Saudi Arabia district cooling (DC) market is set to exceed USD 1 billion by 2024, according to Global Market Insights, Inc.
Rising demand for sustainable solutions coupled with increasing adoption of green building codes and standards will stimulate the adoption of district cooling. Favorable regulatory framework toward the adoption of large scale DC systems along with increasing construction spending across the major cities including Riyadh and Macca will complement the business growth, the report stated.
Globally, the district cooling market is set to grow from its current market value of more than $100bn to over $140bn by 2024, as per the report.
Key leading players across the district cooling market includes Tabreed, Emicool, Fortum, Vattenfall, Veolia, Ramboll, Siemens, Engie, Alfa Laval, Goteborg Energi, Helen, Wien Energi, Logstor, Empower, Qatar Cool, Shinryo Corporation, Stellar Energy, ADC Energy Systems, SNC Lavalin, Singapore District Cooling and Keppel Dhcs.
Ongoing investments toward extensive R&D activities along with numerous initiatives by industry players to enhance their presence has been a prominent strategic implication by leading players across the district cooling market.
In addition, the shifting trend pertaining to development & customisation of technology and expansion of facilities to cater the growing consumer base has been a focus point for key players, the report further stated.