Wednesday, April 5, 2017

Global district cooling market set for 5.1pc growth

The global district cooling market, which was valued at $11.2 billion in 2015, is expected to expand at a CAGR of 5.1 per cent to reach $17.3 billion in 2024, a report said.

On the basis of application, global district cooling market is segmented into residential, commercial, and industrial, explained the report entitled "District Cooling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024” by Transparency Market Research (TMR), a global market intelligence company.

 Residential application includes district cooling connections of individual houses, buildings, and connections of individual flats in buildings. Commercial application includes district cooling connections of hotels, restaurants, malls, shops, hospitals, data centers, laboratories, and other commercial facilities. Industrial application includes power generation plants, manufacturing plants, chemical plants, and other industrial facilities.

Commercial application dominated the global district cooling market with more than 50 per cent market share in 2015. Emphasis on energy saving coupled with rising demands for BREEAM and LEED-certified buildings are anticipated to propel the district cooling market due to the burgeoning commercial sector across the globe.

The DC system employed in commercial and public buildings provides 50 per cent better refrigeration as compared to buildings with regular air conditioners. Absorption chillers and electric chillers are widely used in this system. The latter exhibit higher coefficients of performance than commercial air conditioning units and can meet approximately 35 per cent of the cooling needs of commercial buildings.

In recent years, the district cooling landscape is witnessing enhanced activities by various market participants, including ADC Energy Systems LLC, Emirates Central Cooling Systems Corporation (Empower), Emirates District Cooling (Emicool), Emirates National Central Cooling Company PJSC (Tabreed ), Stellar Energy, Keppel DHCS, Logstor A/S, Ramboll Group A/S, Tekla Corporation, Shinryo Corporation, Dalkia, Veolia, Singapore Power (SP) Group, and Alfa Laval AB among others.- TradeArabia News Service

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