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Water Source Heat Pump Market Size By Product (Water to Air, Water to Water), By Technology (Open-loop, Closed loop, Hybrid), By Application (Residential, Commercial {Educational Institutions, Office Buildings, Healthcare, Others}, Industrial), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026

  • Report ID: GMI2541
  • Base Year: 2019
  • Report Format: PDF

Industry Trends

Water Source Heat Pump Market size surpassed USD 1.2 billion in 2019 and the annual installation is anticipated to exceed 220 thousand units by 2026. Water to air heat pumps accounted for the largest share in 2019 and is expected to exhibit strong growth during the forecast period.

Water Source Heat Pump Market

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Heat pump is a device which is deployed for the transfer of heat energy to a thermal reservoir. It transfers thermal energy by absorption of heat from a cold space and releasing it to a warm one. A water source heat pump is similar to a conventional ASHP except it dissipates & extracts heat by utilization of water instead of air.

Less maintenance requirements, low running costs, and long lifespan are some of the key underlying factors positively influencing the water source heat pump market demand. Strong inclination toward the adoption of energy-efficient products coupled with growing awareness toward rising carbon emissions has accelerated the penetration of these units. Ongoing efforts toward a decarbonized & sustainable economy reinforced by the implementation of legislative energy policies & incentives will augment water source heat pump industry growth over the forecast timeline.

The water source heat pump market report features a detailed study of industry trends segmented on a regional & country basis across different products, technology, and application of WSHP. Moreover, market forecasts & estimates are in line with the data represented by authorities including the Department of Energy (DOE), International Energy Agency (IEA), World Geothermal Congress, European Heat Pump Association, government regulatory bodies, and company press releases.

Growing demand for efficient heating & cooling will fuel the water to air heat pump industry outlook

China Water Source Heat Pump Market By Product

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Water to air heat pump market demand is anticipated to witness over 5% CAGR through 2026. These water source heat pump units utilize water as an energy source and distribute energy via ducts in an enclosed space. Water to air heat pump consists of a single symmetrical duct layout and has the ability to deliver a constant volume of air through a low-pressure duct system. High efficiency, minimal space requirement, and low operational costs are some of the significant features accelerating the business demand for water to air segment of the market in the forthcoming years.

The demand for these units from the commercial sector will witness strong growth on account of focus toward establishment of green building infrastructure. These systems are installed across educational institutes, office buildings, and healthcare infrastructures on account of their ability to operate with high efficiency when compared to traditional heating systems including boilers. High safety and minimal regular maintenance are few prominent factors, propelling the market trends. In addition, the demand for heating & cooling systems with low emissions discharge has surged rapidly due to concerns toward environmental security, which will further augment the water source heat pump market statistics.

Rising concerns toward surging electricity prices will augment the adoption of closed loop systems

North America Water Source Heat Pump Market By Application

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Over the recent past, technologies deployed across the water source heat pump market have witnessed significant advancements. The deployment of available technologies has a high dependence on multiple factors including soil & climatic conditions and availability of land & water source. Closed loop systems consist of an underwater heat exchange network of sealed, high strength, metal or plastic pipes, and a pumping module. These units are witnessing significant demand across residential and commercial segments owing to their ability to offer reliable performance at an economical market price.

These water source heat pump units can be installed in vertical, horizontal or spiral configurations depending upon the heating & cooling requirement for an establishment. Growing investments toward the refurbishment & development of existing & new commercial establishments have witnessed significant growth leading to a growing replacement of conventional heating systems. In addition, their ability to generate four units of heat energy with an input power of one unit makes them an ideal choice for large spaces, resulting in increased product penetration.

Rising urbanization rates will propel the installation of water source heat pumps across residential application

Expanding urban population has established residential buildings & structures as one of the prominent segments responsible for the water source heat pump market growth. The market demand for WSHP has intensified on account of the introduction of stringent energy efficiency mandates & standards pertaining to conventional heating & cooling systems based on fossil fuels. For instance, as per the German Heat Pump Association (BWP), in 2017, 43% of the residential buildings had installation of heat pumps across Germany. In addition, rising disposable incomes and increasing living standards will further accelerate the market demand for water source heat pump over the forecast timeline.

Strong focus toward increasing sustainability across the energy sector will provide impetus to the Asia Pacific market statistics

Asia Pacific and North America accounted for over 90% of the global market share in 2019. Introduction of stringent performance standards along with a strong focus toward the adoption of technologies with low emission discharge will drive the market outlook. Asia Pacific is characterized by the presence of a robust manufacturing sector and high population, fueling the market demand for sustainable heating & cooling technologies including water source heat pumps. Ongoing transition toward limiting fossil fuel consumption along with rising efforts toward minimizing energy consumption from buildings will further boost the industry statistics of water source heat pumps.

China water source heat pump market share is set to grow on account of ongoing efforts toward strengthening the legislative support for low polluting technologies. For instance, in June 2018, the state council in China released a 3-year Air Pollution Action Plan aimed toward improving the air quality by 2020. The plan introduced specific targets for limiting sulfur dioxide & nitrogen emissions by minimum 15% compared with 2015 limits. In addition, ongoing efforts toward replacing conventional heating units with sustainable & efficient technologies will further augment the market outlook of water source heat pumps.

Increasing research & development initiatives acting as the focal point of industry leaders

The leading industry players operating across the water source heat pump market are currently investing aggressively in the development of energy-efficient products to gain a competitive edge. The business strategy is aimed toward manufacturing advanced space heating & cooling technologies with a competitive price index. As a result, the global market trends will witness substantial growth over the forecast timeline. The prominent market players include Daikin, STIEBEL ELTRON GmbH & Co. KG, Carrier Corporation, Bosch Thermotechnology, Johnson Controls, and Trane.

Water source heat pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, and ‘USD” from 2015 to 2026, for the following segments:

By Product

  • Water to Air
  • Water to Water

By Technology

  • Open loop
  • Closed loop
  • Hybrid

By Application

  • Residential
  • Commercial
    • Educational Institutions
    • Office Buildings
    • Healthcare
    • Others
  • Industrial

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • Austria
    • Norway
    • Finland
    • France
    • Germany
    • Italy
    • Switzerland
    • Spain
    • Sweden
    • UK
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • Australia
    • South Korea
  • Middle East & Africa
    • Iran
    • Saudi Arabia
    • Turkey
    • South Africa
  • Latin America
    • Brazil
    • Mexico
    • Argentina
Authors: Ankit Gupta, Nikhil Paranjape

Frequently Asked Questions (FAQ) :

As per estimates, water source heat pump industry would account a crcr of 4.4% through 2026.

Predicted revenue share of water source heat pump market is 220 Thousand Units by 2026.

Surging demand for sustainable space heating & cooling technologies along with introduction of stringent emission standards will accelerate the global industry growth.

Global market for water Source Heat Pump is set to register over 4.4% CAGR from 2020 to 2026, according to a new report published by Global Market Insights, Inc.

Daikin, STIEBEL ELTRON GmbH & Co. KG, Carrier Corporation, Bosch Thermotechnology, Johnson Controls, and Trane are the major players in the global market.

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Premium Report Details

  • Published Date: Mar 2020
  • Companies covered: 24
  • Tables & Figures: 661
  • Countries covered: 24
  • Pages: 370

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