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WILMINGTON, Del. , July 29, 2022 /PRNewswire/ -- District cooling plants are steadily growing in installations to meet the needs of indoor space cooling and air conditioning, pivoting on the customer propositions of cost-effectiveness, energy efficiency, and reduced environmental footprint. The study has found all key market segments in district cooling have witnessed growth from increased awareness of the district cooling system for their environmental and economic benefits. The global district cooling market is projected to advance at CAGR of 7.8% from 2022 to 2031 (forecast period).
Commercial establishments account for a vital share of revenue of district cooling market in 2021 and will create largest opportunity for district cooling market. The commercial segment is expected to witness substantial profitable avenues during the forecast period. Of note, firms are leaning on tapping into abundant opportunities in installations in shopping complexes and malls, hotels, restaurants, and cold storage facilities.
Advancements in district cooling technologies have resulted in the introduction of systems that are easy to install and operate, and can work on range of primary energy sources. Demand for environmentally sustainable solutions that integrate renewable sources of energy such as natural gas, solar and geothermal power will expand the frontiers. The trend of incorporating renewable energy sources will shape the future market outlook for district cooling market.
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Key Findings of District Cooling Market Study
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District Cooling Market: Key Drivers
District Cooling Market: Regional Growth Dynamics
The Middle East has emerged as a remarkably lucrative region in the global district cooling market. Presence of hot climatic conditions underpins enormous profitable opportunities for market players.
Installations especially in Dubai , have increased, generating substantial revenue streams. Stringent implementation of policies in the country to attain cooling targets in buildings has spurred the demand. End users elsewhere have benefitted from the installations such as reduced electricity consumption and energy-efficient cooling. In particular, the demand is poised to proliferate in Saudi Arabia , creating growth prospects for the global district cooling market.
Firms are leaning on capturing revenues from rising demand for district cooling systems in several economies of Europe and North America .
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District Cooling Market: Key Players
Some of the prominent players are
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