Albany - New York, Nov. 4, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market research report titled District Heating and Cooling Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2015 - 2023. According to the report, the global district heating and cooling market stood at US$142.6 billion in 2014 and is likely to reach US$229.4 billion by 2023, expanding at a CAGR of 5.7% between 2015 and 2023.
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The global district heating and cooling (DHC) market was dominated by Asia Pacific in 2014. Demand for district heating and cooling systems is anticipated to be high in the region due to increasing awareness of DHC systems. A district heating and cooling system is important as it minimizes pollution and operates more efficiently than individual heaters and air conditioners. Countries such as China, South Korea, and Japan are increasing their district heating and cooling capacity to reduce share of traditional oil heaters, electrical heaters, and air conditioners in cooling and heating applications.
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"Promise of High ROI Prompts Sizeable Investments in District Heating and Cooling Systems, Market to hit US$229.4 billion globally by 2023"
Factors such as overall cost savings, better return on investment (ROI), flexible fuel options, government incentives, and environmental laws are anticipated to boost the district heating and cooling market in Asia Pacific in the near future. However, higher capital costs and installation costs have hampered the growth of the district heating and cooling market in the region. China is the market leader in terms of district heating and cooling capacity in Asia Pacific.
Europe was the second-largest market globally in terms of sales volume for district heating and cooling systems in 2014. District heating systems accounted for the major share of the market in Europe in 2014. Increasing adoption of combined heat and power (CHP) generation technology has boosted the sales of district heating and cooling systems in Europe. Strict environmental laws and government incentives in countries in the European Union are anticipated to augment the district heating and cooling market in Europe.
The district heating and cooling capacity in North America is increasing due to rising awareness about environmental pollution and efficient utilization of available fuel resources. Growth in the sales of district heating and cooling systems in North America is primarily driven by increasing share of renewable energy and government support for such projects. Rest of the World (RoW) accounted for the least share of the global district heating and cooling market in 2014.
All Other Energy/Oil & Gas Research Reports: http://www.transparencymarketresearch.com/energy-market-reports-3.html
Key participants in the global district heating and cooling market include ADC Energy Systems LLC, Emirates Central Cooling Systems Corporation (EMPOWER), Emirates District Cooling LLC (Emicool), Emirates National Central Cooling Company PJSC (Tabreed), KELAG Wärme GmbH, Keppel DHCS Pte. Ltd., Logstor A/S, Ramboll Group A/S, Shinryo Corporation, and Tekla Corporation. The report provides an overview, financial revenues (on availability), business strategies, and recent developments of these companies. The global district heating and cooling market has been segmented as follows:
Global District Heating and Cooling Market: Regional Analysis
- North America
- Asia Pacific
- Rest of World (RoW)
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