According to the research report titled ‘District Cooling Market Size By Production Technique (Free Cooling, Absorption Cooling, Heat Pumps, Electric Chillers), By Application (Residential, Commercial {College/University, Office Buildings, Government Buildings}, Industrial), Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2020-2026’, available with MarketStudyReport, district cooling market surpassed USD 150 Billion in 2019 and is anticipated to experience an annual installation of 300 PJ by the end of forecast timeframe 2020-2026.

 

 

As per the report findings, rising adoption of smart and sustainable technologies along with increasing government initiatives and energy efficiency norms & regulations emphasizing on lowering carbon emissions are anticipated to drive the district cooling market growth throughout the analysis period.

 

 

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Moreover, escalating investments toward clean energy technologies, and proliferating demand for sustainable energy cooling innovations owing to a massive uptick in cooling consumption are enhancing the market outlook.

 

In terms of application scope, the market is split into residential and commercial, among which, the latter is anticipated to gain considerable traction in the upcoming years. Increasing floor space across colleges/universities, offices, and government buildings to provide sustainable cooling solutions and address the high refrigeration demands has significantly strengthened the adoption of DC systems across commercial applications.

 

Based on regional analysis, Asia Pacific cooling industry size is expanding at a strong pace owing to favorable government policies, rapid urbanization, and inflowing investments towards residential construction.

 

Notably, the market in China has witnessed a rapid increase in total sales over the last 10 years. Rapid economic growth along with growing cooling demand across the Asian nations is anticipated to pave a favorable business scenario for industry players in the region.

 

Meanwhile, in the Europe market, Nordic countries lead the development of DC systems with respect to the number of installations irrespective of low population and colder climate when compared to other parts of the region. This can largely be ascribed to rising infrastructural expenditure and flourishing residential and service sectors.

 

However, the market in Europe has been growing at a stagnant rate between 1%-3% with few significant developments. A paradigm shift toward sustainable energy solutions for economic and environmental benefits, stringent regulatory scenario, and ongoing R&D activities will provide opportunities for business expansion.

 

Considering the competitive landscape, major companies influencing district cooling market trends are Emirates District Cooling LLC (EMICOOL), DC Pro Engineering LLC, Siemens AG, SNC-Lavalin Group Inc., Veolia Environment S.A. and Engie SA.