The global district cooling market is projected to reach USD 1177 million by 2026 from an estimated market size of USD 931 million in 2021, at a CAGR of 3.4% during the forecast period. The factors driving the growth for district cooling are the Surging need for efficient cooling in regions with hot climates and Growing investments in infrastructure projects in developing economies.
The Middle East & Africa region is estimated to be the largest market for district cooling, followed by the Asia Pacific. The Asia Pacific region is also projected to be the fastest-growing market with a CAGR of 5.3% during the forecast period. The Middle East & Africa is expected to dominate the market due to the Growing affluent population and increasing construction activities especially in countries such as UAE, Saudi Arabia, and Qatar.
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The district cooling market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global district cooling market include National Central Cooling Company PJSC (TABREED) (UAE), Emirates Central Cooling System Corporation (EMPOWER)(UAE), Emirates District Cooling, LLC (EMICOOL) (UAE), Qatar District Cooling Company (QATAR COOL) (Qatar).
Emirates Central Cooling System Corporation EMPOWER is one of the leading companies offering district cooling solutions. The company provides district cooling services to the commercial, industrial, and residential sectors and is mainly focused on Dubai and the surrounding regions with 84 plants and a network extending over 350 kilometers. Empower has a cooling capacity of more than 1.64 million refrigeration tons and serves more than 140,000 corporate and individual consumers. The company has recently announced its plans to be listed on the Dubai Financial Market (DFM). Empower has a 79% market share in Dubai’s district cooling sector and is competitively targeting to increase its production capacity. The company witnessed an increase in its profits with year-over-year growth of 3.4%, reaching USD 245 million in 2020.
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National Central Cooling Company PJSC (Tabreed) is one of the major district cooling providers offering district cooling to the government, commercial, residential, and private customers in Gulf Cooperation Council (GCC) countries. Engie SA, a French multinational utility company, holds a 40% stake in Tabreed. The total district cooling capacity of Tabreed was 1.4 million RT in 2020 and has grown at a CAGR of 9% since 2018. It is the largest publicly listed District cooling services provider in the region and holds the second position in Dubai’s district cooling market. Tabrred currently delivers cooling to some of the iconic projects such as the Burj Khalifa, Dubai Mall, Dubai Opera, Louvre Abu Dhabi, and World Trade Centre Abu Dhabi. Apart from the UAE, Tabreed also operates in Bahrain, Saudi Arabia, Qatar, and Oman.