Key Highlights:
·
The
global district cooling market was
valued at around US$ 20 Bn in 2018 and is anticipated to expand at a CAGR of
more than 7% during the forecast period
·
The
commercial end-user segment accounted for major share of the district cooling
market, increasing utilization of these systems in commercial sectors such as
hotels, malls, and offices
·
Middle
East & Africa is anticipated to be one of the high growth regions of the
district cooling market, due to hot climatic conditions in the sub-region with
temperatures ranging between 35°C and 55°C
Key Drivers of District Cooling Market:
·
Human
activities have contributed substantially to climate change through the
addition of CO2 and other heat-trapping gases to the atmosphere. Clearing of
the land for agriculture, industry, and other human activities has increased
the concentration of greenhouse gases. One of the most immediate and obvious
effects of global warming is the increase in temperatures around the world.
This, in turn, is anticipated to boost the demand for district cooling systems
during the forecast period.
·
Significant
expansion in the real estate sector, rise in urbanization, and growth in
population in developing countries such as China, Brazil, Mexico, and India
have increased the consumption of building energy for heating and cooling
needs. High rise buildings in the Middle East and in mature countries in Europe
and North America are decreasing natural ventilation. These are a few factors
that increase the need for mechanical means of air conditioning and therefore
energy consumption.
·
Significant
rise in primary energy consumption, greenhouse gas emissions, and peak
electricity demand drives the requirement for district cooling services as a
sustainable energy solution. This enables local communities to gain economic
and environmental benefits of a mature technology.
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Commercial End-User Segment to Gain Momentum:
·
In terms
of end-user, the commercial segment constituted major share of the global
district cooling market in 2018. Variations in climatic conditions such as high
temperature coupled with costly glass exteriors in airports, hotels, colleges,
malls, and offices result in extremely high indoor temperatures. Utilization of
district cooling systems can provide a sustainable solution, which is expected
to meet the high demand for refrigeration.
·
The
commercial segment is estimated to expand at a rapid pace during the forecast
period. District cooling systems are up to 40% more efficient than individual
air conditioning units. They offer highly effective solutions for commercial
facilities located in densely populated areas, as they help free up space in
commercial buildings.
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North America Dominates Global District Cooling
Market:
·
North
America and Middle East & Africa were key regions of the district cooling
market in 2018. North America dominated the global district cooling market
mainly due to increasing focus on the adoption of renewables and efficient
usage of energy resources
·
The
market in Middle East & Africa is anticipated to expand at a rapid pace
during the forecast period. Air conditioning typically accounts for 60% to 70%
of energy consumption during the peak summer months in the UAE. District
cooling utilizes approximately 50% less energy. Thus, it helps lower cost for
owners and governments alike.
·
District
cooling also protects the environment by decreasing carbon dioxide emissions.
Emirates Central Cooling Systems Corporation (EMPOWER), Emirates District
Cooling (Emicool), Marafeq Qatar, and Tabreed are the major district cooling
service providers in Middle East & Africa. EMPOWER has district cooling capacity
of more than 1.43 million RT. It accounts for around 70% market share in the
UAE.
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Global District Cooling Market – Key Developments:
·
In
February 2019, Tabreed, the leading UAE-based international cooling systems
provider, which is 40% owned by ENGIE, signed a 30-year concession agreement to
build, own, and operate a district cooling system (DC) in Amaravati, the
capital of Andhra Pradesh, India
·
In
September 2018, Keppel DHCS Pte Ltd (Keppel DHCS), a wholly-owned subsidiary of
Keppel Corporation Limited, was awarded a contract for the initial phase of a
tender by JTC Corporation (JTC) to design a new district cooling system (DCS)
plant in the upcoming Jurong Innovation District (JID)
·
On June
19, 2017, ENGIE acquired 40% stake in National Central Cooling Company PJSC
(Tabreed) from Mubadala Investment Company (Mubadala), the Abu Dhabi-based
strategic investment company. ENGIE is expected to become Tabreed’s key
shareholder, along with Mubadala, that would retain 42% stake. Through the
partnership with Mubadala, Tabreed will become one of ENGIE’s main regional
development platforms, besides having existing operations in Western Europe,
North America (where ENGIE was recently awarded a 50-year concession to operate
and optimize Ohio State University’s utility system), and Southeast Asia. Engie
expects to expand at a rapid pace through Tabreed in new emerging markets such
as India, Egypt, and Turkey.
·
In July
2016, the company signed an agreement with Nakheel Properties, a real estate
developer based in Dubai, to provide district cooling services to the Jumeirah
village circle and village triangle, with plans to invest US$ 490.0 Mn in the
project and build six cooling plants with a capacity of 260,000 RT
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Competition Landscape
·
The
global district cooling market is anticipated to be consolidated with few
players accounting for large share of the market.
·
High
capital investment coupled with high degree of technical knowledge required for
district cooling plant is anticipated to reduce the threat of new players in
the market.
·
The top
three players operating in the market accounted for a combined market share of
around 71% in 2018. These players are Emirates Central Cooling Systems
Corporation (EMPOWER), Engie, and Veolia.
·
Other
players operating in the market include ADC Energy Systems LLC, Emirates
District Cooling LLC, Stellar Energy, Keppel Corporation Limited, Logstor A/S,
Shinryo Corporation, Dalkia, Singapore Power (SP) Group, and Alfa Laval
AB
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