IMARC Group, a leading market research company, has recently releases report titled “District Cooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global district cooling market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the district cooling market?
The global district cooling market size reached US$ 26.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 40.4 Billion by 2028, exhibiting a growth rate (CAGR) of 7.4% during 2023-2028.
What is the district cooling?
District cooling is a centralized cooling system that provides chilled water or air to multiple buildings within a specific area or district. This energy-efficient approach to cooling involves producing cold air or water at a central plant and then distributing it through a network of pipes to individual buildings for air conditioning purposes. District cooling offers several benefits, including reduced energy consumption, lower environmental impact, and improved reliability compared to individual cooling systems. It can utilize various cooling sources, such as absorption chillers, heat pumps, or natural cold-water sources. At present, district cooling finds extensive applications in urban areas across the globe, where it helps optimize energy usage and decrease the overall carbon footprint associated with cooling buildings.
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What are the growth prospects and trends in the district cooling industry?
The global district cooling market is primarily driven by the growing product popularity as sustainable solutions for large-scale cooling needs in urban areas. District cooling systems are also known for their energy efficiency and environmental benefits. As a result, the rising energy costs and environmental concerns that prompt governments and industries to seek energy-efficient alternatives have accelerated the adoption of district cooling systems. Additionally, the centralized nature of these systems that enables efficient utilization of resources and the large-scale integration of renewable energy sources, aligning with global efforts to reduce carbon emissions, has catalyzed market growth. Besides this, the increasing demand for cooling services due to rapid urbanization and expanding global population is propelling the market growth. Furthermore, the escalating demand for district cooling systems from real estate developers and facility managers owing to its potential for cost savings and reduced maintenance is contributing to the market growth.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Production Technique:
- Electric Chillers
- Heat Pumps
- Absorption Chillers
- Free Cooling
Breakup by Application:
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ADC Energy Systems
- Alfa Laval AB
- Engie SA
- Fortum Oyj
- Keppel Corporation Limited
- LOGSTOR Denmark Holding ApS
- National Central Cooling Company PJSC (Tabreed)
- Shinryo Corporation
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