Press release
Middle East District Cooling Market to reach $12bn by 2024
Global Market Insights
Commercial district cooling market size is set to exceed 8 Million RT by 2024. Hotels, malls, shops, offices and hospitals are some of the key applications area. Increasing emphasis on energy conservation along with rising demand for Leadership in Energy and Environmental Design (LEED) certified buildings will positively impact the business growth.
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Flourishing construction sector coupled with ongoing government targets towards energy efficiency will fuel the UAE district cooling market growth. Companies in the UAE including Empower and Logstor as a part of strategy entered into a joint venture to use fibre optic networks in their large DC systems for conservation of water resources in cooling distribution and production.
Growing adoption of sustainable energy to meet the escalating energy demand will embellish the district cooling market. Government legislations toward promotion of energy efficient and economical cooling solutions coupled with rising environmental concerns will stimulate the product penetration. The Dubai Integrated Energy Strategy 2030 developed in line with the Green Growth Strategy and the UAE Vision 2021 has set strategic directions toward secure and uninterrupted sustainable energy supply.
Torrid weather conditions and high humidity climate zones across Middle East will propel the district cooling market. The GCC countries experiences the longest summers with highest temperatures reaching about 540 C in 2016.
Absorption cooling in 2016 accounted for over 6% of district cooling market revenue. This technique is eco-friendly in nature and utilizes waste energy for production purposes. It utilizes heat as a source of energy and helps reduce the use of electrically driven cooling, thereby reducing carbon dioxide emissions.
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Qatar district cooling market share was valued at over 8% of market revenue in 2016. Significant expansion of DC systems and strategic government plans to reduce energy consumption will stimulate the market growth. The Qatar’s National Vision 2030 aims at achieving sustainable development of the country by transforming and providing high standard of living for its citizens.
Notable players in the district cooling market include Emirates District Cooling (Emicool), Emirates Central Cooling System (Empower) and National Central Cooling Company PJSC (Tabreed). Other industry participants include Qatar Cool, Stellar Energy, Siemens, Marafeq Qatar, ADC Energy, Shinryo Corporation and Logstor.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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