Water Source Heat Pump Market Size
The market for water source heat pumps was worth USD 1.01 billion in 2023 and is expected to expand at a rate of 3.8% per year from 2024 to 2032. As more people learn about and want eco-friendly heating options, and with government assistance, the product will be used more over the next few years. For example, in February 2024, the U.S. government announced a $63 million plan to increase the production of electric heat pumps across the country. This is part of its Investing in America Agenda, which will help the industry as a whole.
There is a growing need for green buildings and eco-friendly building methods. WSHPs are becoming more common in new building projects as a fundamental part of sustainable design. People want to lower their operational expenses and environmental effect, which is why WSHPs are becoming more popular for heating and cooling. Also, WSHPs are great for locations with a lot of people and not a lot of land, since they can use water sources without needing a lot of acreage.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Water Source Heat Pump Market Size in 2023 | USD 1.01 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 3.8% |
| 2032 Value Projection | USD 1.44 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 80 |
| Tables, Charts & Figures | 12 |
| Segments covered | Product, Technology, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
Water Source Heat Pump Market Trends
As heat pump technology keeps becoming better, WSHPs become more reliable, perform better, and can work with other systems. WSHPs are more efficient and easier to use with to new features such better heat exchangers, more advanced control systems, and the ability to work with smart home technology. The creation of hybrid systems that use WSHPs along with other renewable energy sources, such solar panels, makes them even more appealing. The market for WSHPs is projected to grow as these technologies get better and cheaper.
Rules that require lowering carbon emissions and getting rid of heating systems that use fossil fuels also help the WSHP industry flourish. When governments take steps to help, it makes it easier for people to use these systems.
Water Source Heat Pump Market Analysis
The water-to-air heat pump sector will be worth more than $1.01 billion by 2032, depending on the product. Longer equipment life, easier maintenance, and low operating expenses are all important features that will help the product get more customers. The product makes it easy for heat to move from a heat exchanger to a pipe that carries water, which makes it work quietly and easily.
The commercial water source heat pump market will increase at a rate of more than 3.5% per year through 2032, depending on how they are used. The product lasts longer than heating systems that use combustion, and it heats and cools buildings more efficiently at a cheaper cost. This benefit will make it more popular than other options, such air source heat pumps, that people like more.
By 2032, the market for water source heat pumps in North America is expected to be worth more than $548 million. The product will become more popular because more people need heating and cooling and it doesn't cost much to run. Hybrid water source heat pumps are also becoming more popular because they can do more than one thing and are quiet. They combine hydronic heating and refrigerant air conditioning systems. The product's advantages, along with helpful tips for creating net zero-emission buildings, will make water source heat pumps more popular in many countries, including the U.S.
Water Source Heat Pump Market Share
The biggest WSHP makers are Bosch Thermotechnology Corp., Carrier, Daikin, Danfoss, and Glen Dimplex Group. They are able to do this because they have a global reach, a wide range of products, and a focus on innovation and sustainability. Partnerships, investments, and contracts are also helping to make water source heat pumps more innovative, better quality, and more efficient.
Water Source Heat Pump Market Companies
Major key players operating across the water source heat pump industry are
- Aermec S.p.A.
- Bard HVAC
- Bosch Thermotechnology Corp.
- Carrier
- Daikin
- Danfoss
- Glen Dimplex Group
- Johnson Controls
- Mitsubishi Materials Techno Co.
- Modine Manufacturing Company
- OCHSNER
- Rheem Manufacturing Company
- STIEBEL ELTRON GmbH & Co. KG
- Star Refrigeration
- Swegon Group AB
- Trane
- Vaillant Group
- Viessmann
- Weishaupt Group
- WOLF GmbH
Water Source Heat Pump Industry News
- In March 2024, Star Refrigeration Ltd decided to supply over USD 2.5 million worth water source heat pump to the Mersey Heat Energy Centre, which is currently being built at Peel Water’s Liverpool Waters at Princes Dock in Liverpool. Scheduled to become operational by winter 2024, the Mersey Heat Energy Centre aims to offer an easy, affordable, and convenient solution for decarbonizing heating. It has the potential to deliver enough low-carbon heat to power more than one-fifth of the homes in Liverpool.
- In March 2024, Daikin has announced the launch of a new series of water-to-water heat pumpsthe EW*T-Q-X-A1 range, equipped with Daikin-designed scroll compressors. Available starting April 2024, the new EW*T-Q-X-A1 series features a modular system design, offering increased flexibility in configuration.
This water source heat pump market research report includes an in–depth coverage of the industry with estimates & forecast in terms of volume ‘000 Units’ and revenue in USD Million from 2021 to 2032, for the following segments
Market, By Product
- Water to Air
- Water to Water
Market, By Technology
- Open Loop
- Closed Loop
- Hybrid
Market, By Application
- Residential
- Commercial
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Austria
- Norway
- Finland
- France
- Germany
- Italy
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- Turkey
- South Africa
- Latin America
- Brazil
- Mexico
- Argentina
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