The Global District Heating Market is expected to record a CAGR of 5.6% between 2023 and 2033. In 2023, the market valuation is expected to be at US$ 198 billion. By 2033, the value is expected to cross US$ 340 billion.
Rapid urbanization is expected to drive market growth during the forecast period. Urbanization has led to the establishment of several factories. Heating becomes a crucial aspect of many business processes. Thus, they have started putting their money into district heating systems.
The market is also going through a series of technological upgrades. The manufacturers have started making use of artificial intelligence to simplify the working of these systems. This coupled with automation is expected to bring about huge profits for the market in the long run.
However, the maintenance of these machines is a costly affair. Even a few seconds of error in the insulation can lead to dysfunctionality. This is expected to hinder market growth.
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Thus, the FMI researchers believe that the ‘application of renewable sources of energy, increased focus on reducing carbon footprints, rapid urbanization, and a number of other factors are expected to surge the district heating market growth during the forecast period.’
Key Takeaways:
- The market is expected to surge at 5.6% during the forecast period.
- In 2023, the market size is expected to be valued at US$ 198 billion.
- By 2033, the value is expected to cross US$ 340 billion.
- Based on the regional analysis, Asia Pacific is expected to be the significant market.
- The United States market is expected to grow at 5.3%.
- The United Kingdom market is projected to surge at 4.7%.
- China market is anticipated to advance at 5%.
- Japan market is expected to record a CAGR of 4.1%.
- South Korea market is anticipated to register a CAGR of 3.4%.
- Based on the source, CHP is expected to be the dominant segment and is anticipated to grow at 5.4%.
- Based on the application, the residential segment is projected to hold the leading market share and is expected to surge at 5.1%.
Competitive Landscape
The key players operating in the district heating market are focusing on research and development to create systems with robust specifications. The manufacturers are also focusing on the idea of strategic partnerships. The intention is to make use of the best possible technology available with the partners. Massive investments are being made in mergers and acquisitions. This is being done to expand the market share. Most importantly, the players are looking for global leaders who can bring about path-breaking differences and cater to the customer.
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Significant Developments:
- In January 2023, Statkraft and Copenhagen Infrastructure Partners collaborated to develop 2.2 GW offshore wind in Ireland.
- In August 2022, Steag Gmbh joined forces with Solitech to upgrade the solutions for PV systems.
District Heating Market Segmentation
By Source:
- CHP
- Geothermal
- Solar
- Heat only Boilers
- Others
By Application:
- Residential
- Commercial (College, Office, Government/Military)
- Industrial (Chemical, Refinery, Paper)
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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