District Cooling Market worth 9.54 Billion USD by 2021

[171 Pages Report] District Cooling Market research report categorizes the global market by Production Technique (Free Cooling, Absorption Cooling, Electric Chillers), Application (Commercial, Residential & Institutional), Region

(EMAILWIRE.COM, December 04, 2018 ) According to the new market research report “District Cooling Market by Production Technique (Free Cooling, Absorption Cooling, Electric Chillers), Application (Commercial, Residential & Institutional), Region - Global Forecast to 2021”, published by MarketsandMarkets™, the market for district cooling is projected to grow from USD 5.14 Billion in 2016 to USD 9.54 Billion by 2021, at a CAGR of 13.19% from 2016 to 2021.

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Factors such as high temperature in the region, increased investments in infrastructure projects, and rapid urbanization are driving the market. Rising energy prices, growing environmental concerns, and rising demand for low cost andhigh-efficiency cooling systems are some of the other factors fueling the demand for district cooling.

The absorption cooling segment to be the fastest growing production technique in the district cooling market

The absorption cooling segment is estimated to be the most widely used production technique for meeting cooling demand as it utilizes waste energy. The absorption cooling segment accounted for the largest share in 2015 and is projected to grow at the highest rate during the forecast period. Absorption cooling is an environment-friendly means of cooling. It helps reduce the use of electrically driven cooling in the energy system and also reduces carbon dioxide emissions.

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The commercial segment to account for the largest share of the district cooling market

The commercial segment accounted for the largest market share in 2015, owing to increasing demand for energy efficient cooling technologies for commercial buildings. Concerns over impact on the environment and rising energy prices has made the use of energy-efficient district cooling system a favorable solution for cooling in commercial spaces.

The Middle East & Africa region to play a key role in the growth of the market for district cooling

On the basis of region, the district cooling market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Middle East & Africa is a key market for district cooling. Development in the economies and the investment on infrastructure projects in this region have led to the high growth of this market. Growing affluent population, hot weather, and climate change concerns are some of the factors driving the district cooling market in the region.

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Major players operating in the district cooling market are National Central Cooling Company PJSC, Emirates Central Cooling Systems Corporation, and Emirates District Cooling LLC. These companies are adopting strategies such as expansions, contracts, and acquisitions to strengthen their market position, increase their production capacity, and widen their customer base. For instance, acquisition of Palm Utilities and Palm District Cooling by Emirates Central Cooling Systems Corporation, the largest acquisition in the district cooling industry.