PUBLISHER: The Business Research Company | PRODUCT CODE: 1546628
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546628
Water-based heating and cooling systems utilize water as a medium to transfer heat for both heating and cooling purposes within buildings. These systems typically circulate water through pipes to absorb heat from or release heat to the environment, offering efficient climate control through methods such as radiators, underfloor heating, or fan coil units. They are recognized for their energy efficiency and ability to maintain consistent temperatures across spaces.
Key components of water-based heating and cooling systems include the heat pump, convector heater, radiator, boiler, chiller, air handling unit (AHU), cooling tower, and expansion tank. A heat pump is a device that uses electricity to transfer heat between different locations and is commonly employed for both heating and cooling buildings. It supports direct and indirect cooling methods and is suitable for new constructions as well as retrofit projects. These systems cater to various end-users including residential, commercial, and industrial sectors.
The water-based heating and cooling system market research report is one of a series of new reports from The Business Research Company that provides water-based heating and cooling system market statistics, including water-based heating and cooling system industry global market size, regional shares, competitors with a water-based heating and cooling system market share, detailed water-based heating and cooling system market segments, market trends and opportunities, and any further data you may need to thrive in the water-based heating and cooling system industry. This water-based heating and cooling system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The water-based heating and cooling systems market size has grown strongly in recent years. It will grow from $32.33 billion in 2023 to $34.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth during the historic period can be attributed to several factors, including changing climatic conditions prompting increased demand for climate control solutions, expansion across various industrial sectors requiring efficient heating and cooling systems, a rising number of retrofit and renovation projects upgrading existing infrastructure, efforts to mitigate the urban heat island effect in densely populated areas, and growing demand for heating, ventilation, and air conditioning (HVAC) systems in commercial buildings.
The water-based heating and cooling systems market size is expected to see strong growth in the next few years. It will grow to $47.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing awareness of energy efficiency, stricter environmental regulations, rising demand for sustainable building solutions, ongoing urbanization and infrastructure development, government incentives, and rebate programs promoting energy-efficient technologies. Major trends expected during this period include the integration of renewable energy sources into heating and cooling systems, adoption of smart technologies for enhanced control and efficiency, convergence of HVAC systems with other building technologies for holistic management, and continuous product innovations aimed at improving performance and sustainability.
The water-based heating and cooling systems market is expected to experience growth driven by increasing construction activities. The construction industry encompasses building, renovating, and maintaining structures across residential, commercial, and industrial sectors. This growth is spurred by urbanization, population expansion, and government investments in infrastructure development. Water-based heating and cooling systems are crucial in construction for their energy efficiency, cost-effectiveness, and ability to provide consistent indoor climate control. For example, the Office for National Statistics reported a record 12.7% annual increase in the construction sector in 2021, with December 2021 seeing a 2.0% rise in output volume driven by new construction projects. This underscores how escalating construction activities are fueling demand in the water-based heating and cooling systems market.
Leading companies in this market are advancing technology, particularly in heat pumps, to enhance energy efficiency and reduce environmental impact. Heat pumps are highly efficient systems for heating and cooling buildings by transferring heat rather than generating it, thereby lowering emissions. For instance, Vaillant introduced the geoTHERM Perform and aroTHERM Perform heat pumps in March 2021. These systems cater to large-scale residential and commercial projects, with models such as the aroTHERM Perform offering outputs up to 208 kW when cascaded. Similarly, the geoTHERM Perform models reach outputs of up to 78 kW and can deliver heating output of up to 624 kW in cascaded setups, maintaining flow temperatures of 65 °C even in temperatures as low as -10 °C, suitable for cold climates.
In May 2024, Rheem Manufacturing Company partnered with Renew Home to provide innovative heating and cooling solutions. This collaboration enhances Rheem's offerings with Renew Home's no-cost energy management program, helping customers reduce energy consumption and costs. Renew Home specializes in energy management solutions in the US market, complementing Rheem's expertise in residential and commercial water heaters and boilers.
Major companies operating in the water-based heating and cooling systems market are Samsung Electronics, LG Electronics, Panasonic Corporation, Midea Group, Mitsubishi Electric Corporation, Haier Smart Home Co. Ltd., Gree Electric Appliances Inc., Daikin Industries Ltd., Johnson Controls International Plc, Carrier Corporation, Trane Technologies Plc, Danfoss Group, Kingspan Group, Lennox International Inc., A.O. Smith Corporation, Viessmann Group, Rheem Manufacturing Company, IMI Plc, Fujitsu General Global, Uponor Corporation, Weishaupt AG, Ferroli S.p.A., BDR Thermea Group, Vaillant Group, Bosch Thermotechnology
North America was the largest region in the water-based heating and cooling systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water-based heating and cooling systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the water-based heating and cooling systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The water-based heating and cooling systems market consists of sales of underfloor heating systems, fan coil units, and heat exchangers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Water-Based Heating And Cooling Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on water-based heating and cooling systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for water-based heating and cooling systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The water-based heating and cooling systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.