District Heating Market Growth Opportunities, Revenue Share, Forecast By 2032
Apr 26, 2024
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District Heating Market Overview:
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), District Heating Market Information by Power Source, Plant Type, Application, and Region — Forecast till 2032,"The District Heating Market can rise from USD 2,33,864.9 million in 2023 to USD 3,46,130.7 million in 2032, with a 4.5% CAGR between 2023 and 2032.
Market Synopsis
A heat network, also called district heating, is a centralized system that distributes hot water through insulated pipes to many individual dwellings from one central source of heat. Distinctive design is primarily used for meeting the needs of heating and hot water in housing estates. District heating can improve energy utilization, decrease emissions, provide fuel versatility, simplify building management and maintenance activities and cut costs.
This makes them save on expensive boiler installations as well as operation, maintenance and replacement costs due to the fact that they receive usable thermal energy directly into their buildings. District heating services make building operations simple by giving customers control over heaters that allow them to adapt as occupants change or energy efficiency improves.
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Market Competitive Landscape:
- Fortum
- Vattenfall AB
- ENGIE
- Danfoss
- Statkraft
- Veolia
- LOGSTOR Denmark Holding ApS
- Vital Energi
- Kelag International GmbH
- SHINRYO CORPORATION
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Market USP Covered:
Market Drivers:
Governments in various parts of the world have been predicted to boost market growth through the adoption of stringent climate objectives. Furthermore, concerns about recycling waste energies are increasing and building energy efficiency standards are gaining some ground. This will definitely lead to the deployment of sustainable technology, thus boosting demand for district heating systems.
The district heating networks would combine radiant heat plus low-temperature supplies (between 40 and 60 degrees Celsius). This would result in decentralized heat and cold generation by using readily available energy resources in new-generation district heating plants.
The market may see an important role played by modern district heating networks that implement energy-efficient and eco-friendly approaches.
Typically, district energy companies have relied on non-renewable sources like coal, oil or natural gas for heat. Hence, operating costs depend entirely on fuel prices. However, nowadays, firms invest in renewable energy sources to produce heat at central units.
The increase in the number of heat sources used in district heating makes it possible to benefit from price fluctuations between different types of fuels. A district heating plant has a broad spectrum of options regarding selecting a heat source. Many kinds of heat sources can be handled, including wind and sun, industrial surplus heat, combined heat power, and boilers.
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Market Restraints:
Depending on its type, the amount of money spent on a decentralized heating-generating unit varies. Boilers and renewable energy sources demand large sums, while industries and data centers can be served by waste heat at very low costs.
Moreover, pipe networks transmitting and distributing district heating are crucial and require considerable investments because pipes must be high-quality to minimize heat loss. However, district heating solution providers are reluctant to invest because they are afraid that changing environmental policies could limit the growth of the district heating market.
Market Segmentation
The district heating market is categorized by heat source: natural gas, renewables, coal, oil & petroleum products, and others.
The District Heating Market is divided by plant type: combined heat & power, boiler plant, etc.
The district heating market can be classified by application into residential, commercial, and industrial.
Regional Insights
The Europe district heating market had the highest market share of 49.51% in 2022 and is predicted to generate considerable revenue throughout the forecast period. Europe has a large district heating network and is a major market. European district heating is growing due to decarbonization and renewable energy.
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