District heating and cooling market to cross US$ 229 billion globally by 2023
Market Research Engine has published a new report titled as “Global District Heating and Cooling Market Analysis by Size, Share, Trends, Growth and Forecast 2015 – 2023”
The district heating and cooling market is expected to exceed more than US$ 229 Billion by 2023 growing at a CAGR of around 5.7% in the given forecast period 2016 to 2023.
District heating is the process of distributing heats which is located centrally and produces heat. It is distributed in commercial and residential heating requirements include water heating and space heating. District cooling is reverse of district heating system which works same principles as district heating. It supply cooled water to residential and commercial buildings. District heating and cooling system offers variety of services such as hot water, cold water, space heating and space cooling. It contains various component includes pipes, pumps, valves, evaporators, heat exchangers, heaters and chillers. These systems are less polluting and very efficient than other system such as electrical heater, air conditioners, electrical heater and individual traditional oil heater.
The major driving factors of district heating and cooling market are as follows:
Good returns and cost savings on investment produced via economy level
Flexibility of production choices for such methods considerably mitigates generation cost and fuel risk
Advantageous incentive methods and regulatory outline accelerating acceptance of DHC system among geographies.
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Source: MRE Reports