District Cooling Market
and Africa is likely to surpass the former by 2024 due to the high potential for DC development , supported by its hot climatic conditions .
Apart from this , the growing adoption of technology to reduce carbon emissions , rise in district cooling installation and industrial activities are also anticipated to boost the Middle East district cooling market over the next few years . Saudi Arabia , UAE , Qatar , Bahrain , Kuwait , and Oman are likely to surface as the key domestic markets for district cooling in the Middle East and Africa , states the research report .
Rise in Urbanization to Boost Demand for District Cooling
“ The significant rise in the real estate sector , globally , thanks to increasing urbanization , particularly in Asia Pacific and the Middle East and Africa , has the most prominent impact on the demand for district cooling across the world ,” states the author of the study . The soaring consumption of building energy for heating and cooling requirements and the increasing construction of high rise buildings in North America , Europe , and the Middle East and Africa , fueled by the growing population , worldwide , are expected to raise the need for mechanical means of air conditioning and energy consumption , which eventually is anticipated to reflect on the sales of district cooling machinery substantially in the near future .
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Apart from this , the peak electricity demand and the rising greenhouse gas emissions are also projected to increase the demand for district cooling services as a sustainable energy solution over the next few years , boosting the growth of this market significantly . However , the high initial costs incurred in district cooling projects may hamper the progress of this market to some extent in the years to come , notes the study .
The study presented here is based on a report by Transparency Market Research ( TMR ), titled “ District Cooling Market ( Application - Residential , Commercial , and Industrial ) - Global Industry Analysis , Size , Share , Growth Trends and Forecast 2016 - 2024 .”
The district cooling market has been segmented as follows : By Region
Transparency Market Research
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