District Heating Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global district heating market is estimated at USD 167.8 Billion in 2022 and is projected to reach USD 226.5 Billion by 2027, registering a CAGR of 6.2% during the forecast period. Growing urbanization and industrialization and advantages over individual in-building heating systems are attributed to the increasing demand for district heating.

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Renewable heat sources are expected to witness the highest CAGR in the district heating market from 2022 to 2027. Renewables are more environmentally friendly than conventional fuel sources such as coal and other fossil fuels. In addition, several renewable sources can positively impact the environment. While there is some pollution associated with renewable heat sources, this is relatively minimal when compared to fossil fuels. Also, most renewable energy sources require less maintenance and result in lower damaging carbon emissions. These factors are expected to drive the market for renewable heat sources.

CHP plant types improve energy efficiency, reduce carbon emissions, facilitate the integration of renewable energy sources, lower operating costs, and improve the resilience of critical infrastructure. CHP produces both electricity and heat while using lower fuel compared to other energy plants. Additionally, it captures heat and steam to generate additional power, further lowering the need for fuel. As CHP systems burn less fuel, they can reduce the emission of greenhouse gases and other air pollutants. These factors are expected to boost the market for CHP plant types.

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Europe is projected to account for the largest share of the district heating market in 2027. The adoption of district heating is rapidly growing in the region due to climatic conditions. The rapid growth of the market size of district heating in Russia is mainly due to the increasing demand for the effective use of renewable resources in the district heating sector to sustain economic growth and improve the quality of life. The presence of key district heating manufacturers such as Fortum, Vattenfall, ENGIE, Denmark, Statkraft, LOGSTOR, and Vital Energi is leading to the growth of the market in the region.

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This release was published on openPR.