy
    • Netherlands
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • Malaysia
    • South Korea
    • Indonesia
  • Latin America
    • Mexico
    • Brazil
    • Argentina
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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