December 7, 2021 01:50 EST | Source: Fortune Business Insights Fortune Business Insights
Pune, India, December 7, 2021 (GLOBE NEWSWIRE) - By the end of 2027, the global district heating market is expected to reach US$204.74 billion. The large-scale investment in integrating these heating equipment into industrial manufacturing equipment will have a huge impact on market growth. According to the report entitled "District heating market size, share and COVID-19 impact analysis, by heat source (coal, natural gas, renewable energy, petroleum and petroleum products, etc.), by plant type (boiler)" released by Fortune Business Insights, CHP, others), according to application (residential, commercial, industrial) and regional forecasts, the market value in 2020-2027 will be 173.42 billion U.S. dollars, and the compound annual growth rate will be 2.2% during the 2020-2027 forecast period.
Request a sample PDF manual: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/district-heating-market-100097
District heating is a process of thermal cycling through a centralized system through insulated pipes. This heat is generated by a system that involves a mechanism for generating energy from electricity or natural resources. The use in the commercial, industrial and residential sectors will herald the growth of the overall market in the next few years. Technology integration has played a huge role in the growth of this market, especially in the past few years. The massive investment in technology integration shows that district heating has potential worldwide. Increasing applications worldwide and subsequent increasing demand will herald the growth of the overall district heating market in the next few years.
List of companies introduced in the report:
Decreased construction activity during the Covid-19 pandemic will adversely affect market growth
The recent coronavirus outbreak has caused panic around the world. With several companies completely shutting down, the pandemic has dragged down the economies of major countries in the world. Unfortunately, the strict measures taken by governments around the world to curb the spread of the disease have already affected several companies. The reduction in some construction and construction activities and the slowdown of the manufacturing process have led to a decline in global district heating demand. Therefore, given that the market will form a strictly restricted environment, companies in this industry will find it increasingly difficult to operate.
Request customization: https://www.fortunebusinessinsights.com/enquiry/customization/district-heating-market-100097
Multiple high-budget projects have lined up in the district heating field
The report covers several factors that have contributed to overall market growth in recent years. According to observations, many projects surrounding district heating have been launched in recent years. The increase in the number of construction activities around the world has provided a platform for companies in the industry, but an increasing number of high-budget and high-profile projects will help the market grow in the next few years. In August 2019, Nicola Sturgeon announced Start a new £6 million project. The project will be developed in cooperation with Scottish Water Horizons. Such large-scale projects will benefit the growth of the overall market in the next few years.
The Asia-Pacific region has the greatest immediate growth potential; increased efforts towards sustainability will benefit market growth
The report analyzes continuing market trends in five major regions, including North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all regions, the Asia-Pacific market is expected to grow at the highest compound annual growth rate in the next few years. The growing demand for sustainable energy and efforts to maximize the use of renewable energy will benefit the growth of the regional market. Although the European market currently dominates the global market, in terms of short-term growth, the Asia-Pacific region has the greatest potential. As of 2019, the European market is worth 137.18 billion U.S. dollars, and this value is expected to grow at a considerable rate in the next few years.
October 2019-The Ministry of Mines and Energy announced that it would sponsor six municipal companies in Serbia to switch from fossil fuels to biomass fuels.
Quick purchase-district heating market research report: https://www.fortunebusinessinsights.com/checkout-page/100097
The global regional cooling market is expected to grow significantly, reaching USD 47.64 billion by 2028, with a compound annual growth rate of 8.7% from 2021 to 2028. In its report entitled "Regional Cooling Market, 2021-2028", "Fortune Business Insight" mentioned that the market size in 2020 will be USD 24.63 billion. The growing demand in Middle Eastern countries and the increasing demand for energy consumption by cooling systems will drive the adoption of this product during the forecast period.
COVID-19 affects market growth and reduces industrial operations
The blockade announced by government agencies has reduced industrial activity, which has led to supply disruptions. In addition, limited labor and declining demand are hindering the growth prospects of many industries. However, the post-pandemic situation may benefit market growth as industrial operations resume, which means that the government has set strict regulations to curb the spread of the new coronavirus.
Request a sample PDF manual: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/district-cooling-market-100090
According to technology, the market is divided into electric chillers, absorption chillers, etc. According to the end user, the market is divided into residential, industrial and commercial.
Finally, according to the region, the market is divided into North America, Europe, Middle East and Africa, Asia Pacific and Latin America.
What does the report provide?
The market report analyzes several factors in detail, such as key drivers and constraints affecting growth. In addition, the report also provides insights into regional analysis covering different regions, which helps the market grow. It includes the competitive landscape involving leading companies and the strategies they employ to launch new products, announce partnerships and cooperation, which will further promote market growth. In addition, research analysts use a variety of research methods, such as PORTER's five-point analysis and PESTEL to obtain information about current trends and industry developments, which will drive market growth in the next few years
Increased demand in the Middle East to promote growth
According to the UAE government, due to extreme weather conditions, Dubai’s air-conditioning sector accounts for approximately 70% of electricity consumption. The Middle East usually experiences extremely hot weather conditions, with average temperatures hovering around 35 to 550 degrees Celsius. The ever-increasing power consumption has prompted the government to implement sustainable measures to ensure optimal energy efficiency. This has led to the widespread adoption of DC systems to meet the growing demand for cooling mechanisms. For example, in January 2021, the national central cooling company PJSC (Tabreed) signed an agreement with Miral. The agreement includes the provision of DC services to Abu Dhabi Sea World. Therefore, in the foreseeable future, the surge in demand from Middle Eastern countries is expected to benefit the growth of the global regional cooling market.
The Middle East and Africa remain dominant; supportive government initiatives stimulate demand
Among all regions, the Middle East and Africa are expected to maintain their leading positions in the next few years and occupy the world's largest regional cooling market share. This is thanks to government support initiatives, which are driving the demand for innovative DC systems in the region. For example, the government of Qatar is developing state-of-the-art facilities based on funding for the upcoming 2022 FIFA World Cup. In 2020, funding for the region is 9.28 billion U.S. dollars.
The Asia-Pacific market is expected to grow exponentially in the next few years. This is because people are paying more and more attention to the development of smart cities and smart grid infrastructure, which will promote the demand for advanced district cooling systems in countries such as India, China, Singapore and South Korea from 2021 to 2028.
Large companies expand facilities to illuminate market prospects
This market includes small, medium and large companies that are striving to maintain their advantages by expanding production facilities to increase the adoption of district cooling systems to meet the growing consumer demand around the world. In addition, other major players are expected to adopt strategies such as partnerships, collaborations, and mergers and acquisitions, which bodes well for the market's growth.
October 2020-UAE Central Cooling Systems Company (Empower) won a series of contracts worth AED 190 million, including the construction of a fourth regional cooling plant in Dubai's Business Bay. According to the company, the new plant will have a capacity of 50,000 refrigeration tons (RT).
List of companies operating in the global market:
Quick purchase-regional cooling market research report: https://www.fortunebusinessinsights.com/checkout-page/100090
Fortune Business Insights™ provides accurate data and innovative business analysis to help organizations of all sizes make appropriate decisions. We tailor innovative solutions for our customers to help them deal with various challenges in different businesses. Our goal is to provide them with comprehensive market intelligence and a detailed overview of the markets in which they operate.
Fortune Business Insight™ Pvt. Limited company
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd