District Heating and Cooling Market to grow 5% CAGR from 2018 to 2024
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Global district heating and cooling market will reach $400bn by 2024.
Stringent environmental norms pertaining to GHG emissions along with the ongoing adoption of ecofriendly solutions will accelerate the district heating & cooling market growth.
Extreme climatic conditions owing to increasing surface temperature primarily across the Middle East will foster the business landscape. For instance, as per the Clean Air Act, the U.S. EPA regulates the release of hazardous pollutants including CO2, NOX and SO2 emissions.
China district heating and cooling market is projected to exceed the consumption of 5,000 PJ by 2024. Rising demand for thermal energy across the commercial and residential sector coupled with rapid economic development will increase the product penetration.
Escalating industrialization & urbanization owing to refurbishment of the existing infrastructure will positively impact the industry landscape. In 2016, a loan of USD 100 million was approved by the World Bank for the refurbishment of sustainable heating infrastructure across the province of Hebai.
Rising investments toward the development of commercial & residential establishments across the transpiring economies coupled with stringent energy efficiency protocols will drive the district heating and cooling market.
Lower thermal losses, flexibility of fuel options, high operational performance, ability to combat current cost pressures and ongoing technological advancements are some of the key parameters that will substantially augment the product demand.
Technological advancements in the CHP systems to provide sustainable power generation along with the increasing adoption of sustainable standards and codes will foster the commercial district heating and cooling market growth.
In addition, the increasing investments pertaining to real-estate industry coupled with ongoing development across the service sector will increase the product demand. Innovative energy efficiency solutions, energy management systems and refurbishment of sustainable heating infrastructure will further complement the industry growth.
Low operating cost, easy installation, environmental performance and economic viability are some of the major factors that will accelerate the solar district heating & cooling market growth.
The SDH plan proposed by European Commission aims at promoting and deploying of SDH systems across Denmark, Czech Republic, Germany and Italy. It further directs to add a capacity of approximately 8 GWth by the year 2020.
Better quality of air and sustainability, improved production capabilities and easy compatibility are among the key advantages that will drive the district heating and cooling market share.
Further, the technology is widely used across the commercial and residential establishments on the account of their providing electricity, ability for trigeneration and heat & cool simultaneously.
Growing use of wasted thermal energy to generate power thereby reducing the GHG emissions is one of the major parameters positively impacting the industry landscape.
Eminent players serving the district heating and cooling market includes Stellar, Keppel, Veolia, Vattenfall, ADC, Korea District Heating, Goteborg, Cetetherm, Tabreed, Shinryo, Engie, SNC Lavalin, STEAG, Danfoss, Empower, Emicool, Qatar Cool, Logstor AS, Pal Technology, Fortum, Ramboll and NRG Energy.