Water Source Heat Pump Market size is set to cross USD 1.4 billion by 2030, according to a new research report by Global Market Insights Inc.
The industry growth is attributed to the increasing adoption of renewable energy technologies for heating & cooling applications. Water source heat pump (WSHP) is a renewable energy technology that can transfer heat from one point to another by using a circulating configuration of refrigerant & compressor through which the heat in extracted from a source of water and pumped inside the application area. The product is among the most efficient heating & cooling solutions in the market that are deployed across residential, commercial, and industrial buildings.
Governmental measures to curb carbon emissions & GHG
The water-to-water heat pump market is anticipated to grow considerably during the forecast period. This growth is credited to its high operating efficiency as compared to water-to-air heat pumps. In addition, simple & unique designs along with high product reliability will increase product acceptance across commercial & residential establishments. Moreover, rising focus on energy conservation and the need to reduce carbon emissions will sway the product penetration.
Browse key industry insights spread across 295 pages with 679 market data tables & 39 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Rising adoption of heating & cooling technologies along with increasing infrastructure development
The residential-based water source heat pump market is predicted to observe a 5% growth rate till 2030. Product applications in single & multi-family buildings combined with the increasing demand for hot water & space heating in colder regions will complement the product demand over the forecast years. The implementation of regulatory standards & codes favoring green building infrastructure to reduce the dependency on fossil fuels will further encourage product deployments across residential applications.
Cost effectiveness along with the ongoing commercialization of water source heat pumps will spur the hybrid technology
Reducing the dependency on fossil fuel energy coupled with growing penetration of hybrid water source heat pumps will accelerate the overall water source heat pump market expansion. The use of a fan coil in heating mode leads to high cost-effectiveness as compared to other WSHPs based on energy cost, boosting the product adoption. Additionally, rising private & government investments to encourage new renewable technologies will propel the market outlook.
Despite the COVID-19 impacts, operation & maintenance and the manufacturing of renewable source products were active, followed by no prohibitions by respective authorities on managing renewable energy projects. However, these projects witnessed slight delays due to component & equipment unavailability caused by supply chain disruptions in 2020, which can be commissioned in the upcoming years with proper planning & implementation.
The key players operating across the water source heat pump market include Danfoss, Trane, Viessmann, Vaillant, STIEBEL ELTRON GmbH & Co. KG, Modine Manufacturing Company, WOLF GmbH, Aermec S.p.A., Mitsubishi Materials Techno Co., Daikin, Carrier, Rheem Manufacturing Company, GLEN DIMPLEX GROUP, Weishaupt Group, Bard HVAC, OCHSNER, STIEBEL ELTRON GmbH & Co. KG, Bosch Thermotechnology Corp., Johnson Controls, Swegon Group AB, and Green Planet Supply Technologies.