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Data Center Cooling Solutions Market size is set to grow by USD 51.08 billion from 2024-2028, Increased demand for data centers to boost the market growth, Technavio

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NEW YORK, July 24, 2024 /PRNewswire/ — The global data center cooling solutions market size is estimated to grow by USD 51.08 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 31.71% during the forecast period. Increased demand for data centers is driving market growth, with a trend towards greater use of HPC. However, environmental concerns poses a challenge. Key market players include Aermec S.p.A., Airedale Air Conditioning Ltd., AIRSYS Refrigeration Engineering Technology Co. Ltd., Alfa Laval AB, Asetek, Black Box Ltd., Chilldyne, Citec International, Daikin Industries Ltd., Data Aire Inc., Delta Electronics Inc., Engineered Fluids Inc., Green Revolution Cooling Inc., Midas Immersion Cooling, Mitsubishi Electric Corp., Motivair Corp., Nortek, Schneider Electric SE, STULZ GmbH, and Vertiv Holdings Co..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Air conditioning, Economizers, Cooling towers, Chillers, and Others), Technique (Air-based cooling and Liquid-based cooling), and Geography (APAC, North America, Europe, Middle East and Africa, and South America)

Region Covered

APAC, North America, Europe, Middle East and Africa, and South America

Key companies profiled

Aermec S.p.A., Airedale Air Conditioning Ltd., AIRSYS Refrigeration Engineering Technology Co. Ltd., Alfa Laval AB, Asetek, Black Box Ltd., Chilldyne, Citec International, Daikin Industries Ltd., Data Aire Inc., Delta Electronics Inc., Engineered Fluids Inc., Green Revolution Cooling Inc., Midas Immersion Cooling, Mitsubishi Electric Corp., Motivair Corp., Nortek, Schneider Electric SE, STULZ GmbH, and Vertiv Holdings Co.

Key Market Trends Fueling Growth

The High Performance Computing (HPC) market is experiencing significant growth due to the increasing demand for product innovation and economic competitiveness. HPC systems, which deliver efficient computing through a cluster of processors, are primarily used for scientific and engineering applications. These systems have higher computing performance than general-purpose computers, measured in floating-point operations per second (FLOPS), and are essential for solving complex problems in fields such as physical simulations, weather forecasting, quantum mechanics, and molecular modeling. The global HPC market is being driven by the growing use of big data and cloud computing solutions, which have led to an increase in the demand for data centers. Data centers support HPC by enabling parallel processing with better reliability, efficiency, and scalability through enhanced cooling systems. Cloud-based HPC systems are particularly attractive to Small and Medium Enterprises (SMEs) due to their low initial investment requirements. As HPC systems incorporate tens of thousands of processors, they generate significant heat. To maintain optimal performance, data centers require efficient cooling systems, such as in-rack and in-row cooling solutions. Modern data centers also offer cloud-based services and virtualization to support HPC infrastructure. Data center operators must ensure 99% service availability to meet the demands of HPC vendors. To achieve this, they require high-performance data center power components. The increasing use of HPC will continue to drive the demand for data centers, and thus, data center power components during the forecast period.

The Data Center Cooling Solutions market is experiencing significant growth due to increasing data protection needs and power interruptions. Traditional air conditioners are being replaced by precision air conditioners and liquid cooling equipment for better efficiency and scalability. Cloud-based services, IT and telecom, manufacturing, healthcare, energy and utilities, and colocation service providers are major consumers. Advanced cooling techniques like room-based, row-based, and rack-based cooling are trending, with airflow paths and cooling expenses being key considerations. Energy-efficient data centers are a priority, with liquid cooling, intelligent power distribution, and monitoring systems gaining popularity. Advanced features like artificial intelligence, automation, incident response, and recovery procedures are essential for ensuring safety and minimizing cooling issues during power outages. Cooling solutions must be flexible and secure to accommodate load conditions and support the growing demand for data generation from OTT platforms, streaming services, cloud services, big data, and connected devices.

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Market Challenges

Data centers face numerous environmental challenges that impact their operations worldwide. Fluctuating temperatures, extreme humidity, and high atmospheric dust are common issues, particularly in regions with adverse climatic conditions. To address these concerns, data center operators must employ humidity controllers tailored to local requirements, capable of reacting to sudden environmental changes. Dust and airborne particles can cause mechanical failure in cooling fans and disrupt I/O port connectivity, while excessive gas emissions and noise levels pose additional challenges. As the demand for data center capacity increases globally, organizations are investing in new facilities to store and process growing amounts of data from advanced technologies like cloud computing, big data, and IoT. However, this growth comes with rising IT costs and carbon emissions, primarily from the operation of IT servers, generators, building shells, and cooling systems, as well as the use of non-renewable energy sources. Microsoft, for instance, has reduced the use of diesel generators to make its data centers more sustainable and less reliant on the utility grid. Environmental concerns, including carbon emissions, pose a significant threat to the growth of the global data center cooling solutions market during the forecast period.The Data Center Cooling Solutions market is facing challenges due to temperature surges, requiring advanced row/rack-based cooling and precision cooling capabilities. Future-proof solutions are essential for medium-sized enterprises undergoing digital transformation and adopting cloud computing services, AI-driven applications, and centralized storage. Energy consumption and carbon emissions are key concerns, necessitating energy-efficient and environmentally sustainable cooling systems. Data center operators must address heat dissipation, networking, computing capacity, authentication, and infrastructure components, including servers, network switches, power distribution units, and storage devices. Data backup, archiving, authorization, and IT hardware infrastructures also require consideration. Low-power-consuming cooling techniques, such as AI and Industry 4.0 innovations, are essential for optimizing energy savings, carbon savings, and space utilization. Tech companies and data center managers must focus on energy efficiency, power density, rack power densities, heat generation, and data center deployments to meet the demands of the digital age.

For more insights on driver and challenges – Download a Sample Report

Segment Overview

This data center cooling solutions market report extensively covers market segmentation by

Application1.1 Air conditioning1.2 Economizers1.3 Cooling towers1.4 Chillers1.5 OthersTechnique2.1 Air-based cooling2.2 Liquid-based coolingGeography3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Air conditioning- Data centers require specialized cooling solutions to maintain optimal operating conditions for IT equipment. Precision air conditioning units, such as Computer Room Air Handlers (CRAH) and Computer Room Air Conditioning (CRAC) units, play a crucial role in managing temperature and humidity. CRAH units, which use water-chilled systems, are suitable for large data centers, while CRAC units, with mechanical refrigeration, are ideal for moderate-sized facilities. Precision air conditioners, including these units, offer precise temperature and humidity control, higher efficiency, and lower power consumption compared to comfort air conditioners. The increasing heat density in data centers due to high-performance computing infrastructure and virtualization will drive the adoption of precision air conditioners. New data center constructions and renovations will further fuel market growth. Despite the initial higher cost of chilled water systems, the reduction in air conditioner prices and the need for efficient cooling solutions will ensure steady revenue growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Data Center Liquid Immersion Cooling market is poised for significant growth, driven by rising data processing needs and energy efficiency demands. In parallel, the Data Center Mechanical Construction market is expanding due to the increasing complexity of data center infrastructure and the need for robust cooling and power solutions. Additionally, the Data Center Rack PDU market is experiencing growth as businesses seek advanced power distribution units to support high-density server environments. Collectively, these markets reflect the evolving landscape of data center technology and infrastructure.

Research Analysis

The Data Center Cooling Solutions market is witnessing significant growth due to the increasing demand for data-intensive applications, cloud computing, and digital services. IT infrastructure requires efficient cooling solutions to manage heat dissipation, especially with the rise of AI-driven applications and energy-consuming servers, network switches, and colocation services. Pre-engineered cooling modules and advanced cooling techniques are becoming popular for their energy efficiency and ability to handle high data traffic and load conditions. Centralized storage, networking, and computing capacity also require cooling solutions to ensure optimal performance. Power management is a crucial factor in data centers, and cooling solutions must be designed to minimize energy consumption. Data generation from various sources, including OTT platforms and streaming services, further increases the need for effective cooling solutions.

Market Research Overview

The Data Center Cooling Solutions market is witnessing significant growth due to the increasing demand for data-intensive applications, cloud computing, and digital services. With the IT industry’s rapid expansion, IT infrastructure requirements are surging, leading to an increase in power consumption and heat dissipation. In the 5G internet era, data traffic is expected to increase exponentially, putting additional pressure on data centers to maintain optimal temperatures. Cooling technologies such as pre-engineered cooling modules, precision cooling capabilities, and low-power-consuming techniques are gaining popularity to improve energy efficiency and environmental sustainability. The market is also witnessing the adoption of future-proof cooling solutions that can handle high power densities and rack power densities. Medium-sized enterprises are increasingly investing in digital transformation, leading to an increase in data center deployments. Cooling expenses are a significant portion of data center operating costs, making energy savings and carbon savings crucial. The market is also witnessing the adoption of AI-driven applications for predictive maintenance and optimization of cooling systems. Data center operators are focusing on space utilization, power interruptions, and data protection to ensure business continuity. The market is witnessing the adoption of cooling systems such as air conditioners, precision air conditioners, liquid cooling, and room-based, row-based, and rack-based cooling solutions. Industry 4.0, IoT, and cloud-based services are also driving the market’s growth. Energy efficiency, environmental sustainability, and carbon emissions are critical considerations for data center managers. The market is witnessing the adoption of plug-in systems, centralized storage, networking, and infrastructure components to optimize cooling expenses. Outsourcing data center operations to colocation service providers and web hosting companies is also on the rise to reduce capital expenditures and improve operational efficiency. Energy savings and carbon savings are essential for tech companies to reduce their carbon footprint and meet sustainability goals. The market is witnessing the adoption of cooling systems that use renewable energy sources and liquid cooling equipment. The market is also witnessing the adoption of cooling systems that use natural cooling methods such as airflow paths and evaporative cooling. The market is witnessing the adoption of cooling systems that use renewable energy sources and natural cooling methods such as airflow paths and evaporative cooling. Data center workload, power density, and heat generation are critical factors driving the market’s growth. The market is also witnessing the adoption of cooling systems that use artificial intelligence (AI) for predictive maintenance and optimization of cooling systems. The market is witnessing the adoption of cooling systems that use artificial intelligence (AI) for predictive maintenance and optimization of cooling systems. Data center cooling solutions are essential for IT and telecom, manufacturing, healthcare, energy and utilities, and web hosting industries. The market is also witnessing the adoption of cooling systems that use renewable energy sources and natural cooling methods such as airflow paths and evaporative cooling. The market is witnessing the adoption of cooling systems that use renewable energy sources and natural cooling methods such as airflow paths and evaporative cooling. Data center cooling solutions are essential for IT and telecom, manufacturing, healthcare, energy and utilities, and web hosting industries. The market is also witnessing the adoption of cooling systems that use AI for predictive maintenance and optimization of cooling systems, reducing power interruptions and improving energy efficiency. The market is witnessing the adoption of cooling systems that use AI for predictive maintenance and optimization of cooling systems, reducing power interruptions and improving energy efficiency. Data center cooling solutions are essential for IT and telecom, manufacturing, healthcare, energy and utilities, and web hosting industries. The market is also witnessing the adoption of cooling systems that use renewable energy sources and natural cooling methods such as airflow paths and evaporative cooling, ensuring environmental sustainability and reducing cooling expenses.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationAir ConditioningEconomizersCooling TowersChillersOthersTechniqueAir-based CoolingLiquid-based CoolingGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Global Times: 75 years on, China committed to global common development

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53 mins ago

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September 28, 2024

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BEIJING, Sept. 28, 2024 /PRNewswire/ — October 1 this year marks the 75th anniversary of the founding of the People’s Republic of China. Over the past 75 years, under the leadership of the Communist Party of China (CPC), the country has undergone tremendous changes, realizing unprecedented development. China has achieved in a few decades what took developed countries several centuries, with its economy now ranking as the second largest in the world. With strenuous efforts, China has realized its first centenary goal – building a moderately prosperous society in all respects.

China’s influence on the world has never been as profound and long-lasting as it is today. Likewise, the world’s attention to China has never been as deep, and focused as it is now.

As globalization deepens, nations are becoming more interdependent, while various global challenges continue to emerge. Humanity faces natural challenges such as climate change and the loss of biodiversity, as well as common global threats like extreme poverty, nuclear proliferation, political extremism, hegemony, and escalating geopolitical conflicts. The need for cooperation has never been more urgent or important than it is today, experts said.

“Where is humanity headed?” has become a significant question concerning the future and destiny for all.

To answer this question, Chinese President Xi Jinping put forward the vision of building a community with a shared future for humanity in 2013. This is seen as China’s solution to addressing global challenges and creating a better future through concerted efforts of the international community. “The common interest of all humankind is in a world united and peaceful rather than divided and volatile,” Xi said, Xinhua News Agency reported.

Building a community with a shared future for humanity is not about replacing one system with another or one civilization with another. Instead, it is about countries with different social systems, ideologies, historical contexts, and levels of development achieving mutual benefits, sharing rights, and jointly bearing responsibilities in international affairs, experts said.

“Unlike the confrontational or competitive approaches that often dominate international relations, this concept advocates for inclusivity and multilateralism,” Hamad Al Hosani, senior researcher at TRENDS Research and Advisory, a think tank of the United Arab Emirates, told the Global Times. “It also reflects a shift from traditional approach to one that embraces a holistic and interconnected global outlook.”

Hosani added that this concept helps address global challenges by focusing on shared responsibilities, such as equitable resource distribution, environmental stewardship, and collective security measures. It encourages countries to promote a sense of global solidarity and cooperation in managing transnational threats.

China’s vision, embodied in initiatives like the Belt and Road Initiative, focuses on infrastructure investment, trade connectivity, and mutual development without imposing political conditions, Hosani told the Global Times, adding that “this reflects a more pragmatic and cooperative approach that respects the individual paths of nations.”

Therefore, the Chinese path offers developing countries an alternative model of engagement, one that values equal partnership and mutual benefit rather than hierarchical or conditional relationships. “This has attracted many countries, particularly in the Global South, to China’s approach, which they see as less intrusive and more respectful of their developmental needs and choices,” Hosani said.

Li Haidong, a professor at the China Foreign Affairs University, told the Global Times that China has provided substantial aid to the Global South over the past decade and established various organizations such as the Asian Infrastructure Investment Bank (AIIB), which reflect China’s principles of equality, inclusiveness, cooperation, and sustainability.

For a better world

Over the 11 years since the concept of building a community with a shared future for humanity was proposed, China has been both an advocate and a practitioner. Through joint efforts, the Belt and Road Initiative (BRI) has transformed from a Chinese proposal to an international practice, from an idea to concrete actions. It has not only brought tangible benefits to the participating countries but also contributed positively to promoting healthy globalization, addressing global development challenges, and improving global governance.

Projects such as the China-Pakistan Economic Corridor, China-Europe Railway Express, China-Laos Railway, Jakarta-Bandung High-Speed Railway, Piraeus Port, Kopa wind power project have greatly benefited local people. By the end of June 2023, China had signed over 200 cooperation documents with more than 150 countries across five continents and over 30 international organizations under the BRI framework, creating countless iconic projects as well as smaller, people-centered projects.

Bojan Lalic, director of the Belt and Road Institute in Belgrade, told the Global Times that different from the West’s selective alliances, China has opted for a path of inclusive multilateralism, advocating for broader cooperation and promoting inclusive frameworks such as the BRI to facilitate development across numerous nations.

“As developing countries increasingly engage with China, a shift in global power dynamics may occur, enabling a multipolar world where various development models coexist,” Lalic said.

Under the vision of building a community with a shared future for humanity, President Xi proposed the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative successively from 2021 to 2023. These three initiatives focus on addressing global development challenges, eliminating global security dilemmas, and promoting exchanges and mutual learning among civilizations.

So far, more than 100 countries and international organizations have voiced support for the Global Development Initiative, with over 70 countries joining this “Group of Friends.” More than 200 development cooperation projects have yielded results, according to the People’s Daily Overseas Edition.

UN Secretary-General António Guterres praised the Global Development Initiative as a “valued contribution to addressing common challenges and accelerating the transition to a more sustainable and inclusive future.”

 

View original content:https://www.prnewswire.com/news-releases/global-times-75-years-on-china-committed-to-global-common-development-302261718.html

SOURCE Global Times

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Sungrow Liquid-Cooled ESS PowerTitan 2.0 is Set to Unleash the AC Block Era

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3 hours ago

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September 28, 2024

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LONDON, Sept. 28, 2024 /PRNewswire/ — Recently, 66 sets of Sungrow’s energy storage system, PowerTitan 2.0, arrived in the UK, demonstrating its acceleration of energy storage deployment in Europe. In the Middle East, over 1,500 sets of PowerTitan 2.0 are set for deployment, contributing to one of the world’s largest energy storage projects with a capacity of 7.8 GWh. Similarly, in Asia, multiple PowerTitan 2.0 projects have been successfully commissioned, showcasing impressive performance in cost reduction, safety, grid forming, etc. PowerTitan 2.0 is being rapidly gaining global traction, pioneering the energy storage industry’s transition into the AC Block era.

What is the AC Block?

PowerTitan 2.0 introduces the revolutionary AC Block, which integrates a 5 MWh battery with a 2.5 MW PCS into a standard 20-foot container, a significant departure from the traditional method of separating direct current battery systems and alternating current PCS systems. This integration goes beyond just rearranging components; it involves efficiently combining the battery, PCS, fire suppression systems, and other modules while pushing the boundaries of spatial design. According to a report by S&P Global Commodity Insight, only three companies worldwide, including Sungrow, currently provide authentic AC Block solutions.

Dr. James Li, Sungrow ESS Director for Europe, stated that the success of PowerTitan 2.0 is significantly attributed to Sungrow’s fully self-developed PACK/BMS/PCS/EMS technologies, driving innovation through a foundational logic and holistic design approach. Moreover, PowerTitan 2.0 revolutionizes PACK structures and production processes, reducing the width of each PACK by 40mm for a more compact layout. Additionally, each cabinet houses 12 small standardized PCS units, matching the size specifications of PACKs for efficient space utilization. These benefits and innovations make the AC Block concept feasible.

With a more compact structure, increased heat dissipation challenges arise. PowerTitan 2.0 addresses this with a Fully Liquid-Cooled solution for battery PACKs and PCS units, ensuring rapid heat dissipation and extending system longevity.

The AC Block: An Optimal Choice

“In the operational projects, PowerTitan 2.0 demonstrates its exceptional competitiveness,” said Dr. James Li. It saves 29% on land usage, requiring only 2000 square meters for a hundred-megawatt-hour system, significantly reducing land costs. The all-in-one AC-DC block design streamlines deployment with embedded PCSs, pre-assembled components, MVT, and comprehensive factory testing to reduce installation time onsite.

Thanks to its innovative AC-DC block design, PowerTitan 2.0 increases the system’s round-trip efficiency (RTE) by 2%, boosts the total discharge volume over the entire lifecycle by 8%, and reduces fault losses by 92%. Moreover, standardized short cable connections between batteries and PCS in a fully liquid-cooled cabinet, along with advanced AI-based battery health management and ArcDefender Technology, effectively minimize thermal runaway and arcing risks, ensuring overall cabinet safety.

The system also incorporates the latest Stem Cell Grid Tech, enabling seamless 0ms grid switching, and active harmonic absorption. It has been widely deployed in global projects such as the SPP Hybrid project in Thailand, the Dalia project in the Middle East, and China’s offshore grid-forming energy storage project in Guangxi. The solution plays a vital role in supporting the smooth operation of new power systems. Notably, PowerTitan 2.0 operates with low noise levels below 75 dBA, utilizing carefully selected biodegradable or renewable transformer oil, refrigerants, and fire extinguishing agents, aligning with environmental sustainability.

Looking ahead, with continuous product innovation and further cost reductions, AC Blocks represented by PowerTitan 2.0 will become the optimal choice in the energy storage market and driving the global energy transition.

Contact:
Mina Zhang
mina.zhang@cn.sungrowpower.com

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Closer China-ASEAN cooperation boosts regional high-quality development

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6 hours ago

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September 28, 2024

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NANNING, China, Sept. 28, 2024 /PRNewswire/ — A news report from Beijing Review:

Viet Nam’s aromatic Trung Nguyen coffee, Malaysia’s Musang King durian, Thailand’s fragrant jasmine rice and Laos’ refreshing beer—what do they all have in common?

The answer is they’ve all made an entrance into the vast Chinese market through the China-ASEAN Expo (CAEXPO), earning rave reviews from delighted consumers.

On September 24, the 21st CAEXPO and China-ASEAN Business and Investment Summit kicked off in Nanning, Guangxi Zhuang Autonomous Region. Like a foodie’s fantasy come true and a business bonanza wrapped into one, the expo promised not just to tantalize taste buds but also to turbocharge trade ties between China and its Southeast Asian neighbors.

In addressing the opening ceremony, Chinese Vice Premier Ding Xuexiang said interactions between China and ASEAN have served as the most successful and dynamic model of cooperation in the Asia-Pacific region, and are a vivid example of the building of a community with a shared future for humanity.

Along with the flourishing ties, the expo has become an important supplement to the 10 Plus One cooperation framework between China and ASEAN, providing strong support for regional high-quality development, Luo Yongkun, Deputy Director of the Institute of Southeast Asia and Oceania Studies at the China Institutes of Contemporary International Relations, told Beijing Review.

The expo has been standing as a testament to the enduring friendship, cooperation and shared prosperity between China and ASEAN countries over the years, Kao Kim Hourn, Secretary General of ASEAN, said at the opening ceremony, adding that since its inception in 2004, the event has evolved into an important platform for dialogue, cooperation and development, covering sectors such as infrastructure, agriculture, technology, education and tourism.

“China considers ASEAN a priority in its neighborhood diplomacy and a key region in high-quality Belt and Road cooperation,” Ding said. “ASEAN countries, on their part, see in China a trustworthy and close partner.”

The shared values of peace, cooperation and mutual respect between China and ASEAN form the foundation of their partnership, Vongsey Vissoth, Deputy Prime Minister of Cambodia, said, adding he believes that the two sides can achieve more fruitful results through their cooperation in trade and economy, with the China-ASEAN Free Trade Area bringing new opportunities.

China has been ASEAN’s largest trading partner for 15 consecutive years, while ASEAN has been China’s top trading partner since 2020. The cumulative two-way investment has exceeded $400 billion, according to China’s Ministry of Commerce.

The CAEXPO has made important contributions to the economic integration between ASEAN and China, facilitating investment flows and cross-border economic opportunities, laying the foundation for building a more connected, resilient and dynamic region, Kao said.

In 2010, the China-ASEAN Free Trade Area was officially launched, opening a channel for ASEAN enterprises to gain more efficient and convenient access to the Chinese market.

China’s Vice Minister of Commerce Li Fei said mutually beneficial cooperation between China and ASEAN countries has reached new levels.

Bilateral economic and trade cooperation has continued to upgrade over the years, with positive progress achieved in negotiations for version 3.0 of the China-ASEAN Free Trade Area, he added.

As early as 2015, China and ASEAN initiated the construction of the China-ASEAN Information Harbor to cultivate new drivers of economic development. Today, nearly 20 projects across nine ASEAN countries in fields such as digital government, digital industries and new communications have been conducted under the framework, Luo said.

“We need to leverage the harbor to promote digital connectivity and information sharing, and work for a digital Silk Road,” Ding said in his speech.

At this year’s CAEXPO, a new section was conducted to highlight strategic emerging industries, showcasing the latest progresses and technologies in fields such as digital technology, new energy and intelligent connected vehicles.

Leading Chinese green technology companies are also working closely with ASEAN enterprises and investing in new facilities to produce innovative and locally adapted products, contributing to ASEAN’s green transition.

The ongoing efforts to advance the China-ASEAN Free Trade Area 3.0 will lead to a broader opening up in investment and services trade, Lei Xiaohua, a researcher with the Southeast Asia Research Institute at the Guangxi Academy of Social Sciences, said, adding that the CAEXPO will be endowed with a new mission in future regional industrial and supply chain cooperation.

View original content:https://www.prnewswire.com/apac/news-releases/closer-china-asean-cooperation-boosts-regional-high-quality-development-302261693.html

SOURCE Beijing Review

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