The water-based heating and cooling systems market has grown robustly in recent years, expanding from $32.33 billion in 2023 to $34.89 billion in 2024, at a compound annual growth rate (CAGR) of 7.9%. This growth is driven by changing climatic conditions, growth in various industrial sectors, increasing retrofit and renovation projects, the need to mitigate the urban heat island effect in densely populated areas, and rising demand for HVAC systems in commercial buildings. The market is projected to see continued strong growth, reaching $47.52 billion by 2028, with a CAGR of 8.0%. This forecasted growth is attributed to growing awareness of energy efficiency, stringent environmental regulations, rising demand for sustainable building solutions, urbanization and infrastructure development, and government incentives and rebate programs. Major trends include the integration of renewable energy sources, the adoption of smart technologies, convergence of HVAC systems with other building technologies, and ongoing product innovations.
Global Water Based Heating And Cooling Systems Market Key Driver
The increasing construction activities are anticipated to drive the growth of the water-based heating and cooling systems market. The construction industry, which involves building, renovating, and maintaining various structures, is expanding due to urbanization, population growth, and substantial government investments in infrastructure. Water-based heating and cooling systems are favored in construction for their energy efficiency, cost-effectiveness, and ability to provide reliable indoor climate control. According to the Office for National Statistics, the UK construction sector saw a 12.7% increase in 2021 compared to the previous year. Additionally, December 2021 saw a 2.0% rise in monthly construction output, driven by a 3.5% increase in new work. The water-based heating and cooling systems market, valued at $3 billion in 2023, is expected to grow to $3.8 billion in 2024 and $5.5 billion by 2028, fueled by the surge in construction activities.
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Global Water Based Heating And Cooling Systems Market Segments
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.
Major Water Based Heating And Cooling Systems Industry Players
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
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Water Based Heating And Cooling Systems Market Overview
Water-based heating and cooling systems use water as a medium to transfer heat for both heating and cooling purposes in buildings. They typically involve circulating water through pipes to either absorb heat from or release heat to the environment, providing efficient climate control through radiators, underfloor heating, or fan coil units. These systems are known for their energy efficiency and ability to provide consistent temperature control throughout spaces.
Water Based Heating And Cooling Systems Global Market Report 2023 provides data on the global water based heating and cooling systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The water based heating and cooling systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
