CHP district heating market to amass appreciable gains by 2026
Selbyville, Delaware, United States, September 22 2020 (Wiredrelease) Global Market Insights, Inc –:The paradigm shift towards sustainability has been fueling district heating market trends. With increasing global energy demand, the need to use renewables has become more crucial than ever. Rising establishment of renewable energy systems to cater to growing consumer demand is anticipated to drive district heating market growth over 2020-2026. The requirement of sensible heat for commercial, residential and industrial applications will also positively impact the district heating industry outlook over the coming years.
As per Global Market Insights, Inc., district heating market size in 2019 was worth USD 150 Billion and is estimated to exceed production by over 14,000 PJ till 2026.
An exponential growth in urban population has been witnessed over the past few years. Most of the masses residing in rural areas and mid-size townships are opting to shift to urban dwellings. With rising urbanization, the requirement of energy for space and water heating has also observed an increase. This in turn has fueled the demand for district heating systems. In recent times, real estate barons are also seen investing heavily in new properties and renovating older ones. The expansion of the overall real estate industry will thus further boost product demand over the forecast timeline.
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Rigorous government regulations pertaining to green-house gas regulations, along with positive outlook of masses towards adoption of renewable sources to generate heat and energy is estimated to change district heating market trends over the coming years.
District heating systems are expected to be deployed on a large scale in the residential sector, owing to rising migration towards cities. In line with environmental concerns, this has led to increasing utilization of energy efficient heating systems. The smart city revolution has also led to rising installation of smart home management systems, which would help foster district heating market size from residential sector over the analysis period.
Combined heat & power-based district heating systems are highly sustainability and also ensure reduced energy losses. Enhanced energy supply efficiency offered by these systems are also escalating their deployment across the globe. Major economies including China and the U.S. have been investing heavily in combined heat and power systems on account of a supportive regulatory scenario, offering lucrative growth opportunities to district heating industry players.
The capability of these systems to limit GHG emissions, and reasonable operation costs along with minimal thermal losses offered by the technology are estimated to support district heating industry share in the years to come.
Growing awareness toward utilization of clean energy, along with adoption of optimal energy consumption is anticipated to change district heating market landscape over the coming years. Rising concerns pertaining to climate change have resulted in an increase in number of initiatives undertaken toward clean energy generation. This has also led to the rising prevalence of energy efficient buildings, which is estimated to augment product adoption.
Major industry players contributing towards district heating market include Goteborg Energi, Fortum, STEAG, Statkraft, Ramboll and Vattenfall, amongst others. These companies are adopting strategies such as mergers & acquisitions and partnerships to expand production capacity along with focusing on developing more efficient district heating systems.
Moreover, growing focus of industry players toward development of energy efficient solutions that comply with new standard emissions to gain a competitive advantage over other industry participants, will also change business outlook over the analysis period.
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