The District Heating Market is projected to grow at a CAGR of 4.8% from 2023 to 2028
Chicago, April 02, 2024 (GLOBE NEWSWIRE) -- *The global district heating market is expected to be valued at USD 191.6 billion in 2023 and is projected to reach USD 242.1 billion by 2028.*
The district heating market Size is witnessing significant growth due to several key drivers and opportunities. Increased adoption of renewable energy sources, such as biomass and geothermal, to power district heating systems, presents a significant driver, aligning with global sustainability goals and reducing carbon footprints. There is also a high demand for energy-efficient and cost-effective heating systems, particularly in urban areas facing rapid urbanization and industrialization, where district heating offers a centralized solution for heating multiple buildings. Additionally, government initiatives and incentives aimed at promoting the modernization and expansion of district heating infrastructure further contribute to the growth of this market.
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*The coal heat source in district heating is expected to hold the largest share during the forecast period*
Coal remains the dominant heat source in the district heating market, primarily due to its widespread availability, established infrastructure, and cost-effectiveness. Many district heating systems, especially in regions with abundant coal reserves, rely heavily on coal-fired power plants to generate heat for urban heating networks. Despite growing concerns over environmental impacts and carbon emissions associated with coal combustion, its affordability and reliability make it a preferred option for many district heating operators. Additionally, existing coal-fired facilities often require substantial investment to transition to alternative, more sustainable heat sources, further prolonging coal's dominance in the district heating market.
*The combined heat and power plants are expected to grow at the highest CAGR during the forecast period*
In the district heating market, combined heat and power (CHP) plants are poised for significant growth due to their unparalleled efficiency and versatility in meeting the heating needs of urban areas. CHP plants generate electricity and heat simultaneously, making them highly attractive for district heating systems seeking to optimize energy utilization. CHP plants can achieve thermal efficiencies far greater than conventional power plants by harnessing waste heat from electricity generation, thereby reducing fuel consumption and greenhouse gas emissions. Moreover, integrating CHP plants into district heating networks enhances resilience and reliability, as they offer decentralized sources of heat production, minimizing dependence on centralized energy sources. With increasing emphasis on sustainability and energy efficiency in urban environments, coupled with advancements in CHP technology, these plants are positioned to emerge as the preferred choice for district heating operators, driving their highest growth rate in the market.
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*The European district heating market held the largest market share in 2023*
Europe maintains the largest share in the district heating market, primarily due to its extensive adoption of district heating systems as a critical component of urban infrastructure. European countries have long recognized the benefits of district heating, including energy efficiency, reduced emissions, and cost savings, leading to widespread implementation across the region. Moreover, stringent regulations aimed at reducing carbon emissions and promoting sustainable energy solutions have further incentivized the deployment of district heating networks. The region's dense urban populations and aging building stock also contribute to the prevalence of district heating, as it offers a centralized and efficient means of heating multiple buildings. Additionally, government initiatives and financial incentives to modernize and expand existing district heating systems have bolstered market growth in Europe, solidifying its position as the global district heating market leader.
*Key Players of District Heating Market:*
Fortum (Finland), Vattenfall (Sweden), ENGIE (France), Danfoss (Denmark), Statkraft (Norway), LOGSTOR Denmark Holding ApS (Denmark), Vital Energi (UK), kelag energie & wärme (Austria), SHINRYO CORPORATION (Japan), Veolia (France), General Electric (US), Uniper SE (Germany), Göteborg Energi (Sweden),FVB Energy Inc. (Canada), ALFA LAVAL (Sweden), Ramboll (Denmark), Savon Voima (Finland), Enwave (Canada), Orsted (Denmark), Helen Ltd (Finland), Keppel Corporation Limited (Singapore), STEAG GMBH (Germany), Hafslund AS (Norway), Clearway Energy Group LLC (US), and Dall Energy (Denmark).
The report encompasses comprehensive data concerning the prominent factors, including drivers, constraints, hurdles, and prospects that impact the district heating market's expansion. It also offers an in-depth examination of the leading industry players, offering insights into their company profiles, the range of services they provide, and the pivotal strategies they employ, such as product launches/innovations, expansions, partnerships, and acquisitions within the district heating market.
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