With an estimated CAGR of 3% during the projected period, the district cooling market share is expected to reach US$ 1.28 billion by 2032, finds a recent report published by FMI. The study finds that the rising demand for energy-efficient cooling technology proportionately reflects on the adoption of district cooling.
The adoption of district cooling systems around the world has stemmed from rapidly rising temperatures and the proven viability of district cooling plants over time. However, the study finds that the district cooling market in the Asia Pacific has shown impressive growth. With an increasing awareness of the need for energy conservation, a District Cooling Plant concept has acquired even more traction.
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The sales of district cooling are likely to rise as the need for energy-efficient technologies rises to meet the ongoing construction boom.
Continued deployment of viable and sustainable cooling systems to accomplish energy-saving targets and increased production of sustainable building solutions is anticipated to support the district cooling industry.
Furthermore, the growing use of renewable technology, combined with strict regulatory requirements to reduce pollution, would spur the district cooling market growth. Furthermore, severe climate circumstances would encourage district cooling due to rising surface temperature levels in the Middle East, Central Europe, and South Asian nations. Furthermore, over the forecasted period, total demand is increasing.
Key Takeaways:
- During the projection period, the electric chillers market is predicted to be the largest segment in the district cooling market by production technology.
- During the forecast period, the commercial segment is likely to be the leading proportion in the sales of the district cooling market by application. The expansion of the commercial segment of the district cooling market is predicted to be fuelled by the development of new infrastructure in Middle Eastern countries and the growing requirement for businesses to decrease their carbon footprint.
- Asia’s major markets include Japan, India, Malaysia, Singapore, China, and South Korea. The Indian government has outlined ambitious projects like Smart Cities and Smart Grid, which are anticipated to drive the market in the coming years.
- Attributed to the increasingly affluent population and increased construction activity, the Middle East and Africa are likely to dominate most of the district cooling market opportunities, particularly in nations like the United Arab Emirates, Saudi Arabia, and Qatar.
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Recent Developments in the District Cooling Market:
- In 2021 Emicool developed Emivalve and automated centralized software to enable remote access for district cooling systems in large buildings.
- Koppel DHCS acquired a contract for 30 years of Jurong Innovation District in 2020 to build and operate a completely new district cooling system worth US$ 300 Mn.
- The agreement between Empower and Dubai International Airport in 2021 to provide 110,000 refrigeration tons (RT) with the help of financial support from banks is a significant development for the market players of district energy companies as well.
Key Segments
By Production Technique:
- Free cooling
- Absorption Cooling
- Electric Chiller
By Application:
- Commercial
- Residential
- Industrial
By Region:
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
Competitive Landscape
As a large pool of players are present in the district cooling market, the nature of the market is fragmented. National Central Cooling Company PJSC (TABREED) (UAE), Emirates Central Cooling System Corporation (EMPOWER) (UAE), Emirates District Cooling, LLC (EMICOOL) (UAE), and Qatar District Cooling Company (QATAR COOL) are the top players in the global district cooling market.
The district cooling companies have been using strategic initiatives such as contracts and agreements, investments and expansions, partnerships, collaborations, alliances, and joint ventures to capture a larger district cooling market share.
- Tabreed, a leading district cooling company,signed a significant strategic agreement with the International Finance Corporation (IFC), a World Bank Group member and the world’s largest development agency focused on the private sector in emerging economies, in December 2021. IFC has invested more than USD 321 billion in emerging nations since its founding in 1956.
- Empower signed an agreement in November 2021 to acquire Dubai International Airport’s district cooling systems, with a total cooling capacity of 110,000 refrigeration tonnes (RT), for a total value of AED 1.1 billion, using an amalgamation of internal accruals and debt financing from local and international banks with whom Empower has close strategic relationships.
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