Positive Long-Term Growth Outlook by 2027 – 3w Market News Reports
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- Key Highlights:
- The global district cooling market was valued at around US$ 20 Bn in 2018 and is anticipated to expand at a CAGR of more than 7% during the forecast period
- The commercial end-user segment accounted for major share of the district cooling market, increasing utilization of these systems in commercial sectors such as hotels, malls, and offices
- Middle East & Africa is anticipated to be one of the high growth regions of the district cooling market, due to hot climatic conditions in the sub-region with temperatures ranging between 35°C and 55°C
Key Drivers of District Cooling Market:
- Human activities have contributed substantially to climate change through the addition of CO2 and other heat-trapping gases to the atmosphere. Clearing of the land for agriculture, industry, and other human activities has increased the concentration of greenhouse gases. One of the most immediate and obvious effects of global warming is the increase in temperatures around the world. This, in turn, is anticipated to boost the demand for district cooling systems during the forecast period.
- Significant expansion in the real estate sector, rise in urbanization, and growth in population in developing countries such as China, Brazil, Mexico, and India have increased the consumption of building energy for heating and cooling needs. High rise buildings in the Middle East and in mature countries in Europe and North America are decreasing natural ventilation. These are a few factors that increase th....