Water Source Heat Pump Market - By Product (Water to Air, Water to Water), By Technology (Open Loop, Closed Loop, Hybrid), By Application (Residential, Commercial) & Forecast, 2022-2030

Water Source Heat Pump Market Size

Water Source Heat Pump Market size surpassed USD 900 million in 2021 and is anticipated to grow at a CAGR around 5% from 2022 to 2030. Increasing demand for zero carbon emission & positive energy buildings in the construction industry to promote environmental awareness is one of the major factors impacting product adoption. A 25% reduction in operating & lifetime energy cost as compared to conventional HVAC equipment will further propel technology penetration. The global market for heat pump is expected to cross USD 165 billion by 2032.
 

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Rising concerns regarding environmental sustainability & energy security coupled with the shifting trends for bio-based infrastructure will sway 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.
 

Water Source Heat Pump Market Analysis

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The water-to-air heat pump segment is projected to observe a growth rate of nearly 5% during 2022 to 2030. Longer equipment life, simpler maintenance, and low running cost are the vital factors that will augment the market. The key industry players are focusing on increasing plant capacities and plant integration to fulfill the demand supply gap, influencing water source heat pump market expansion. For instance, in May 2022, Viessmann Group decided to invest over USD 1 billion for the next three years into its heat pump and green climate solution product portfolios.
 

The commercial application is estimated to hold a substantial position across the industry owing to the rising focus on establishing green building infrastructure. The product outlives heating systems based on combustion combined with offering efficient heating & cooling to buildings at low running costs, which will enhance usage of these pumps than other preferable counterparts including air source heat pumps. Additionally, the industry participants focus on increasing production capabilities and innovations, accelerating the market outlook.
 

For example, in March 2022, Danfoss introduced a new electric expansion valve to increase the efficiency of heat pumps and IT cooling. The newly launched heat pump component is equipped with features including Low Opening Degree (DO), linear stable flow control, and dedicated S & L flow curves for heat pumps and modular chillers, respectively. The surging need for energy efficient WSHP with product development will foster water source heat pump market growth.
 

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The Europe water source heat pump market is poised to exceed USD 120 million by 2030. The rising heating & cooling demand together with the product’s low operating cost will promote its applications. Moreover, technologies including hybrid water source heat pumps are gaining traction because of their versatility & quiet performance as they collectively use hydronic heating & refrigerant air conditioning. The utilization of available technologies for these pumps has a high dependence on various factors including land & water source and soil & climatic conditions.
 

Product features merged with promising guidelines to promote the establishment of net zero-emission buildings will support the use of water source heat pumps across various countries including the U.S. and Austria.
 

The COVID-19 pandemic has caused an economic crisis in various regions, resulting in minor delays in commercial businesses. The condition, however, has elevated after relaxations in the lockdown when recreational activities and building operations resumed post vaccination drive. The rising trend of renovating buildings and favorable government frameworks to promote efficient space heating will propel the demand water source heat pump.
 

Water Source Heat Pump Market Share

The major players operating across the water source heat pump industry include:

• 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 
• Swegon Group AB.
   

This market research report on water source heat pump includes in-depth coverage of the industry with estimates & forecast in terms of units & USD million from 2018 to 2030 for the following segments:

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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
  • Switzerland
  • Spain
  • Sweden
  • UK
  • Netherlands
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Mexico