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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