March 12, 2020
As per the report titled ‘Europe District Heating & Cooling Market Growth By Energy Source, Application, Regional Outlook, Industry Size, Share, Growth Trends & Forecast, 2018 – 2024’, available with Market Study Report LLC, Europe district heating & cooling market is projected to amass USD 150 billion by 2024.
Increasing adoption of energy efficient solutions and strict mandates towards carbon emissions will augment the market growth during the forecast period. Changing climatic conditions coupled with government initiatives such as Clean Air Act (CAA) by the U.S. Environmental Protection Agency for monitoring and controlling air contaminants such CO2, SO2, and NOx, are positively impacting the market outlook.
Increasing expenditure towards the expansion of residential and commercial spaces in developing nations in tandem with favorable government mandates towards energy efficient solutions will foster the Europe district heating and cooling market growth during the estimated timeframe. Low thermal losses, high operational efficiency, ease of compatibility and technological advancement will play a key role in encouraging the product adoption. Moreover, growing inclination towards sustainable and cost-effective energy sources will boost the demand for district heating & cooling systems in Europe.
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Based on the energy source, district cooling segment is divided into free cooling, absorption cooling, heat pumps, electric chillers, and others. Free cooling segment of Europe district heating & cooling market is expected to witness substantial growth in the coming years, owing to growing availability of low-cost waste stream and several benefits such as low energy costs, high reliability, and high flexibility of these systems. Increasing deployment of renewable energy technologies coupled with decreasing emission rate on account of decline in peak energy demand will further expand the business landscape.
Speaking of the application spectrum, Europe district cooling market is split into residential, commercial, and industrial. Commercial segment is anticipated to grow considerably during the forecast timeline. Inflowing investments towards infrastructure development along with the favorable refurbishment and replacement scenario in the real-estate industry are stimulating the demand for district heating & cooling systems in the commercial sector. Furthermore, increasing construction of energy efficient buildings and growing adoption of green codes and standards will contribute to the segment growth.
Considering the geographical landscape, Russia district heating & cooling market is presumed to witness a CAGR of 4% over the analysis period. Stringent regulatory norms regarding carbon emissions, government targets towards energy efficiency, and growing adoption of sustainable energy solutions are factors driving the regional market growth.
Some of the renowned players defining the competitive landscape of Europe district heating & cooling market include Veolia, Alfa Laval, Cetetherm, Logstor, Helen, Goteborg Energi, Ramboll, Engie, Siemens, Fortum, Wien Energi, and Vattenfall.
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