February 07, 2020
As per the report titled ‘Solar District Heating Market Size By System (Small [Residential, Commercial, Industrial], Large [Residential, Commercial, Industrial]), By Application (Residential, Commercial [College/University, Office Buildings, Government/Military], Industrial [Chemical, Refinery, Paper]) Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, Poland, Russia, Sweden, Finland, Italy, Denmark, UK, Slovakia, Austria, Czech. Republic, France, China, Japan, South Korea), Application Potential, Competitive Market Share, & Forecast, 2019 - 2025’, available with Market Study Report LLC, the global solar district heating market is projected to exceed USD 7 billion by the year 2025.
Growing adoption of sustainable and eco-friendly solutions, in tandem with stringent norms regarding emission control is driving the growth of solar district heating market. Extreme weather conditions due to global warming and spike in temperature across various regions, coupled with the emergence of green building standards will augment the market outlook in the coming years.
Based on the system type, small-scale solar district heating market segment is expected to witness a significant growth in the forthcoming years, owing to increasing investments in the residential and commercial projects, alongside the rising deployment of district heating systems across Tier II and Tier III cities. These systems are capable of providing renewable thermal energy for single family & multifamily houses, small & medium enterprises, and commercial buildings.
Likewise, large-scale segment is slated to grow substantially during the forecast period, on account of rapid industrialization and increasing investments across the commercial establishments such as hotels, sports & data centers, and others.
Speaking of the application scope, solar district heating market from residential segment is projected to cross USD 3 billion by 2025, on account of stringent regulations and mandates towards GHG emissions, in conjunction with rising investments towards residential houses and buildings. Additionally, rising demand for small-scale solar district heating systems, combined with rapid urbanization in emerging economies will augment the segmental growth.
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Considering the geographical landscape, the U.S. solar district heating market is expected to register a growth rate of 6% over the predicted timeline. Rising demand for a sustainable heating framework, coupled with inflowing investments for residential and commercial developments is stimulating the regional growth. On the other hand, Asia Pacific solar district heating market will witness considerable growth owing to rapid urbanization and industrialization across the region. Moreover, rising disposable income and improving living standards will further enhance the regional market outlook.
Prominent players of the solar district heating market include Savosolar Oyj, Fortum, Goteberg Energi, Keppel DHCS, Logstor, Kelag, Korea District Heating, RWE, Ramboll, Shinryo, Vattenfall, Orsted, Cetetherm, STEAG, Statkraft, and Arcon-Sunmark.
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