With Global Warming on the radar, the global District Cooling Market to reach US$ 63.2 Billion by the year 2033 at a CAGR of 8% in the forecast period 2023 to 2033
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
Asia Pacific and South America, impressive demand for district cooling technology is being observed in recent times. During the projection period, the electric chillers market is predicted to be the largest segment in the district cooling market by production technology
DUBAI, United Arab Emirates, March 15, 2023 (GLOBE NEWSWIRE) -- The global district cooling market is worth US$ 29.2 Billion as of now and is expected to reach US$ 63.2 Billion by the year 2033 at a CAGR of 8% between 2023 and 2033.
District cooling comes across as a centralized distribution system to cool energy. It is basically used in houses, apartments, offices, and industries for space cooling. Insulated pipes are used for distributing chilled water for cooling indoor environment of buildings in the area. With manufacturers shifting to energy-efficient refrigeration technology, the district cooling market won’t be looking back in the near future.
District cooling makes use of a thermal storage system that cuts down on cooling energy consumption by close to 50%. Coming to installation and capacity design, systems are pretty flexible and capable of storing up to 30% of the potential power by retention of chilled water in tanks. They are known for saving 30-45% more energy as compared to conventional water-cooled air-conditioners.
Land clearing for industrial activities and agriculture has actually resulted in growing concentration of greenhouse gases. This has, in turn, resulted in global warming. As per NOAA (National Oceanic and Atmospheric Administration), The global temperature has risen by nearly 0.8 degree Celsius in the last century. The IPCC (Intergovernmental Panel on Climate Change) that includes over 1300 scientists from all over, the upcoming century is expected to witness a rise in temperature by 2.5 – 10-degree F.
At the same time, the fact that district cooling systems are time- and capital-expensive as they need extensive planning can’t be ignored. Besides, distribution network is costly as far as installation is concerned. This factor is expected to restrain the district cooling market in the near future.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘District Cooling Market’. It has its team of analysts and consultants to deploy a 360-degree view across macros and micros.
“With space cooling being of utmost importance, the global district cooling market is expected to grow on an unstoppable note in the near future”, says an analyst from Future Market Insights.
North America holds a significant market share. As per TERI, following guidelines regarding energy-efficient retrofits of the existing buildings does result in 20-40% less consumption of energy and harmful gases. The IDEA (International District Energy Association) states that almost 400 systems do serve cities as well as universities all across North America.
The MEA is led by the UAE. This could be reasoned with several high-end luxury hotels and business centers like restaurants and shopping malls herein incorporating DC systems. The UAE government has actually formed the RSB (regulation and Supervision Bureau), which is actually studying methods to promote and regulate DC all over. It holds the distinction of having formulated the DIES (Dubai Integrated Energy Strategy) identifying DC technology for promoting energy efficiency.
The Asia-Pacific is led by South Korea, India, Singapore, Malaysia, China, and Japan.
Competitive Cooling
Emirates Central Cooling Systems Corporation (empower), in March 2022, did announce that it was awarded a contract worth close to US$ 52.6 Million for constructing a new-fangled DC system, thereby targeting DLRC (Dubai Land Residence Complex) region. The construction has already started with total manufacturing facility of 47,000 RT upon completing construction phases.
Emirates District Cooling (Emicool) LLC, in March 2021, did announce that it had completed its state-of-the-art DCP (District Cooling Plant) at Dubai Expo 2020. Phase 1 of facility would be providing chilled water cooling solutions to the areas like Conference & Exhibition Center, RTA Station, and EXPO Village.
Keppel DHCS, in October 2020, inked a contract worth US$ 300 Million with Jurong Innovation District for building, owning, and operating a new DCS (District Cooling System) plant for 3 decades.
Empower, in August 2021, inked an agreement for acquiring district cooling systems of Dubai International Airport with total cooling capacity of 110K refrigeration tons (RT) for total value of AED 1.1 Billion by combining debt financing and internal accruals from international and local banks through which Empower does have amicable relations.
Competitive Landscape
National Central Cooling Company PJSC
Emirates District Cooling
LLC (EMICOOL)
Shinryo Corporation
ADC Energy Systems LLC
Keppel DCHS PTE LTD
LOGSTOTR A/S
Ramboll Group A/S
SIEMENS AG
Stellar Energy
What does the Report enclose?
The research study is based on production technique (free cooling, adsorption cooling, and electric chiller), and by application (residential, commercial, and industrial).
With an ever-increasing demand for effective cooling in the hot temperature locations, the global district cooling market is bound to grow incessantly in the years to come.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
