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The global district cooling market size is expected to showcase considerable growth by reaching USD 47.64 billion by 2028. This information is published by Fortune Business Insights in its report, titled “District Cooling Market Size, Share, and COVID-19 Impact Analysis, By Technology (Electric Chillers, Absorption Chillers, and Others), By End User (Residential, Industrial, and Commercial), and Regional Forecast, 2021-2028.” The report further observes that the market stood at USD 24.63 billion in 2020 and is likely to exhibit a CAGR of 8.7% between 2021 and 2028.
Empower Operates First-ever Unmanned District Cooling (DC) Plant in Dubai
In February 2020, Emirates Central Cooling Systems Corporation (Empower) announced the commencement of operations to build the world’s first-ever unmanned DC plant in Jumeirah Village Circle in Dubai. The state-of-the-art plant serves around 52 buildings and has a total capacity of about 38,000 refrigeration tons (RT). Moreover, the company reports that the total cooling capacity will reach 49,000 RT by the year-end while adding 30 new buildings taking the tally to 82. The system adopts advanced technology such as adjusting the water flow to and from the cooling plant with the help of thermal energy storage (TES). This is likely to help in reducing the burden on the grid during peak hours.
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Rising Concerns Over Global Warming to Promote Growth
According to the National Oceanic and Atmospheric Administration (NOAA), the overall temperature has increased by 1.4° F (0.8° C) globally over the past 100 years. The effect of global warming is drastically affecting the environment. The most striking impact witnessed is the gradual rise in average temperature worldwide. Moreover, the Intergovernmental Panel on Climate Change (IPCC) that consists of over 1300 scientists representing the U.S. and several other countries, predicts a rise of temperature by 2.5 to 10° F by the end of the century. Therefore, the rising temperature due to the global warming effect is expected to boost the demand for cooling mechanisms. This is anticipated to favor the global district cooling market growth in the forthcoming years.
Partnership between Key Players to Maintain Their Dominance
The market is experiencing healthy competition amongst the companies focusing on partnering with other companies to expand their district cooling portfolio to cater to the growing industrial demand. Moreover, other key players are adopting proactive strategies such as collaboration, merger and acquisition, and facility expansion to maintain their stronghold that will bode well for the growth of the market.
List of the Companies Operating in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion) & Volume (Thousand RT)
By Technology, End-user and Region