District Heating Market Is Expected To Grow At A CAGR Of 4% To Approximately USD 260 Bn By 2032

The district heating market was valued at USD 170 Bn in 2021 and is expected to grow at a CAGR of 4% to approximately USD 260 Bn by 2032. District energy is a rapidly growing industry around the world, fueled by the aggressive climate goals set by the world’s economies.

Based on preliminary evaluations, some district heating and cooling companies like Vattenfall and Goteborg are identified as operations with extraordinary growth and value potential with a different holding structure. Higher renewable energy levels can be used for thermal purposes by incorporating electrically powered heat pumps into the district heating supply, resulting in integration and balance between energy systems.

With a growing global wind turbine capacity, large heat pumps will play an important role in sustaining global green energy development and the quest to phase out fossil fuels by 2050.

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District heating is a method of delivering thermal energy to buildings (both residential and commercial) in hot water via a network of highly insulated pipelines. The potential for increased use of industrial district heating, on the other hand, is limited. Moreover, converting industrial processes to district heating involves varying heat loads across industries and processes.

The conversion to district heating results in an 11 percent reduction in electricity use, a 40% reduction in the use of fossil fuels, and a total energy end-use savings of 6% among industries.

It is possible to reduce global carbon dioxide emissions by 112,000 tonnes per year by converting industrial processes. However, the residential and commercial markets are expected to account for a sizable portion of the district heating market.

Key Takeaways:

• As the power generation market trend has shifted away from fossil fuels, owing primarily to environmental concerns, natural gas has gradually gained a sizable market share in the global district heating market.
• The numerous advantages of natural gas, such as lower costs and lower carbon emissions with exceptional efficiency, have aided in the growth of the district heating market.
• Growing natural gas exploration activities in each region are also a determinant of the growing selection of these systems. Non-conventional energy sources such as solar and wind have also gained traction in recent years.
• By 2028, the residential segment in the district heating market is expected to be worth USD 89 billion. The continuous use of small heating systems, combined with strong investments in the real estate sector, has increased the demand for district heating systems in residential establishments.
• By 2028, the commercial application segment in the district heating market is expected to grow at a 5% annual rate.
• Europe holds the largest share of the district heating market. District heating systems use and distribute heat from various sources, which are traditionally viewed as a by-product and discarded.
• Furthermore, estimates show that heat waste from electricity production and large industries in Europe is significant enough to meet Europe’s district heating market needs.

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Competitive Landscape

Major companies operating in the district heating market include Fortum, Vattenfall, Goteborg Energi, Statkraft, STEAG, RWE, Shinryo Corporation, Ørsted, NRG Energy, Ramboll Group A/S, Korea District Heating Corporation, Keppel DHCS Pte Ltd., LOGSTOR A/S, Kelag Warme GmbH, and Hafslund.

The district heating market is highly competitive. Therefore, companies are concentrating their efforts on broadening their customer base around the world. To gain a competitive advantage over the forecast period (2022-2032), key players in the district heating market are focusing on R&D investments in introducing new solutions, strategic alliances, and other organic & inorganic growth strategies.

• Vattenfall and the Deutsche Telekom subsidiary Power & Air Solutionssigned a ten-year energy supply contract (Corporate Power Purchase Agreement, CPPA) based on solar power in February 2020. The renewable energy comes from a new solar park that the customer plans to build in Mecklenburg-Western Pomerania in mid-2021.
• In collaboration with the Caisse des Dépôts et Consignation du Gabon, ENGIE Africa and its subsidiary AUSAR Energy began constructing eight hybrid solar power plantsin remote locations in the Northwest.

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Key Segments

By Source:

• CHP
• Geothermal
• Solar
• Heat only Boilers
• Others

By Application:

• Residential
• Commercial
  • College
  • Office
  • Government/ Military
• Industrial
  • Chemical
  • Refinery
  • Paper
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Midlle East and Africa (MEA)

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Summary of Statistics

1.3. Key Market Characteristics & Attributes

1.4. FMI Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition / Scope / Limitations

3. Market Risks and Trends Assessment

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