Dublin, Dec. 30, 2020 (GLOBE NEWSWIRE) -- The "District Heating & Cooling Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2020 To 2028" report has been added to ResearchAndMarkets.com's offering.
The technique of district heating, as well as district cooling, are making a strong comeback, registering a market value of US$ 15.60 Bn in 2019 and projected to flourish and reach US$ 26.13 Bn by 2028 with a notable CAGR of 5.9% compared to other space heating and cooling methods.
High cost, improper utilization of available resources, and long-term solution to domestic and commercial heat & cooling energy requirements are a few of the several factors responsible for the revival of district heating and cooling systems. Significant reduction of carbon emission and better efficiency in heating & cooling encouraged nations to incorporate district heating & cooling plants as a part of their contribution towards saving the environment.
Combined Heat Power is Widely Used across Various Industries due to Various Advantages Offered by the Technique
At present combined heat and power district heating dominate the global district heating market. Combined heat and power (CHP) plants or cogeneration plants generate heat as well as electricity simultaneously. A conventional thermal power plant can achieve 25% to 30% efficiency, besides, a CHP plant can achieve an efficiency of more than 80% and go beyond 100% by condensing the flue gases.
This makes a significant reduction in overall carbon emission and allows complete utilization of heat sources such as fossil fuels. However, the use of fossil fuels or other heating power sources does involve more carbon emission compared to solar heating for district heating. The aforementioned factor and long-term cost-efficiency projected to stimulate the demand for solar-powered district heating beyond the forecast period.
Vapor Absorption District Cooling to Bag More Market Value in Coming Years
Compression cooling has effective and fast cooling; hence, leads the global district cooling market in terms of market value. The system uses compressors or electric chillers to produce a cooling effect through refrigerants. Compression cooling offered more tons of cooling compared to absorption with respect to the same system size, however, the electricity consumption and carbon emission are on the higher side compared to the absorption district cooling system. Consequently, the market for absorption district cooling growing at a considerable rate and projected to surpass vapor compression district cooling in upcoming years.
Residential End-user is the Primary Consumer of District Heating and Cooling
Currently, the residential sector is the biggest consumer of district heating and cooling in terms of market value. The majority of district heating and cooling plants are designed and installed to reduce the burden of domestic expenditure for cooling and heating. These plants have the capability to provide necessary heating or cooling to small sections of a city if the,y not a complete city. Industrial end-user trails residential segment and expected to grow continuously. Industries are starting to rely on district cooling and heating as they reduce heavy expenses and generate a smaller carbon footprint. Commercial end-user is the fastest-growing segment and projected to surpass the industrial end-user segment during the forecast period.
Changing Government Rules and Regulations is Likely to Propel the Growth of District Heating and Cooling Market across the Globe
The role of government initiatives for smart cities and efficient buildings are influencing the significance of district heating and cooling across the globe. These contemporary norms are posing challenges for an existing conventional comforting methods to comply with rapidly changing environmental conditions. Consequently, nations across the globe are shifting towards efficient alternatives such as the use of renewable energy sources and district cooling and heating alternatives. At present, Europe is the biggest consumer of district heating while the Middle East dominates the district cooling market. North America trails Europe and the Middle East in the combined district heating and cooling market in terms of market value.
District Heating & Cooling Companies Showing Perseverance to be Rewarded in Years to Come
Installation of district heating and cooling plants involves heavy investments, formidable energy generation, and distribution companies score a better chance of survival with limited competition around. Companies have to be persistent for the long process of government acceptance, infrastructure erection, and commencement of the project before reaching the break-even point.
Growing Awareness and Efforts Towards Reducing Global Warming
Reduction in Fuel Consumption and Cooling & Heating Cost
Incorporation of Renewable Energy and Technological Advancements
High Initial Investment and Long Churn-up Time
Attractive Investment Proposition, by Geography, 2019
Market Positioning of Key Players, 2019
Major Strategies Adopted by Key Players
ADC Energy Systems LLC
Emirates Central Cooling Systems Corporation (EMPOWER)
Emirates District Cooling LLC (Emicool)
Emirates National Central Cooling Company PJSC (Tabreed)
Keppel DHCS Pte. Ltd.
KELAG Warme GmbH
The Korea District Heating Corporation
Ramboll Group A/S
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