District Cooling Market worth USD 1,177 Million by 2026

Posted by Siddhant on October 31st, 2023

The global district cooling market is projected to reach USD 1,177 million by 2026 from an estimated market size of USD 931 million in 2021, at a CAGR of 3.4% during the forecast period. The factors driving the growth for district cooling are the Surging need for efficient cooling in regions with hot climate and Growing investments in infrastructure projects in developing economies.

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Rapid urbanization will put tremendous pressure on urban infrastructure. With the increasing number of people moving to cities, the demand for residential and commercial spaces is also expected to increase in the coming years. To accommodate this massive influx of people, the demand for taller buildings is also likely to increase. According to the International Energy Agency (IEA), air conditioner ownership is increasing in such regions. Middle Eastern countries are one of the most advanced markets for district cooling. The Middle East has been witnessing an increase in temperature in summer, exceeding 50-degree Celsius. Cooling is one of the biggest issues faced by the countries in this region.

District cooling offers numerous advantages compared with conventional cooling technologies. It is environment-friendly and relatively more cost and energy-efficient. District cooling could be one of the best solutions for meeting the cooling demand of the rapidly growing Middle Eastern countries. For instance, Dubai has the world's largest district cooling network that has enabled it to meet the country's cooling demand and reduce its electricity demand. Moreover, there has been an increase in the demand for innovative and sustainable cooling technology because of rapid economic development in the Middle East. The upcoming construction projects due to increasing GDP will eventually lead to an increase in energy consumption, and subsequently, carbon dioxide emissions. This would increase the demand for energy-efficient cooling technology. The upcoming infrastructure projects in developing economies such as the Middle East and Asia Pacific are providing opportunities for growth of the district cooling market.

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Middle East and Africa likely to emerge as the largest district cooling market.

The Middle East and Africa are expected to dominate the district cooling market during the forecast period due to shift in the electricity demand and supply balance in the Middle East & Africa and Asia Pacific regions have resulted in the wider use of district cooling, which has enabled utilities and developers to balance power supply and effectively manage its usage. District cooling is being promoted as a way of addressing energy shortages, energy demand, and global warming in the Middle East & Africa, and Asia PacificTo enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the district cooling market.

The leading players in the District Cooling Market are Emirates Central Cooling System Corporation (UAE), National Central Cooling Company PJSC (UAE), Emirates District Cooling LLC (UAE), Shinryo Corporation (Japan), ADC Energy Systems LLC (UAE), Keppel DCHS PTE LTD (Singapore), LOGSTOTR A/S (Denmark), Ramboll Group A/S (Denmark), SIEMENS AG (Germany), Stellar Energy (USA), and District Cooling Company LLC (UAE) and others.