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Global Water-Based HVAC Systems Market Analysis 2024
Water-Based HVAC Systems Market Analysis
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According to The Business Research Company's, 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 in the historic period can be attributed to changing climatic conditions, growth in various industrial sectors, a growing number of retrofit and renovation projects, the need to mitigate the urban heat island effect in densely populated areas, increasing 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 growing awareness of energy efficiency, stringent environmental regulations, rising demand for sustainable building solutions, urbanization and infrastructure development, government incentives, and rebate programs. Major trends in the forecast period include the integration of renewable energy sources, the integration of smart technologies, the convergence of heating, ventilation, and air conditioning (HVAC) systems with other building technologies, and product innovations.
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Market Drivers and Trends:
The increasing construction activities are expected to propel the growth of the water-based heating and cooling systems market going forward. The construction industry encompasses the processes of building, renovating, and maintaining structures and infrastructure, including residential, commercial, and industrial projects. The construction industry is rising due to increasing urbanization, population growth, and government investments in infrastructure development. Water-based heating and cooling systems are required in the construction industry for their energy efficiency, cost-effectiveness, and ability to provide consistent and comfortable indoor climate control in both residential and commercial buildings. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, the annual construction sector saw a record increase of 12.7% in 2021 compared to the previous year. In December 2021, the monthly construction output volume rose by 2.0%, driven entirely by a 3.5% increase in new work. Therefore, the increasing construction activities are driving the growth of the water-based heating and cooling systems market.
Major companies operating in the water-based heating and cooling systems market are developing innovative technology, such as heat pumps, to improve energy efficiency and reduce environmental impact. Heat pumps are a highly efficient technology for heating and cooling buildings that transfer heat rather than generating it and are useful for reducing emissions. For instance, in March 2021, Vaillant, a Germany-based heating and plumbing company, introduced the geoTHERM Perform and aroTHERM Perform. These heat pumps are designed for large new construction and renovation projects on residential and commercial properties. The aroTHERM Perform is available in two models with outputs of 19 and 26 kW and can be cascaded to provide up to 208 kW. On the other hand, the geoTHERM Perform is available in three versions with outputs reaching up to 78 kW and can deliver a heating output of up to 624 kW when cascaded. Both models can maintain flow temperatures of 65 °C even at temperatures as low as -10 °C, making them suitable for cold climates.
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Major Key Players of the Market:
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
Water-Based Heating And Cooling Systems Market 2024 Key Insights:
• 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%.
• Increasing Construction Activities Drive Growth In The Water-Based Heating And Cooling Systems Market
• Technological Advancements In Water-Based Heating And Cooling Systems
• North America was the largest region in the water-based heating and cooling systems market in 2023
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