District Cooling Market is projected to reach the value of $30.68 billion by 2030

According to the report published by Virtue Market Research, the Global District Cooling Market was valued at $11.14 billion in 2022 and is projected to reach a market capitalization of $ 30.68 billion by 2030. Over the forecast period of 2023-2030, the market is estimated to grow at a CAGR of 13.5%. Due to the rising need for energy-efficient cooling systems, the global district cooling market is expanding significantly. District cooling systems are becoming increasingly popular as a more sustainable alternative as a result of rules being implemented by governments all over the world to minimize carbon emissions. Additionally, the need for district cooling services is being fueled by urbanization's growth and the expansion of the commercial and industrial sectors.

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The rapidly growing need for energy-efficient cooling systems is one of the key factors behind the growth of the global district cooling market. The difficulty of rising temperatures is particularly acute in tropical and hot regions, where cooling is crucial for summertime comfort. Over the past few years, space cooling energy consumption has increased significantly due to the rising ownership of air conditioners in these regions and the propelling need for cooling solutions. District cooling systems are currently being used as a more environmentally friendly choice as a result of rules being implemented by governments all over the world to cut carbon emissions and promote sustainability. The Middle East region is one of the most developed markets for district cooling due to its extreme heat and high energy usage for cooling. The demand for district cooling systems is anticipated to increase furthermore in the future due to the dire need to conserve energy and the requirement for energy-efficient buildings under new building laws and rules.

Due to several factors, including the rising need for energy-efficient cooling systems and strong government rules to decrease greenhouse gas emissions, the district cooling industry is predicted to expand exponentially in the next few years. The COVID-19 pandemic also has, nevertheless, had a detrimental effect on the global district cooling market. Due to worldwide lockdowns and limits on economic activities, district cooling is no longer necessary. As a result, there is less demand, which further slowed down the purchase of raw materials, raising prices and delaying order closures. However, the district cooling industry is anticipated to rebound and carry on its growth trajectory in the future, notwithstanding the short-term effects of COVID-19. Also, demand for these systems is anticipated to be driven by growing urbanization and increased knowledge of the advantages of district cooling systems, such as their lower energy consumption as compared to traditional air conditioning. Additionally, the sector offers numerous chances for innovation and investment, as well as the possibility to expand into new markets gaining lucrative prospects for the same.

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Segmentation Analysis:
The global District Cooling Market segmentation includes:

By Technology:
• Free Cooling
• Electric Chiller
• Absorption Cooling

Free cooling, absorption cooling, and electric chillers are the three major technologies that make up the global district cooling market. While absorption cooling uses heat as a source of energy to produce cooling, free cooling uses ambient air to chill water. On the other hand, electric chillers use electricity to produce cooling. Since absorption cooling offers a cost-efficient and environmentally friendly option while lowering carbon emissions, it is anticipated to have the highest market share and is widely deployed across several end-users. Electric chillers are a common alternative for businesses because of their high coefficient performance and low floor area requirements. Different district cooling systems are used by businesses to efficiently and quickly finish big projects on time.

By Application:
• Residential
• Commercial
• Industrial

The global district cooling market is composed of three application categories: residential, commercial, and industrial. The residential application is anticipated to grow at the fastest rate in the next few years due to rising demand for air conditioning in residential structures and growing public awareness of renewable energy sources. The commercial category, which includes companies like offices, stores, government agencies, airports, and organizations, retains a sizeable market share as a result of the expanding need for air conditioning in commercial buildings. On the other hand, it is projected that the industrial application segment would grow at a constant rate over the next few years due to the demand for cooling in various industrial processes. Rising temperatures, rapid urbanization, and the need for more energy will all affect these categories' growth during the forecast time period.

Regional Analysis:
The North American, European, Asian-Pacific, Latin American, Middle Eastern, and African regions are among the geographical and regional divisions of the worldwide district cooling market. Due to their hot environment and rising interest in net-zero energy structures, the Middle East and Africa made up a sizeable portion of the market in 2022. The UAE is a significant player in the area, with government attempts for economic diversification, particularly in preparation for the FIFA World Cup in Qatar in 2022, driving the industry. Energy-efficient building regulations in North America have led to energy savings, but the Asia-Pacific region has a sizable market share with major players like Japan, China, India, and South Korea, where the government is investing in projects like Smart Cities and Smart Grid that are anticipated to save money on energy.

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Latest Industry Developments:
• In May 2022, with the introduction of Nemo, ENGIE's operations software, in the 235,000 refrigeration tonne (RT) capacity Downtown Dubai District Cooling network, ENGIE Digital and Tabreed, the UAE's pioneering District Cooling company, have strengthened their cooperation.
• In September 2022, Egyptians for Healthcare Services (EHCS), a developer of the brand-new CapitalMed healthcare city megaproject, and Tabreed, the UAE's top district cooling provider, officially signed an agreement to supply CapitalMed with crucial district energy services.
• In November 2022, Emirates Central Cooling Systems Corporation PJSC ("Empower" or the "Company") declared that the final offer price for its initial public offering ("IPO" or the "Offering") has been set at AED 1.33 per share, at the upper end of the price range, following the successful completion of the bookbuild and public subscription process.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.