By 2022, the district cooling market is anticipated to be worth US$ 27.1 billion, expanding at a CAGR of 7.6%. The global market has experienced an absolute dollar growth of US$34.0 billion.
The global district cooling market is worth US$ 29.2 Billion as of now and is expected to reach US$ 63.2 Billion by the year 2033 at a CAGR of 8% between 2023 and 2033.
District cooling comes across as a centralized distribution system to cool energy. It is basically used in houses, apartments, offices, and industries for space cooling. Insulated pipes are used for distributing chilled water for cooling indoor environment of buildings in the area. With manufacturers shifting to energy-efficient refrigeration technology, the district cooling market won’t be looking back in the near future.
District cooling makes use of a thermal storage system that cuts down on cooling energy consumption by close to 50%. Coming to installation and capacity design, systems are pretty flexible and capable of storing up to 30% of the potential power by retention of chilled water in tanks. They are known for saving 30-45% more energy as compared to conventional water-cooled air-conditioners.
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Land clearing for industrial activities and agriculture has actually resulted in growing concentration of greenhouse gases. This has, in turn, resulted in global warming. As per NOAA (National Oceanic and Atmospheric Administration), The global temperature has risen by nearly 0.8 degree Celsius in the last century. The IPCC (Intergovernmental Panel on Climate Change) that includes over 1300 scientists from all over, the upcoming century is expected to witness a rise in temperature by 2.5 – 10-degree F.
At the same time, the fact that district cooling systems are time- and capital-expensive as they need extensive planning can’t be ignored. Besides, distribution network is costly as far as installation is concerned. This factor is expected to restrain the district cooling market in the near future.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘District Cooling Market’. It has its team of analysts and consultants to deploy a 360-degree view across macros and micros.
“With space cooling being of utmost importance, the global district cooling market is expected to grow on an unstoppable note in the near future”, says an analyst from Future Market Insights.
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Key Takeaways from District Cooling Market
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District Cooling Market Share , District Cooling Market Size , District Cooling Market Analysis
Mar 26, 2023