Deep Lake Water Cooling System Market is Projected to Grow at a Robust CAGR of 7.9%, 2030

United States, New York, 2023-Feb-09 — /EPR Network/ —According to the Market Statsville Group (MSG), the global deep lake water cooling system market is estimated to showcase a CAGR of 7.9% from 2022 to 2030. Deep lake water cooling (DLWC) is a groundbreaking cooling system that provides an effective alternative to conventional air conditioning. The system uses cold water from Lake to cool buildings. The DLWC system has varied capacity as per model and requirement. Growing demand from the end-user industry and penetration of technology will drive the market’s growth over the forecasting period across the globe.

In commercial, residential, and institutional buildings, deep water cooling systems are marketed as ecologically benign and effective. Deep lake water cooling employs cold lake water as a heat sink for climate control systems. Depending on how the system operates, it may be possible to obtain energy savings of up to 90% compared to conventional air conditioning. The sole energy required by the system is to power the pumps and fans that move air across the cooling loops. As conventional air conditioning equipment becomes obsolete, the necessity for ozone-depleting substances such as CFCs would disappear.

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Even while the effects of deep water cooling are generally better, there are some concerns that overuse of the cold water source could result in “heat pollution,” which would have a severe influence on habitat and species composition. Such impacts may occur locally in the waters, but the amount of heat involved is insufficient to have a global impact.

COVID–19 Impact on the Global Deep Lake Water Cooling System  Market

The COVID-19 had a significant impact on the market’s growth, as due to the lockdown, the demand for the cooling from commercial places decreased drastically, negatively affecting the market’s growth. However, the hospitals and residential segment positively contributed to the market’s growth amid the pandemic, ensuring steady market growth.

Scope of the Global Deep Lake Water Cooling System  Market

The study categorizes the deep lake water cooling system market based on capacity and application at regional and global levels.

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By Capacity Outlook (Sales, USD Million, 2017–2030)

• 18,000 tons and below
• 18,000 tons to 35,000 tons
• 35,000 tons to 70,000 tons
• 70,000 tons and above

By Application Outlook (Sales, USD Million, 2017–2030)

• Hospitals
• Educational Campuses
• Government Buildings
• Commercial
• Residential Buildings

By Region Outlook (Sales, USD Million, 2017–2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • the Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America

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• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

North America accounts for the largest market share in the deep lake water cooling system market

On the regional basis, the deep lake water cooling system is segmented as North America, Latin America, Asia-Pacific, MEA, and Europe. Among them, the North American region accounts for the major market share in 2021. The growth is attributed to the presence of the largest system in Toronto. Further, major market players operating in the market are expanding their facilities and enhancing their capacities to cater to customers’ needs. For instance, in May 2021, Enwave plans to expand its Deep Lake Water Cooling initiative, increasing cooling capacity for downtown Toronto buildings. Such factors are contributing in the growth of the market.

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Toronto uses water collected from the depths of Lake Ontario to cool over 100 structures. Deep lake water cooling reduces energy use and water consumption significantly compared to other alternatives. The system is so effective that it saves the city 90,000 megawatt hours of electricity every year, which is equivalent to the amount of energy required to power a city of 25,000 people. By 2050, it is anticipated that 30 percent of the city’s floor space will be connected to low-carbon heating and cooling.

Key Market Players in the Global Deep Lake Water Cooling System Market

• ACCIONA
• BARDOT Group
• Entrepose Group
• Enwave Energy
• Makai Ocean Engineering
• Ocean Thermal Energy Corporation