Northbrook, IL 60062 -- (SBWire) -- 11/07/2023 --The global water-based heating & cooling systems market is expected to be valued at USD 37.7 billion in 2023 and is projected to reach USD 55.2 billion by 2028; it is expected to grow at a CAGR of 7.9% from 2023 to 2028.
The water-based heating & cooling systems industry has experienced remarkable growth in recent years, driven by increasing demand for energy-efficient solutions, availability of government subsidies, and growing awareness of the environmental benefits. North America is expected to be the largest market for water-based heating and cooling systems in 2023. This is due to the high awareness of the benefits of these systems among building owners and policymakers in the region. Asia Pacific is the second-largest market for water-based heating and cooling systems and is expected to be the fastest-growing market for these systems. This is due to the rapid growth of the construction industry in the region.
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Based on implementation type, the market for new constructions to hold the highest market share during the forecast period
The market for water-based heating & cooling systems in new construction projects is experiencing significant growth and is expected to continue expanding in the coming years. There is a growing awareness and emphasis on energy efficiency and sustainability in the construction industry. Water-based systems, such as hydronic heating and cooling, offer superior energy efficiency compared to traditional HVAC systems, resulting in reduced operating costs and environmental impact. Secondly, advancements in technology have made water-based systems more versatile, reliable, and easier to install. The availability of high-performance heat pumps, chillers, and radiant heating/cooling systems has expanded the range of options for designers and developers, allowing for tailored solutions to meet specific project requirements. Additionally, government regulations and initiatives aimed at reducing carbon emissions and promoting sustainable practices have provided incentives and mandates for the adoption of energy-efficient systems in new construction. These policies have accelerated the demand for water-based heating and cooling solutions thereby driving the market for new construction projects.
Commercial vertical for the water-based heating & cooling systems market to grow at the highest CAGR from 2023 to 2028
Commercial buildings, including office complexes, retail spaces, hotels, and healthcare facilities, require efficient and effective heating and cooling solutions to create comfortable environments for occupants. Water-based systems, such as hydronic heating and cooling, offer superior performance, precise temperature control, and uniform distribution of heat or cool air throughout the space, resulting in enhanced comfort levels. Moreover, the emphasis on energy efficiency and sustainability in the commercial sector is driving the adoption of water-based systems. These systems leverage renewable energy sources, advanced controls, and technologies like heat pumps and chillers to optimize energy usage and reduce operational costs.
Water-based heating & cooling systems market in Asia Pacific to hold the highest CAGR during the forecast period
China, Japan, and India are among a few major contributors to the water-based heating & cooling systems market in APAC. Growing construction activities and the rising population are a few key factors boosting the growth of the water-based heating and cooling systems market in the region. There is a considerable demand for smart homes in countries such as Japan, South Korea, and China. Rapid urbanization and industrialization are also increasing the demand for water-based heating and cooling systems in the region. Moreover, the enforcement of regulatory programs such as the Commercial Building Disclosure (CBD) Program (Australia), the launch of Energy Conservation Building Codes (India), the introduction of the LEED-India project, and the formation of the Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE) support the adoption of water-based heating and cooling systems in the region.
Key Market Players
The water-based heating & cooling systems companis is dominated by players such as Daikin (Japan), Johnson Controls (US), Carrier Global Corporation (US), Trane Technologies (US), Fujitsu (Japan), and others.
Water-Based Heating & Cooling Systems Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2028