According to the report, one driver in the market is demand for reducing building energy consumption. 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 pieces of equipment used for this purpose.

One trend in the market is growing use of district heating/cooling systems. District cooling/heating systems are being increasingly 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.

Further, the report states that one challenge in the market is expensive and time-consuming construction and installation. The ongoing drive toward increasing energy efficiency, reducing energy costs, and lowering the emissions is expected to create a significant opportunity for the growth of deep water source cooling systems. However, the extremely high initial cost of capital and installation is a major challenge that may impede the growth in the global market.

Publication date: 2/13/2018

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