The global water source heat pump market is estimated to garner US$ 1464 Million while exhibiting a 4.5% CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 945 Million in 2022.
Continuously growing concerns regarding environmental sustainability & energy security coupled with the shifting trends for bio-based infrastructure will boost the water source heat pump industry growth. In addition, a strong inclination toward the requirement of carbon-free equipment along with favorable government policies with an aim to reduce fossil fuel consumption will positively boost the business scenario.
Increased investment in the construction and residential sectors will provide new growth markets for water source heat pump suppliers. The high cost associated with heat pumps may restrain the growth of the market throughout the forecasting period. The water-to-air segment is likely to offer remunerative opportunities for the global water source heat pump market. Several emerging economies are making significant developments in their technological sector, thereby, providing lucrative opportunities to players in the market.
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Key Takeaways from the Market Study
- The global water source heat pump market is estimated at US$ 905 Million in 2021
- By product, the water-to-air segment to flourish at a growth rate of 4.5% from 2022-2032
- By application, commercial water source heat pumps to accumulate a 39% market share in 2022
- Market in Europe to procure a market value of US$ 125.5 Million by 2032
- North America to account for 38% of global water source heat pump market revenue
- Asia Pacific to emerge as one of the most opportunistic markets, clocking a 4.3% CAGR
“Water source heat pumps usage is rising amid growing demand in industries and in residential applications, with a view to reduce adverse environmental impacts associated with operating conventional heat pumps. This has prompted manufacturers to introduce highly efficient product lines, widening market growth prospects,” says an FMI analyst.
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Competitive Landscape
Key players in the global water Source heat pump market are Trane, Vaillant Group, Viessmann, Glen Dimplex Group, STIEBEL ELTRON GmbH & Co. KG, Bosch Thermotechnology Corp., Danfoss, Daikin, Carrier, Johnson Controls, Rheem Manufacturing Company, Modine Manufacturing Company, Aermec S.p.A., Bard HVAC, OCHSNER, Mitsubishi Materials Techno Co., WOLF GmbH, Weishaupt Group, and Swegon Group AB. Recent updates from the industry are:
- In December 2021 – Trane Technologies a global climate innovator – is introducing new digital indoor environmental quality (IEQ) management solutions that provide building owners and facility managers with actionable insights for healthier and more efficient indoor spaces and occupant peace of mind.
- In March 2021 – Vaillant has extended its range of heat pumps, adding geoTHERM perform, a brine-water heat pump, and aroTHERM perform, an air-water split heat pump. Both heat pumps are designed for use in large new construction and renovation projects, both in the housing sector and commercial properties.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global water source heat pump market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Product (Water to air, water to water) by technology (open loop, close loop and hybrid) by Application (Residential, Commercial) and Region (North America, Europe, APAC, MEA, and Latin America)
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Key Segments Covered in the Water Source Heat Pump Industry Analysis
Water Source Heat Pump Market by Product:
- Water to Air Heat Pumps
- Water to Water Heat Pumps
Water Source Heat Pump Market by Technology:
- Open Loop Water Source Heat Pumps
- Close Loop Water Source Heat Pumps
- Hybrid Water Source Heat Pumps
Water Source Heat Pump Market by Application:
- Water Source Heat Pumps for Residential Applications
- Water Source Heat Pumps for Commercial Applications
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