Global district cooling market is forecast to exhibit a steep growth trajectory in the coming years due to rising demand from diverse end users. According to a report by Fortune Business Insights, titled “District Cooling Market: Global Market Analysis, Insights and Forecasts: 2018-2025,” the market is likely to witness healthy growth in the forthcoming years. Fortune Business Insights states that this market is likely to expand at a steady rate in the coming years due to growing emphasis on energy on energy conservation. The cooling procedures that were once a luxury have now been deemed a necessity.
Increasing Use of Air Conditioners is Raising Concerns over Green House Gases
The increasing use of air-conditioning systems worldwide has raised many concerns over the emission and harmful effects of several greenhouse gases. Air conditioners have a negative impact on the environment due to their emission of unfavourable gases. Although their effect cannot be seen immediately, they do not bode well in the long term. Such greenhouse gases are major contributors of global warming. Therefore, there is a demand for a sustainable alternative among end users.
District cooling has been emerging in the recent past due to its exceptional benefits and advantages over air-conditioners and other coolers. To suffice cooling demand in an industrial area or commercial building, district cooling plays a major role. It helps to balance the electrical loads, increase operational efficiency and also reduces fuel consumption. These factors ultimately lead to reduction in the total cost and overall investment in any industrial or commercial area. Thus, the increasing demand for district cooling will have a positive impact on the global district cooling market and is likely to influence growth of the market in the forthcoming years.
Energy Reuse: A Major Driver of Global District Cooling Market
District cooling involves the use of a centralized system wherein absorption chillers are placed for cooling. The energy needed can be derived from the waste heat from the surrounding power plants, industrial process and turbines from nearby equipment. Thus, there is a reduced reliance on other sources of energy, with the same operational efficiency. Furthermore, the cooling is distributed through pipelines which are placed underground, thereby requiring lesser place. Thus, district cooling is preferred over conventional cooling systems due to benefits such as increased efficiency, reusable energy consumption, and an overall sustainable system.
Ability to Cater Large Volume to Drive the Global District Cooling Market
The district coolers can cater to a large surface area via pipelines and other medium of transmission. This property allows their use in dense commercial areas or large commercial industrial spaces. The ability to cater a widespread area unlike conventional coolers is increasing the uptake of district cooling in large spaces. Besides diminished emission of greenhouse gases, electrical consumption is also reduced in places where district cooling is used.
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Some of the leading companies that are operating in the global district cooling market are National Central Cooling Company PJSC (Tabreed), Emirates Central Cooling Systems Corporation (Empower), Danfoss District Energy, Engie, Emirates District Cooling LLC (Emicool), Siemens, Qatar District Cooling Company, Fortum, Empower Energy Solution, Shinryo Corporation, Stellar Energy, Alfa Laval, Veolia, Ramboll Group, and Pal Group.