District Heating Market Size to Surpass USD 205.55 Billion by 2029, Exhibiting a CAGR of 3.0%: Fortune Business Insights
Fortune Business Insights
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Fortune Business Insights
District Heating Market to Reach USD 205.55 Billion by 2029; Veolia Gains Agreement for Heating in Uzbekistan to Open Novel Prospects: Fortune Business Insights
India, Pune, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global district heating market size is projected to grow from USD 166.84 billion in 2022 to USD 205.55 billion by 2029, at CAGR of 3.0% by 2029. The market was valued at USD 165.62 billion in 2021. This information is published by Fortune Business Insights Report titles "District Heating Market Size, Share & COVID-19 Impact Analysis, By Heat Source (Coal, Natural Gas, Renewables, Oil & Petroleum Products, and Others), By Plant Type (Boiler, CHP, and Others), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2022-2029".
Key Industry Development:
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.
Growing Initiatives to Reduce Carbon Release to Gain Impetus
Renewable Segment Led Global Market in 2021 Due to Great Installation Across the Globe
Market 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.
District heating systems are known for their energy efficiency as they centralize heat production, enabling the utilization of waste heat from industrial processes or power generation, which would otherwise be wasted.
The increasing urban population leads to higher demand for heating solutions, and district heating offers an efficient way to provide heat to densely populated areas.
District heating facilitates the integration of renewable energy sources such as solar, geothermal, and biomass, helping to diversify the energy mix.
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.
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.
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.
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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