Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) — The global District Heating Market size is anticipated to reach USD 270.35 billion by 2028 and exhibit a CAGR of 5.8% during the forecast period. District heating systems provide heat to regulate temperature at commercial and industrial spaces and other hot water or steam applications. The rising demand for heating systems due to increasing population and swift urbanization is expected to bolster the market’s growth. Fortune Business Insights™ presents this information in its report titled, “District Heating Market, 2021-2028”. The market size stood at USD 173.97 billion in 2020.
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Due to the exponentially increasing energy demand worldwide, the governments of major economies are emphasizing sustainable options to satisfy the growing energy demand. For instance, the U.K. announced a stimulus package worth USD 2 billion for the heating sector for 2015-2025. The governments of many countries are making huge investments to improve the heating sector. The favorable government initiatives are likely to complement the market’s growth.
List of Key Players in the Global Market are:
- Danfoss Group (Denmark)
- Ramboll (Denmark)
- Dall Energy (Denmark)
- Veolia (France)
- Helen (Finland)
- Alfa Level (Sweden)
- GE (U.S.)
- COWI (Denmark)
- Statkraft (Norway)
- Uniper (Germany)
- ENGIE (France)
- ABB (Switzerland)
- Kelvion (Germany)
- GRUNDFOS (Denmark)
- E.on Energy Services ( Germany)
- FVB Energy Inc. (U.S.)
- NextGen Heating (U.K.)
- NRG Energy (U.S.)
- Shinryo Corporation (Japan)
The coronavirus pandemic has interrupted the growth of several markets and industries. Implementing strict curfews and lockdowns to curb the virus spread have affected the market’s growth. The reduced construction activities and disrupted supply chain networks have negatively impacted the market’s growth. However, investments in renewable energy have increased during the pandemic. The growth of energy production using renewable energy sources is likely to offer lucrative growth opportunities for the market.
On the basis of heat source, the market is categorized into oil & petroleum products, renewable, natural gas, coal, and others. As per plant type, it is segmented into CHP, boiler, and others. Based on application, it is fragmented into industrial, commercial, and residential. Geographically, the market is grouped into Europe, North America, Asia Pacific, and the Rest of the World.
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The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers & Restraints-
Favorable Government Initiatives to Propel Market Growth
The worldwide population is growing astronomically, and so is the energy demand. Due to increasing population and swift urbanization, the rising demand for heating systems is expected to bolster the growth of the global market. Moreover, the increasing population results in the high migration of people from rural to urban areas. According to Oxford University’s study, around two-thirds of the global population will reside in urban areas by 2050. This factor is likely to favor the growth of the market.
The governments of major economies are investing heavily to improve the heating sector. They are emphasizing sustainable options to satisfy the growing energy demand. For instance, the U.K. announced a stimulus package worth USD 2 billion for the heating sector for 2015-2025. Also, Germany plans to invest around USD 1 billion by 2030. Hence, favorable government initiatives are likely to complement the market’s growth. Moreover, the governments also focus on reducing carbon emissions and adopting green energy targets to minimize greenhouse gas emissions. The green energy targets are likely to fuel the investments in this market and stimulate growth.
Growing Renewable Energy Installations to Drive Growth in Europe
Europe is projected to dominate the global district heating market share due to the year-round low temperatures in the region. Europe comprises large power plants and industries that generate heat usually wasted. The wasted heat meets the heating demand across the region. The growing installations of renewable energy sources are also expected to augment the demand for district heating systems and favor the market’s growth in the coming years.
Asia Pacific is expected to witness the most lucrative growth in the global market due to the surging investments in heating networks by countries such as China.
North America is anticipated to gain considerable growth due to the growing investments in heating systems.
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The Rest of the World is likely to exhibit sluggish growth in the forthcoming years as the concept is still new to the region.
Key Players Adopt Ingenious Growth Strategies to Garner Growth
The market is fairly fragmented and comprises key players such as Danfoss Group, Veolia, and Ramboll. The key players emphasize growth by adopting ingenious growth strategies, including partnerships, mergers, acquisitions, collaborations, new product launches, technological developments, and others. For instance, in October 2019, Serbia’s Ministry of Mining and Energy announced that it will provide funding worth EUR 26.7 million by 2022 for heating plants in six municipalities.
- December 2020: Fortum eNext Ireland was awarded a contract by South Dublin Country Council to construct the first large-scale DH scheme in Ireland, the Tallaght District Heating Scheme.
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