The water-based heating and cooling systems market has shown robust growth, rising from $32.33 billion in 2023 to $34.89 billion in 2024, with a CAGR of 7.9%. This growth is driven by changing climatic conditions and rising demand for efficient HVAC systems in commercial buildings. The market is expected to reach $47.52 billion by 2028, with a CAGR of 8.0%. Key trends include the integration of renewable energy sources and ongoing product innovations.
Major Driver In The Water Based Heating And Cooling Systems Market
The water-based heating and cooling systems market is anticipated to grow due to increasing construction activities. This sector is expanding as a result of urbanization and substantial government investments in infrastructure. Water-based systems are preferred in construction for their energy efficiency and reliable climate control. The Office for National Statistics reported a 12.7% increase in the UK construction sector in 2021. Valued at $3 billion in 2023, the market is projected to expand to $3.8 billion in 2024 and $5.5 billion by 2028.
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Water Based Heating And Cooling Systems Market Competitive Landscape
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
Key Water Based Heating And Cooling Systems Market Trend
The water-based heating and cooling systems market is witnessing innovations in heat pump technologies aimed at improving energy efficiency and reducing environmental impact. Heat pumps efficiently transfer heat for building heating and cooling, minimizing emissions. In March 2021, Vaillant, a Germany-based heating and plumbing firm, introduced the geoTHERM Perform and aroTHERM Perform heat pumps, specifically designed for large construction and renovation projects. The aroTHERM Perform offers outputs of 19 and 26 kW and can be cascaded for a total output of up to 208 kW, while the geoTHERM Perform reaches outputs of up to 78 kW, delivering a heating capacity of up to 624 kW. Both models maintain flow temperatures of 65 °C even in temperatures as low as -10 °C, making them ideal for colder climates.
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Water Based Heating And Cooling Systems Market Segmentation
The water-based heating and cooling systems market covered in this report is segmented –
1) By Component: Heat Pump, Convector Heater, Radiator, Boiler, Chiller, Air Handling Unit (AHU), Cooling Tower, Expansion Tank
2) By Cooling Type: Direct Cooling, Indirect Cooling
3) By Implementation Type: New Construction, Retrofit
4) By End-User: Residential, Commercial, Industrial
By Geography:The regions 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.
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 Water Based Heating And Cooling Systems Global Market Report 2024 furnishes information about the global water based heating and cooling systems market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
