District Heating Market to Observe Fastest Growth in APAC
The district heating market was USD 169 billion in 2022, and it will touch USD 262 billion, advancing at a 5.6% compound annual growth rate, by 2030.
The growth of the industry is mainly attributed to the surging population of cities, which results in rapid urbanization across the globe. Because of this move to urban from rural areas, the requirement for energy is mounting across all the end users. As a result, significant fundings have been made in district heating systems.
A key trend being observed in the industry is the utilization of renewable heat sources, including heat pumps, bioenergy, geothermal, and solar–thermal, and also waste heat from data centers and other industries.
In 2022, the industrial category, based on application, dominated the district heating market, mainly because of rapid industrialization. According to the International Energy Agency, industrial heat generates approximately one-third of the industrial energy requirement and one-fifth of the energy consumption across the globe.
Whereas, the residential category will advance at a significant rate in the years to come, owing to the surging number of households across the globe. The rising urbanization level has led to an increasing requirement for energy. As a result, boosting the progression of the heating infrastructure, to make it more suitable for providing energy to modern homes.
The combined heat and power category, based on the plant type, will propel at a high rate in the years to come, primarily because of the high sustainability and cost-effectiveness of this method. Combined heat and power systems are mainly utilized in large commercial, institutional, and industrial applications.
Based on components, the heat pump category will advance at a significant rate in the years to come, primarily because of the increasing utilization of technologically advanced systems. These heat pumps are beneficial in boosting the temperature of the heat generated, which is utilized in various sectors, for instance, refining, paper, and chemical.
Moreover, with the rising rate of industrialization all over the world, the requirement for heat pumps is increasing in district heating networks. These heat pumps can lessen energy consumption and stabilize the prices of energy.
In 2022, Europe dominated the district heating industry, with over 36% share. This is because of the surging requirement for energy, growing urbanization & industrialization, government guidelines to decrease greenhouse emissions, and rising fondness for energy-efficient systems in the continent.
APAC is expected to observe the fastest growth in the years to come. This is because of the increasing industries, constantly changing climate, and rapid urbanization in the region. In addition, the rising disposable income and increasing concerns regarding CO2 emissions will further boost the progression of the regional industry.
It is because of the rapid industrialization and urbanization all across the globe, the district heating industry will continue to advance in the years to come.
Read More: https://www.psmarketresearch.com/market-analysis/district-heating-market
The district heating market was USD 169 billion in 2022, and it will touch USD 262 billion, advancing at a 5.6% compound annual growth rate, by 2030.
The growth of the industry is mainly attributed to the surging population of cities, which results in rapid urbanization across the globe. Because of this move to urban from rural areas, the requirement for energy is mounting across all the end users. As a result, significant fundings have been made in district heating systems.
A key trend being observed in the industry is the utilization of renewable heat sources, including heat pumps, bioenergy, geothermal, and solar–thermal, and also waste heat from data centers and other industries.
In 2022, the industrial category, based on application, dominated the district heating market, mainly because of rapid industrialization. According to the International Energy Agency, industrial heat generates approximately one-third of the industrial energy requirement and one-fifth of the energy consumption across the globe.
Whereas, the residential category will advance at a significant rate in the years to come, owing to the surging number of households across the globe. The rising urbanization level has led to an increasing requirement for energy. As a result, boosting the progression of the heating infrastructure, to make it more suitable for providing energy to modern homes.
The combined heat and power category, based on the plant type, will propel at a high rate in the years to come, primarily because of the high sustainability and cost-effectiveness of this method. Combined heat and power systems are mainly utilized in large commercial, institutional, and industrial applications.
Based on components, the heat pump category will advance at a significant rate in the years to come, primarily because of the increasing utilization of technologically advanced systems. These heat pumps are beneficial in boosting the temperature of the heat generated, which is utilized in various sectors, for instance, refining, paper, and chemical.
Moreover, with the rising rate of industrialization all over the world, the requirement for heat pumps is increasing in district heating networks. These heat pumps can lessen energy consumption and stabilize the prices of energy.
In 2022, Europe dominated the district heating industry, with over 36% share. This is because of the surging requirement for energy, growing urbanization & industrialization, government guidelines to decrease greenhouse emissions, and rising fondness for energy-efficient systems in the continent.
APAC is expected to observe the fastest growth in the years to come. This is because of the increasing industries, constantly changing climate, and rapid urbanization in the region. In addition, the rising disposable income and increasing concerns regarding CO2 emissions will further boost the progression of the regional industry.
It is because of the rapid industrialization and urbanization all across the globe, the district heating industry will continue to advance in the years to come.
Read More: https://www.psmarketresearch.com/market-analysis/district-heating-market
District Heating Market to Observe Fastest Growth in APAC
The district heating market was USD 169 billion in 2022, and it will touch USD 262 billion, advancing at a 5.6% compound annual growth rate, by 2030.
The growth of the industry is mainly attributed to the surging population of cities, which results in rapid urbanization across the globe. Because of this move to urban from rural areas, the requirement for energy is mounting across all the end users. As a result, significant fundings have been made in district heating systems.
A key trend being observed in the industry is the utilization of renewable heat sources, including heat pumps, bioenergy, geothermal, and solar–thermal, and also waste heat from data centers and other industries.
In 2022, the industrial category, based on application, dominated the district heating market, mainly because of rapid industrialization. According to the International Energy Agency, industrial heat generates approximately one-third of the industrial energy requirement and one-fifth of the energy consumption across the globe.
Whereas, the residential category will advance at a significant rate in the years to come, owing to the surging number of households across the globe. The rising urbanization level has led to an increasing requirement for energy. As a result, boosting the progression of the heating infrastructure, to make it more suitable for providing energy to modern homes.
The combined heat and power category, based on the plant type, will propel at a high rate in the years to come, primarily because of the high sustainability and cost-effectiveness of this method. Combined heat and power systems are mainly utilized in large commercial, institutional, and industrial applications.
Based on components, the heat pump category will advance at a significant rate in the years to come, primarily because of the increasing utilization of technologically advanced systems. These heat pumps are beneficial in boosting the temperature of the heat generated, which is utilized in various sectors, for instance, refining, paper, and chemical.
Moreover, with the rising rate of industrialization all over the world, the requirement for heat pumps is increasing in district heating networks. These heat pumps can lessen energy consumption and stabilize the prices of energy.
In 2022, Europe dominated the district heating industry, with over 36% share. This is because of the surging requirement for energy, growing urbanization & industrialization, government guidelines to decrease greenhouse emissions, and rising fondness for energy-efficient systems in the continent.
APAC is expected to observe the fastest growth in the years to come. This is because of the increasing industries, constantly changing climate, and rapid urbanization in the region. In addition, the rising disposable income and increasing concerns regarding CO2 emissions will further boost the progression of the regional industry.
It is because of the rapid industrialization and urbanization all across the globe, the district heating industry will continue to advance in the years to come.
Read More: https://www.psmarketresearch.com/market-analysis/district-heating-market
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