International. Global deep water source cooling systems will grow at a CAGR of 8.48 percent over the 2018-2022 period, according to Research and Markets.
The report covers the current scenario and growth prospects of this market for 2018-2022. According to the report, one of the market drivers is the demand to reduce energy consumption in buildings. Most buildings used for residential, commercial, and industrial purposes around the world employ some form of HVAC or indoor climate control equipment to provide sufficient thermal comfort for the people inside the building. Currently, individual or stand-alone air conditioners are the most widely used HVAC equipment for this purpose.
A trend in the market is the increasing use of district heating/cooling systems. These systems are increasingly used to meet space heating/cooling requirements in commercial districts, industries, and university complexes. They involve the production and circulation of cold water from a centralized location to meet cooling requirements over a considerably large geographic area.
In addition, the report indicates that a challenge in the market is the consumption of expensive and time-consuming constructions and facilities. The continued momentum towards increasing energy efficiency, reducing energy costs and reducing emissions is expected to generate a significant opportunity for the growth of deep-sea source cooling systems. However, the extremely high initial cost of capital and installation is a major challenge that can impede growth in the global market.
