According to MarkNtel Advisors study the South East Asia District Cooling Market is expected to grow at a CAGR of around 9.8% during the forecast period i.e. 2022-2027.

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Key Findings of the Study: South East Asia District Cooling market

Key Drivers

Steady Growth in District Cooling Market due to Various Township Developments

The township development in urban areas like Bangkok in Thailand and Jakarta in Indonesia has witnessed continuous constructions of high-rise buildings since 2017 to attract tourism businesses. Besides, the urban development in these metropolitan cities has also allowed incorporating district cooling systems in commercial buildings, such as five-star hotels, retail malls, airports, etc., due to high cooling demand fulfilled by green building standards. With all these reasons and upcoming projects during 2022-27, district cooling systems across South East Asia would have a considerable market size.

In this ongoing process of development of a city, MITSUI & Co., Ltd. has invested in district cooling & power distribution business to supply the ‘One Bangkok development’ project in Bangkok, Thailand, a new landmark development in central Bangkok likely to open by 2023. The project comprises of 16.7-hectare site, i.e., a 16-building fully-integrated district with five premium-grade office towers, three luxury residential towers, five luxury & lifestyle hotels, four differentiated retail precincts, and art & culture & public spaces. The centralized district cooling infrastructure would provide environmental benefits & efficiencies.

Growth Opportunities & Hotspots:

Proposed Greenfield Investments in Skylines during 2020-30

Kuala Lumpur, Singapore, Bangkok, Jakarta, Ho Chi Minh City, Hanoi, Metro Manila, etc., are anticipated to witness increased greenfield investments in the skyline amid their expansion. Growth in commercial areas in these areas would provide ample opportunities for district cooling providers to increase their earnings.

In recent years, the growing demand for cooling in stressed urban environments has led to the increasing popularity of efficient District Cooling Systems (DCSs) with a centralized cooling plant serving a group of buildings owing to their proven ability to be as much as 30% more efficient than the traditional, decentralized air-conditioning units.

Moreover, the rapid shift of population toward urban areas, specifically in Singapore & Malaysia, has driven the market in the region. In 2017, around 75% of Malaysia’s population lived in urban areas, with more than 7 million people living in Greater Kuala Lumpur.

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Scope of the Report and South East Asia District Cooling Market Segmentation:

By Production Technique

• Free Cooling
• Electric Chiller
• Absorption Cooling
• Others (Heat Pumps etc.)

By End User

• Hospitality
• Healthcare
• Commercial Offices
• Transportation
• Industries
• Residential Buildings
• Retail
• Others (Government Buildings etc.)

The District Cooling Market in South East Asia is projected to witness significant growth around the commercial sector during 2021-26, owing to various ongoing construction projects of major business parks & retail malls in urban areas.

South East Asia District Cooling Market Development:

In 2021, Keppel DHCS tested Thermal Energy Storage (TES) technology in Changi Business Park, Singapore, which is expected to yield more energy-carrying capacity than conventional chilled water storage and earn more than 10% in cost savings yearly.

In 2021, ‘Engie South East Asia’ got appointed by ‘JTC Corporation’ to build, own, and operate an underground district cooling system (DCS) for the Punggol Digital District (PDD). Under this agreement, Engie would construct the DCS plant equipped with a cooling capacity of 30,000 refrigeration tons, equivalent to cooling 8,000 four-room HDB flats. The partnership would open the market opportunities for other shareholders to fulfill the demand & supply chain.

Geographical Analysis:

By Country

• Malaysia
• Singapore
• Thailand
• Vietnam
• Indonesia
• Rest of SEA

Singapore & Thailand had a noticeable market size of district cooling systems due to various urban developments like construction & designing of commercial buildings like business parks, hotels, retail malls, factories, etc., in these countries in 2021.

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