According to a recent FMI report, the global district cooling market share is expected to reach US$ 63.2 billion by 2033, with a CAGR of 8% over the projected period. The study found that rising demand for energy-efficient cooling technology has a proportionate impact on district cooling adoption.
Rapidly rising temperatures and the proven viability of district cooling plants have fueled global adoption of district cooling systems. However, the study discovered that the Asia Pacific district cooling market has grown rapidly. As people become more aware of the need for energy conservation, the concept of a District Cooling Plant has gained traction.
District cooling sales are expected to increase as the demand for energy-efficient technologies rises to meet the ongoing construction boom.
The district cooling industry is expected to benefit from the continued deployment of viable and sustainable cooling systems to meet energy-saving targets, as well as increased production of sustainable building solutions.
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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.
The population in tropical and hot temperature zones requires cooling to be more comfortable, particularly during the summer. As a result, air conditioner ownership is on the rise in these areas, according to the International Energy Agency (IEA). One of the most advanced markets for district cooling is the Middle East. The Middle East has been experiencing an increase in temperature in the summer, with temperatures exceeding 50 degrees Celsius, necessitating the adoption of district cooling.
When establishing a district cooling system, the limited availability of space for operating construction equipment is a significant construction issue. Other building obstacles include transporting equipment to a particular site and coordinating the efforts of the many contractors. One of the significant issues is ensuring that space for chiller plants and distribution pipelines is available. It isn’t easy to keep a district cooling plant running at near-total capacity all year. All-in-all, the district cooling market size is expected to reach a valuation of US$ 1.2 Billion by 2026.
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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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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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
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