Report Ocean released a thorough intelligence report named “UAE District Cooling Market” Report, Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030. This research offers a thorough examination at the micro-level, concentrating on insurers, significant market sectors, products, and distribution methods within the industry.
The report’s competitive segment provides a summary of competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This study helps market participants find relevant prospects more effectively by looking at the strengths and weaknesses of key competitors.
Forecasts predicted that the world economy would increase by about 5% in 2022 before Russia attacked Ukraine. According to a report released in November 2022 by the OECD, the war in Ukraine caused a “massive and historic energy shock” to the markets. One of the key reasons why economic growth had slowed in 2022 to just 3.1% and why the OECD predicted it would fall to 2.2 percent in 2023 was the “shock” of the war. The analysis showed that the war has had the most effect on the economy of Europe, where growth in 2023 is expected to be just 0.3 percent.
Insights into the Market During the Forecast Period (from 2023 to 28), the UAE District Cooling Market is anticipated to expand at a CAGR of approximately 10.12%.
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The district cooling system provides customers with chilled water and air conditioning. Homes, shopping centers, hotels, dining establishments, cold storage warehouses, workplaces, businesses, campuses, and military installations are just a few of the many places where such systems are utilized.
As a significant and energy-efficient utility sector chosen by the governments of the Gulf countries, the United Arab Emirates (UAE) is leading the development of district cooling. In order to reverse climate change and advance global efforts to reduce carbon emissions, the Middle East and Africa region is critical. District cooling offers significant energy savings because cooling is a constant and energy-intensive operation in dry climates.
This benefit is being realized in the region’s newly emerging megacities, where district cooling has established a solid foundation. Dubai’s air conditioning consumes 70% of all electricity, so the government intends to use district cooling to meet 40% of its cooling requirements by 2030. Nearly 650 GWh of electricity will be saved in Dubai alone by using district cooling in 2020.
In addition, unlike other markets that experienced adverse effects or delays as a result of government restrictions and lockdowns imposed to stop the spread of COVID-19, the UAE district cooling industry experienced little to no operating delays due to a robust project pipeline sector. Strong national construction activities, projects, and business partnerships for technical advancement are anticipated to further boost the market. Furthermore, the district cooling industry will likely become more efficient and customer-focused as a result of the new rules, which will promote transparency and establish stakeholder accountability. Additionally, it would make it possible for customers to comprehend the value of district cooling and thus increase demand.
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Key driver: Market Dynamics
Associated Cost-Efficiency and Long-Term Service Many businesses in the country are implementing district cooling systems due to the associated cost-efficiency and long-term service. District cooling systems require less initial investment and ongoing upkeep than air conditioners, which use 50% more energy. In the United Arab Emirates, large-scale establishments like airports, office buildings, university campuses, and residential towers all benefit significantly from district cooling. The foundation of the system is a central cooling plant that transports chilled water through an underground network of insulated pipes to cool its grid. Additionally, the equipment’s ability to operate trouble-free for up to 30 years encourages the use of new technologies, accelerating industry expansion.
Learning experience:
Technological Advances Increasing the Capacity of Existing Cooling Plants Additionally, technological advancements are anticipated to increase the capacity of existing cooling plants and ongoing development projects. For instance, Empower has awarded contracts for the development of its fourth district cooling plant in Dubai’s Business Bay for a total of $51.73 million (AED190 million). Due to the 50,000RT output of the new plant, the Business Bay project, which consists of six district cooling plants, will be the largest district cooling project in the world upon completion.
Additionally, key market participants in the UAE collect cold water from oceans, seas, rivers, lakes, and other waste-cooling energy sources for use in their operations and distribute it to urban businesses via DC system networks. Consequently, simple cooling creation strategies, modest working expenses, and a positive client base made conceivable by the innovation will increment interest for it.
The ability of these cooling systems to be installed remotely, which boosts real estate value by freeing up additional space for other operational needs, increases business operational efficiency, and fuels the expansion of the district cooling market, is another factor contributing to the growing popularity of these systems in the UAE. Key Trend Ease of Remote Installations In addition, the market is anticipated to expand across the industrial sector due to the growing use of cooling systems in oil and gas refineries, production facilities, and manufacturing plants. As temperatures rise and the UAE places a greater emphasis on sustainability, these systems will improve the industry’s prospects.
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Market Segmentation by Application: Hospitality, Healthcare, Commercial, Retail, Government, and Transportation Industrial, Residential, and Other (Religious Institutions, for example)
Throughout history, a sizable portion of the market was held by the Residential sector. The UAE’s need for effective cooling systems is driven by the country’s growing population, which in turn drives up the demand for high-quality infrastructure projects and extensive government initiatives to build housing. In addition, the UAE’s demand for energy-efficient district cooling systems is rapidly growing due to the country’s largely residential energy consumption. As a result, the district cooling market is being significantly impacted by large-scale residential construction projects.
Depending on the Method of Production, Free Cooling, Absorption Cooling, Electric Chillers, and Other (Heat Pumps, etc.)
Due to their dependability, electric chillers are likely to gain popularity in the coming years. Organizations can efficiently and quickly complete large-scale projects by utilizing a variety of DC technologies. Electric chillers and absorption chillers are two of the most well-known technologies. However, electric chillers are suggested due to their superior coefficient performance. Because they take up 50% less floor space than absorption chillers, these chillers are more popular. In contrast, utilizing absorption chillers in the energy system aids in both lowering carbon dioxide emissions and reducing the amount of electricity-powered cooling.
Regulatory Landscape In June 2022, the Dubai government gave a hint to the new district cooling regulations as the grace period for businesses ended on September 30, 2022. District cooling permit holders must now create and publish a customer charter, evaluate performance against it, deliver chilled water, promptly return deposits, reduce the occurrence of excess contract capacity estimates, and impose penalties for poor energy performance in accordance with the new regulations. They are also accountable for health and safety monitoring and reporting, among other obligations.
Recent Changes In May 2021, Tabreed collaborated with Deloitte and SAP to improve operations and conduct data analysis. Tabreed was able to get real-time insights into its assets thanks to this partnership.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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