by Brianna Crandall — September 15, 2014—U.S.-based global market research and consulting company MarketsandMarkets has released a new report that may be of interest to building owners and facilities managers who are interested in district cooling technology. The district cooling market size in terms of value is projected to reach $29.0 billion by 2019, at a compound annual growth rate (CAGR) of 11.4% from 2014 to 2019.
District Cooling Market by Application (Commercial, Residential, Industrial, and Others)—Global Trends & Forecasts to 2019 defines and segments the district cooling market with an analysis and forecast of the market size by volume and value.
According to the report, the district cooling market is mainly driven by the high efficiency of district cooling technology, which results in enhanced reliability, less water and energy usage, reduction in environmental degradation, efficient use of energy, and reduction in strain on a nation’s electricity grid. Issues such as inaccurate estimation of cooling demand and incoherent cost recovery models are the after-effects observed in the district cooling market that need to be addressed at utmost priority to boost the market.
High upfront capital cost and non-synchronized development are the major restraints in recent years, adds the report. The Middle East and Africa (MEA) region is the fastest-growing market due to rapid growth in the real estate and commercial sectors. This growth is marked by increasing demand for power and cooling during peak hours, which can threaten a nation’s power grid security.
Asia-Pacific is the market with high growth potential due to emerging economies such as China and India where large number of infrastructure activities are lined up. The leading players in the market include Emicool (UAE), Empower (UAE), LOGSTOR (Denmark), Ramboll (Denmark), Tabreed (UAE), Stellar Energy (USA), and ADC Energy Systems LLC (UAE), along with Shinryo Corporation (Japan) and Keppel DHCS (Singapore) as the leading regional players in Asia-Pacific.
The report covers the district cooling market and its trends that concern four regions: the Americas, Europe, the Middle East and Africa (MEA), and Asia-Pacific. Various applications based on end-user industries, namely commercial, residential, industrial and others, are covered.
