Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global district heating market size was valued USD 165.62 billion in 2021. The global market is expected to grow from USD 166.84 billion in 2022 to USD 205.55 billion in 2029 at a CAGR of 3.0% in the 2022-2029 period. This information is provided by Fortune Business Insights in its report titled, "District Heating Market, 2022-2029."
Key Industry Development:
October 2021: Veolia declared that it achieved an agreement for the management, operation, and upkeep of a DC system in Tashkent city, Uzbekistan. The city possesses a heating network that supplies hot water and heat to approximately 1.2 million people.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2029 CAGR | 3.0% |
| 2029 Value Projection | USD 205.55 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 165.62 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 265 |
| Segments covered | By Application, By End-User and Regional Forecast |
| Growth Drivers | Growing Initiatives to Reduce Carbon Release to Gain Impetus |
| Favorable Government Initiatives to Propel Market Growth |
Drivers and Restraints:
Growing Initiatives to Reduce Carbon Release to Gain Impetus
The population throughout the world has grown at a sudden rate in recent years, which has led to augmented urbanization being perceived across various regions. This has unswervingly amplified the demand for energy from numerous end-use sectors. District heating is able to produce a huge amount of energy at a central plant, and further transmitting it to diverse end-use industries acts as an efficient solution for serving the heat demand.
However, the setting up of DC capacity necessitates an early hefty capital investment as installing a secure transmission and distribution lines network is very expensive. Also, the absence of needed infrastructure and accessibility of other economical options for space heating and water heating may hinder the district heating market growth in the forthcoming years.
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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 district heating 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 the district heating market and stimulate growth.
COVID-19 Impacts:
COVID-19 Affected Forthcoming Projects on Heating Networks
During the COVID-19 pandemic, numerous nations imposed a country-wide lockdown to avert the further spread of this fatal virus, which has disrupted numerous activities involving construction, novel infrastructure development, installation of turbines, and others. This led to the government organizations and personal companies being worried about the construction of heating networks postponing numerous District Heating (DC) projects. This is due to the unapproachability of the workforce to finish the project in an exceptionally definite time along with disturbances in supply chains on account of travel bans throughout various states and nations.
Segments:
Renewable Segment Led Global Market in 2021 Due to Great Installation Across the Globe
Based on heat source, the market is segmented into coal, natural gas, renewables, oil & petroleum products, and others. The renewables segment is anticipated to lead the market in the forthcoming years.
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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CHP Segment to Inflate at a Highest Rate Owing to High Proficiency than Others
Based on plant type, the market is segmented into boiler, Combined Heat and Power Plants (CHP), and others. The CHP systems modify electricity generation alongside heat being created for the heating systems.
Residential Segment to Lead Global Market Due to Huge Demand for Warmer Spaces
In terms of application, the global market is segmented into residential, commercial, and industrial. The residential segment holds the greatest market share owing to the augmented necessity for heating networks at residential locations for numerous utilizations such as space heating and water heating.
Geographically, the global market is analyzed across North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
Regional Insights:
Europe to Dominate Backed by Existence of Large Industries
Europe has led the district heating market share as the region has low-temperature circumstances for most of the year. Europe comprises large industries and power plants from which heat is created that goes to waste.
North America is anticipated to grow considerably during the forecast period. The demand for heating and electricity is expanding in the region. The region even experiences low temperatures for a long time in a year, which raises the demand for heating water and residential, commercial, and industrial spaces.
Asia Pacific ranks as the most lucrative DC market. China is increasing its investments in heating networks.
Competitive Landscape:
Players Announce Remarkable Contracts to Make Significant Alterations in the Market
The players functioning in the market often employ various tactics that will assist the market growth and product demand. Among with numerous strategies available, one such considerable strategy to inflate the business prospect is engaging in multimillion contracts with government organizations and securing a lucrative revenue for their own company.
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List of Key Players Mentioned in the Report:
- Danfoss Group (Denmark)
- Ramboll (Denmark)
- Dall Energy (Denmark)
- Veolia (France)
- Helen (Finland)
- Alfa Level (Sweden)
- GE (U.S.)
- Statkraft (Norway)
- Uniper (Germany)
- ENGIE (France)
- FVB Energy Inc. (U.S.)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the District Heating Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global District Heating Market Analysis (USD Billion, GWth), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Heat Source
- Coal
- Natural Gas
- Renewable
- Oil & Petroleum Products
- Others
- Market Analysis, Insights and Forecast – By Plant Type
- Boiler
- CHP
- Others
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America District Heating Market Analysis (USD Billion, GWth), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Heat Source
- Coal
- Natural Gas
- Renewable
- Oil & Petroleum Products
- Others
- Market Analysis, Insights and Forecast – By Plant Type
- Boiler
- CHP
- Others
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- Canada Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Industrial
- U.S. Market Analysis, Insights and Forecast – By Application
Continued…
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