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District Cooling Global Market Report 2024 To 2033 | Ramboll Group A/S, Fortum Corporation, Emirates District Cooling LLC, Engie SA, National Central Cooling Company PJSC, Veolia Environnement SA, Empower India Ltd
District Cooling Global Market Forecast
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According to The Business Research Company's, The district cooling market size has grown rapidly in recent years. It will grow from $16.14 billion in 2023 to $18.12 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to increased demand for cooling systems in regions with high temperature, growing urbanization, rising disposable income, development of large-scale residential and commercial structures, increasing demand for energy-efficient cooling solutions.
The district cooling market size is expected to see rapid growth in the next few years. It will grow to $28.4 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to growing need for efficient cooling systems, rapid construction activities, surging investments by developing nations for infrastructure development, increasing global population and urbanization, growing emphasis on sustainability. Major trends in the forecast period include use of advanced data analytics for optimizing cooling system efficiency, emergence of district cooling as a service (dcaas) models, adoption of smart grid technologies in district cooling networks, growing adoption of innovative technologies, increasing focus on cold energy recovery and utilization in district cooling.
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Market Drivers and Trends:
The rising focus on the adoption of sustainable energy is expected to propel the growth of the district cooling market. Sustainable energy refers to a type of energy that cannot be depleted and can remain viable forever, it does not need to be renewed or replenished. Sustainable district cooling provides sustainable cooling and improves the local environment by reducing noise and increasing the security of the energy supply. For instance, in June 2023, according to the International Energy Agency, a France-based intergovernmental organization, global renewable capacity additions are set to soar by 107 gigawatts (GW)-the largest absolute increase ever-to more than 440 GW. Therefore, the rising focus on the adoption of sustainable energy is driving the growth of the district cooling market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Ramboll Group A/S, Fortum Corporation, Emirates District Cooling LLC, Engie SA, National Central Cooling Company PJSC, Veolia Environnement SA, Empower India Ltd., Qatar District Cooling Company, Keppel DHCS Pte Ltd., ADC Energy Systems LLC, Stellar Energy Systems Inc., Shinryo Corporation, Cetetherm AB, Logstor AS, Alfa Laval AB, Wien Energie Vertrieb GmbH & Co. KG, Danfoss Group, Marafeq Qatar, Engie Energy SA, Vivendi Environnement SA, Emirates Central Cooling Systems Corp., Fortum Oyj, DC PRO Engineering, Johnson Controls International plc, Siemens AG, Trane Technologies plc, Carrier Global Corporation, Hitachi Ltd., LG Electronics Inc., Seeley International Pty Ltd., Addison-HVAC Systems Inc., Daikin Industries Ltd., GEA Group AG
District Cooling Market 2024 Key Insights:
• The district cooling market size is expected to see rapid growth in the next few years. It will grow to $28.4 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Sustainable Energy Focus Fuels Growth Of District Cooling Market
• Innovative District Cooling System To Revolutionize The Market
• Middle East was the largest region in the district cooling market share in 2023
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