Water Source Heat Pump Market size to exceed $1.6bn by 2026

Water Source Heat Pump Market is expected to surpass USD 1.6 billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

A Water Source Heat Pump is a kind of renewable energy technology, which works by extracting heat from water for heating & cooling purposes. The system can transfer heat from one place to another by using a circulating structure of refrigerant and compressor through which heat is extracted from a water source and pumped inside. The system can provide efficient cooling & heating for residential, commercial, and industrial buildings. The water source heat pumps are among the most efficient heating & cooling solutions available in the market. The unique & simple design and high reliability of the product will lead to increased market demand across residential & commercial establishments.

 

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Governmental measures to curb GHG & carbon emissions are increasing the market size of energy-efficient water to water heat pumps

The growing regulatory focus toward reducing carbon emissions and energy conservation will boost the market statistics for water to water heat pumps. For instance, the European Union, under Climate Action has set a target to reduce CO2 emissions by 20% by 2020. In addition, the introduction of several incentives including Investment Grant and Low or Zero Interest Loan will shift consumers’ focus from conventional sources to non-conventional sources, which will positively impact the water source heat pump market growth.
 

Rising adoption of sustainable heating & cooling technologies will propel open loop water source heat pump industry growth

An open-loop water source heat pump system utilizes water-from-water surface or groundwater as a direct energy source to transfer thermodynamic energy. It offers several advantages over other technologies including higher heat transfer rate, constant energy replacement, and increased Coefficient of Performance (CoP) of a water source heat pump. In addition, open-loop technology is a cost-effective solution and requires less maintenance, which will augment the industry growth across residential and commercial sectors in the forthcoming years.
 

Browse key industry insights spread across 370 pages with 616 market data tables & 45 figures & charts from the report, “Water Source Heat Pump Market Statistics 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 – 2026in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/water-source-heat-pump-market
 

Development of green building infrastructure boosting the water source heat pump market outlook

The development of green building infrastructure along with the introduction of stringent building energy codes by state and local regulators will drive the market demand for water source heat pump across commercial establishments. For instance, the German Renewable Energy Heating Act was established with an aim to enhance the renewable heat share up to 14% by 2020. Under the Act, from 2016, all new residential and commercial buildings will only be permitted if they use renewable energy sources for water and space heating. In addition, the growing focus toward decarbonization reinforced by legislative energy policies and incentives will substantially boost the water source heat pump market demand for commercial applications.
 

Favorable taxation policies for clean energy technologies will drive the North America market statistics

The North America market will witness strong growth on account of flourishing investments along with tax incentive policies on the adoption of energy efficient heating systems. The U.S. is estimated to hold the largest market share in the region throughout the forecast period on account of strategic reforms and policies on renewable energy technologies. For instance, the Property Assessed Clean Energy (PACE), bond program, and loan program are among the key policies and initiatives taken by the regulators to enhance industry statistics of clean energy solutions including water source heat pumps.
 

Key market players operating in the water source heat pump market comprise Daikin, Bosch Thermotechnology, Carrier Corporation, Trane, Johnson Controls, and STIEBEL ELTRON GmbH & Co. KG. New technological innovations and acquisitions are some of the few paramount strategies followed by leading market players to gain a competitive edge over other industry participants. In addition, strategic business collaborations and geographical expansion are other prominent strategies adopted by key market players.
 

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