Water Source Heat Pump Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, UK, Germany, France, Italy, China, India, Japan, Indonesia, South Korea, South Africa, Brazil) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2541
Water Source Heat Pump Market size is set to witness strong growth on account of favorable government initiatives including clean heating & cooling programs, fiscal assistance, and emissions reduction targets to promote the renewable energy systems. For instance, the UK Renewable Heat Incentive (RHI) encourages the adoption of renewable heat technologies amongst households and businesses through financial incentives.
The U.S. water source heat pump market will expand on account of growing measures to curb carbon footprint coupled with government initiatives to encourage installation of heat pumps. Rising demand for space heating and cooling along with concerns over energy efficiency will propel the product penetration. According to the U.S. Department of Energy, in 2016, water heating across the residential buildings accounted for 18% of electricity consumption with 4% from commercial buildings.
Growing demand for cost effective and efficient space conditioning systems across the commercial & residential sector will drive the water to water heat pump market share. These systems have a high efficiency, with a Coefficient of Performance (CoP) of around 5 when compared with its available alternatives. Smaller footprint, longer lifespan and quieter operation are some of the key features which will stimulate the product adoption.
Quick financial paybacks coupled with low energy consumption will propel the water source heat pump market growth. In addition, ability to offer up to 80% less household energy utilization along with low maintenance requirements will complement the industry landscape.
Rapid urbanization on account of increasing migration of rural population to improve living standards coupled with increasing infrastructure spending will drive the commercial WSHP market size. Allocation of government funds toward education infrastructure will further fuel the product installation across the application.
China water source heat pump market is set to witness strong growth on account of strengthening legislative support for clean energy systems. For instance, the Air Pollution Prevention and Control Action Plan in the country, has recommended heat pumps as a clean energy space heating product to reduce GHG emissions. Furthermore, increasing efforts to replace conventional heating units including coal fired boilers, specifically across the Northern China will positively influence the product installation.
Suitability for retrofits alongside other heating systems coupled with zero expenses requirement for boreholes will positively impact the water to air heat pump market share. Moreover, ongoing technological advancements to design heat pump for developer, new construction and replacement markets, will favor the business growth.
Eminent participants across the water source heat pump market include Siemens, Bosch Thermotechnology, Johnson Controls, ClimateMaster, Carrier, Mitsubishi, Colmac, Climaveneta, LG Electronics, Trane, Dimplex, Daikin, and Viessmann Limited amongst others.
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