District Cooling Market Size
The District Cooling Market was worth $116.4 billion in 2023 and is expected to expand at a rate of 4.8% per year from 2024 to 2032. The industry's growth will be fueled by the growing need for eco-friendly and effective cooling systems and the increasing rise of cities. The business environment will be good because these units are being used more and more on big projects and people are becoming more conscious of how to save energy.
A district cooling system sends cold air or water to a number of buildings in a certain area or district. The sector will grow as more people utilize these technologies to save energy and minimize greenhouse gas emissions, and as cooling infrastructure continues to get better. Also, more money will be put into smart grids, sophisticated thermal storage, and efficient chillers as more renewable energy sources are used. This will increase the need for district heating and cooling.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| District Cooling Market Size in 2023 | USD 116.4 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 4.8% |
| 2032 Value Projection | USD 176.4 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 140 |
| Tables, Charts & Figures | 40 |
| Segments covered | Production Technique, Application & Region |
| Growth Drivers |
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| Pitfalls & Challenges |
|
District Cooling Market Trends
The district cooling sector is expected to grow a lot because it has less of an impact on the environment and works better. The government's and regulators' ongoing efforts to encourage the use of district cooling projects through incentives, a framework, and good laws will increase the demand for technology. The prognosis for the business will get better as more private and governmental investors put money into building sustainable district cooling schemes.
District Cooling Market Analysis
The electric chillers district cooling sector will be worth more than $110 billion by 2032 because HVAC systems are being upgraded and retrofitted. The business will grow faster because of rapid industrialization and urbanization, as well as concerns about sustainable cooling infrastructure and regulatory pressure. The industry's potential will change as chillers technology continues to improve, with the addition of smart and IoT systems and the use of renewable energy sources.
The commercial district cooling market will expand by more than 4% by 2032. The strong growth of mega cities, along with the growth and development of urban regions and commercial complexes, will shape the industry. New government rules that encourage the use of more efficient cooling systems, which use less energy and cost less to maintain, will help the business flourish. As people become more aware of climate change and the need to cut down on greenhouse gas emissions, more and more of these units will be used in a wide range of places.
The market for district cooling in North America will be worth more than $95 billion by 2032. The area is expected to grow a lot because there are so many commercial buildings there. Rising energy costs are making businesses and communities look for better ways to cool their spaces. At the same time, the development of new, environmentally friendly technology will help these units become more popular. Also, the fact that regulators are leaning toward sustainable construction solutions and that R&D funding is going up are both good for the growth of the technology.
The U.S. district cooling industry will see a lot of growth since the industrial sector is doing well and energy security laws are getting stricter because of shifting weather patterns. Ongoing efforts to promote the use of renewable energy sources, together with new developments in chiller technology that improve the performance, efficiency, and reliability of cooling systems, will have a favorable effect on the sector. Also, the growing trend of modernizing and retrofitting old buildings with district cooling systems to make them more energy efficient and meet new environmental rules may affect how the firm works.
District Cooling Market Share
Fortum makes, sells, and distributes electricity, heat, and steam. The corporation also runs and keeps up power plants in different areas. These include selling power, providing heat solutions, and providing district cooling services. Fortum's power operations include trading, physical operations, expert services, and getting power from wind, thermal, hydro, and nuclear sources. They also work to make their power portfolio as good as it can be. Fortum makes both heat and power in the heat segment and offers heating solutions that are tailored to the needs of its customers.
District Cooling Market Companies
The key industry players include
- ADC Energy Systems
- Cetetherm
- Danfoss
- DC Pro Engineering
- Emicool
- Empower
- ENGIE
- Fortum
- Göteborg Energi
- Helen Oy
- Keppel Corporation Limited
- Logstor A/S
- Marafeq Qatar
- Pal Group
- Qatar District Cooling Company
- Ramboll Group A/S
- Shinryo Corporation
- Siemens
- Singapore Power Ltd.
- SNC-Lavalin Group
- Stellar Energy
- Tabreed
- Vattenfall AB
- Veolia
- Wien Energie GmbH
District Cooling Industry News
- In March 2024, Tabreed has signed a Memorandum of Understanding with Deutsche Gesellschaft für Internationale Zusammenarbeit under the 'Energy Efficient Cooling' program. This initiative, jointly developed by the Bureau of Energy Efficiency and GIZ, aims to drive the adoption of energy-efficient thermal storage solutions and district cooling systems in India, aligning with the country's Nationally Determined Contribution under the Paris Agreement for climate-friendly development.
- In July 2023, Kamstrup collaborated with Emicool to develop a cooling meter technology. This innovation aimed to enhance Kamstrup's ultrasonic cooling meters for DC systems by introducing further intelligence and innovations. In addition, this partnership was set to transform the landscape of cooling meter technology by leveraging their combined expertise to develop more intelligent, precise, and environmentally sustainable cooling measurement systems.
This district cooling market research report includes in-depth coverage of the industry with estimates & forecast in terms of “TJ” & “USD Million” from 2021 to 2032, for the following segments
Market, By Production Technique
- Free cooling
- Absorption cooling
- Heat pumps
- Electric chillers
- Others
Market, By Application
- Residential
- Commercial
- College/university
- Office building
- Government building
- Others
- Industrial
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- Poland
- Sweden
- Italy
- France
- Finland
- Austria
- Norway
- Asia Pacific
- China
- Japan
- South Korea
- Singapore
- Malaysia
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Oman
- Kuwait
- Bahrain
- Rest of World
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