Europe District Cooling Market Size
Europe district cooling market to be driven by a stringent regulatory framework, increasing awareness among customers about energy optimization to augment the industry outlook over 2018-2024
Europe district cooling market, in recent times, has been witnessing an exponential growth graph, owing to the growing need for energy optimization and the massive deployment of these cooling systems across the continent. Given that the installation of these systems primarily revolves around reduced energy consumption, Europe district cooling market is extensively regulatory-driven. According to the European Union, the demand for cooling systems has been observing a remarkable surge across the residential and commercial sectors, especially in summer. However, in order to ensure optimized usage and lower energy consumption the EU has been encouraging end-users to upgrade existing cooling systems with more efficient technologies, that would add a new growth dimension for Europe district cooling industry players.
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Speaking along the same lines, to combat the issue for massive energy deployment across offices, homes, hospitals, schools, and factories, the European Union had conceived a strategic plan called ‘The Heating and Cooling Strategy‘ to boost the usage of renewables. This initiative was aimed toward curbing the dependency on fossil fuels and reducing harmful carbon emissions. It was also expected to contribute toward the upgradation of cooling systems integrated with electricity components across the industrial and residential sectors. Pertaining to the increasing deployment of sustainable energy solutions, especially across the densely populated regions in the continent, Europe district cooling industry size from the residential sector is poised to register an annual growth rate of more than 2% over 2018-2024.
The Heating and Cooling Strategy, incidentally, will also include plans to ease the number of energy efficient renovations to buildings, make it convenient to develop energy efficiency guidelines for hospitals and schools, and improvise on the reliability factor of energy performance certificates for buildings. The construction industry behemoths would specifically need to adhere to the guidelines proposed by the EU in this regard.
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Speaking of the construction industry, it is pivotal to mention that building owners of late, have been giving extensive preference for outsourcing operations. That is to say, many of them have been inclining toward taking help from energy companies in the first place to get district cooling systems installed. In fact, big shot construction firm owners are particularly keen on establishing partnerships with energy firms to get these systems installed and ensure optimized energy utilization. On these grounds, it has been observed that many energy companies have been wanting to penetrate Europe district cooling market.
Taking into account the expanding renewable energy sector across Europe, established companies in Europe district cooling market have been implementing robust growth tactics such as JVs and M&As. Merely a few weeks earlier, NIBE Industrier acquired Alfa Laval’s district cooling systems business unit and conveniently extended its customer base across France, Sweden, U.K., Finland, Czech Republic, and Russia. Given that Alfa Laval is already an established player in Europe district cooling market, the acquisition contributed toward augmenting NIBE’s position in the regional industry.
Powered by the countless number of efficient initiatives undertaken by the European Union, Europe district cooling industry share has witnessed a commendable incline since the last couple of years. In fact, the regional business valuation in 2017, had been pegged at USD 35 billion. As the requirement for decarbonization and energy efficient facilities increase, Europe district cooling industry demand is likely to witness an upsurge. Additionally, the continent has been observing an influx of projects focusing on the renovation of conventional district cooling systems for optimized energy usage. Aided by a plethora of supportive norms and the implementation of strategic initiatives, Europe district cooling market size is expected to surpass a revenue collection of USD 40 billion by 2024.
Author Name : Sunil Hebbalkar