Key Findings of the Global Deep Water Source Cooling Systems Market | Technavio

The latest market research report by Technavio on the global deep water source cooling systems market predicts a CAGR of over 8% during the period 2018-2022.

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The report segments the global deep water source cooling systems market by source (lake water and sea water) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global deep water source cooling systems market 2018-2022, according to Technavio heavy industry researchers:

• Demand for reducing building energy consumption: a major market driver
• Growing use of district heating/cooling systems: key market trend
• EMEA dominated the global deep water source cooling systems market with over 56% share in 2017
• ACCIONA, BARDOT Group, Entrepose Group (subsidiary of VINCI), Brookfield Asset Management (Enwave Energy), Makai Ocean Engineering, and Ocean Thermal Energy Corporation (OTE Corporation) are the leading players in the market

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Demand for reducing building energy consumption: a major market driver

Demand for reducing building energy consumption is one of the major factors driving the global deep water source cooling systems market. Most buildings used for residential, commercial, and industrial purposes around the world employ some form of heating, cooling, and air conditioning (HVAC) or interior climate control equipment to provide sufficient thermal comfort for the people within the building. At present, individual or stand-alone air conditioners are the most widely employed HVAC equipment used for this purpose. However, the energy consumed in such stand-alone systems is high and represents a considerably large share of the overall building energy usage. Therefore, there has been growing adoption of higher efficiency cooling systems, such as deep water source cooling systems, which help in cutting down on the overall energy use and operating cost for the building owner.

According to a senior analyst at Technavio for tools and components research, “The cooling costs for the commercial and industrial consumers also represent a sizable proportion of their overall operating cost. In addition, there is an ever-growing demand to improve the operational efficiency of processes from such end-users. These factors are encouraging the increased adoption of energy-efficient systems, including deep water source cooling.”

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Growing use of district heating/cooling systems: key market trend

District cooling/heating systems are increasingly being used for meeting the space heating/cooling requirement in commercial districts, industries, and university complexes. District cooling systems involve the production and circulation of chilled water from a centralized location to cater to the cooling requirement in a considerably large geographical area. The circulation of water from the main plant to the consumers is carried out using heat-insulated pipes. The adoption of district cooling systems has been growing around the world, which can also spur growth in the global deep water source cooling systems market. One of the major factors that are leading to the growing adoption of district cooling is its energy efficiency compared with running and maintaining several HVAC units in individual buildings or homes.

Regional landscape: EMEA to dominate the market

In 2017, EMEA held the largest share of the global deep water source cooling systems market, accounting for over 56% of the total cooling capacity. The region is expected to post steady growth during the forecast period. A major factor pushing the demand for deep water source cooling systems in the region is the increasing push in many countries to reduce the overall building energy consumption, thereby minimizing the consumption of fossil fuels.

EMEA is followed by the Americas in terms of market share, where a major portion of the deep water source cooling capacity in the region was concentrated in the US and Canada during 2017. Although APAC held a miniscule share of the market in 2017, it is expected to grow by close to 11% during the forecast period.

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