The global district cooling market is predominantly
run by regional players due to the high preference for local products
among consumers, finds a new study by Transparency Market Research
(TMR). The leading participants in this market are focusing
aggressively on product innovation and advancements, which is likely
to increase the competition within the market over the next few
years.
Aecon Group Inc., Enwave Energy Corp, Veolia, Engie,
Keppel, Singapore District Cooling Pte Ltd., Emirates District
Cooling LLC, Qatar Cool, and Frio Brasil Refrigeracao Ltda are some
of the leading players in the global district cooling market, states
the report.
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As per the Research Report, the global market for
district cooling is likely to expand at a 5.10% CAGR during the
period from 2015 to 2024, surging from a value of US$11.1 bn in 2015
to US$17.3 bn by the end of the forecast period. The commercial
sector has emerged as the leading application area of district
cooling and is expected to remain so thanks to the swift rise in the
commercial sector across the world. The increasing focus on energy
saving and the burgeoning demand for BREEAM and LEED-certified
buildings are also expected to fuel the usage district cooling in
this sector over the forecast period.
Middle East and Africa to Acquire Dominance,
Surpassing North America by 2024
The report also analyzes the worldwide market for
district cooling on the basis of its geographical reach. According to
the study, the Middle East and Africa, North America, Latin America,
Asia Pacific, and Europe are the key regional markets for district
cooling across the world. In 2015, North America surfaced as the most
prominent regional market for district cooling with a share of nearly
48% in the overall market.
Though this regional market is likely to witness
significant growth over the forecast period, thanks to the increasing
levels of temperature, rising incentives for the adoption of
renewable resources of energy, and the efficient usage of energy
resources, the market in the Middle East and Africa is likely to
surpass the former by 2024 due to the high potential for DC
development, supported by its hot climatic conditions.
Apart from this, the growing adoption of technology
to reduce carbon emissions, rise in district cooling installation and
industrial activities are also anticipated to boost the Middle East
district cooling market over the next few years. Saudi Arabia, UAE,
Qatar, Bahrain, Kuwait, and Oman are likely to surface as the key
domestic markets for district cooling in the Middle East and Africa,
states the research report.
Rise in Urbanization to Boost Demand for District
Cooling
“The significant rise in the real estate sector,
globally, thanks to increasing urbanization, particularly in Asia
Pacific and the Middle East and Africa, has the most prominent impact
on the demand for district cooling across the world,” states the
author of the study. The soaring consumption of building energy for
heating and cooling requirements and the increasing construction of
high rise buildings in North America, Europe, and the Middle East and
Africa, fueled by the growing population, worldwide, are expected to
raise the need for mechanical means of air conditioning and energy
consumption, which eventually is anticipated to reflect on the sales
of district cooling machinery substantially in the near future.
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Apart from this, the peak electricity demand and the
rising greenhouse gas emissions are also projected to increase the
demand for district cooling services as a sustainable energy solution
over the next few years, boosting the growth of this market
significantly. However, the high initial costs incurred in district
cooling projects may hamper the progress of this market to some
extent in the years to come, notes the study.
The study presented here is based on a report by
Transparency Market Research (TMR), titled “District Cooling Market
(Application - Residential, Commercial, and Industrial) - Global
Industry Analysis, Size, Share, Growth Trends and Forecast 2016 -
2024.”
The district cooling market has been segmented as
follows:
By Region
North America
- The U.S.
- Canada
Europe
- Denmark
- Sweden
- Austria
- Germany
- France
- Finland
- Italy
- Rest of Europe
Asia Pacific
- China
- Malaysia
- Philippines
- Singapore
- India
- Indonesia
- South Korea
- Japan
- Rest of Asia Pacific
Middle East and Africa
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
- South Africa
- Rest of MEA
Latin America
- Mexico
- Brazil
- Rest of Latin America
By Application
- Residential
- Commercial
- Industrial
About
Us
Transparency Market Research (TMR) is a global market intelligence
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company’s exclusive blend of quantitative forecasting and trend
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research techniques to develop distinctive data sets and research
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