Water Source Heat Pump Market By Product (Water to Air, Water to Water), By Technology (Open-loop, Closed loop, Hybrid) Share & Forecast, 2020 – 2026
Ocean View, DE -- (SBWIRE) -- 04/03/2020 -- Expanding the industrial sector has been creating a rising demand for effective heating & cooling systems, impacting water source heat pump market share significantly. Various governments across the world have imposed strict regulations on the growing carbon emissions, that has stimulated the product adoption. According to the IEA, water source heat pumps have the capability of lowering carbon dioxide emissions from 5% up to 50% within the building and industrial sectors.
There has also been an introduction of energy norms and energy-efficiency directives to be able to achieve renewable targets. The water source heat pumps market show some prominent features such as need for lesser space, reduced operating costs, and high efficiency and sustainability. The product consists of a plain symmetrical duct layout that has a low pressure and velocity properties, indicating a much higher coefficient performance for these products. Water Source Heat Pump Market size surpassed USD 1.2 billion in 2019 and the annual installation is anticipated to exceed 220 thousand units by 2026.
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Steady demand for clean energy technologies across the world will be influencing the demand for the product. Water source heat pump market size is expected to experience a yearly installation of more than 220 thousand units by the year 2026. With the shift in the focus towards deploying cooling and energy-efficient technologies, the industry statistics will grow over the years.
Several industry players are involved in the production and distribution of water source heat pumps, like Carrier Corporation, Johnson Controls, Trane, STIEBEL ELTRON GmbH & Co. KG, Daikin and Bosch Thermotechnology. These firms are consistently working towards introducing newer technologies and ensure the increase in the production capacity as well as product quality.
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Water source heat pumps (WSHP) have a CoP of nearly five with excellent operational efficiency, which means that about five units of heat can be secured with the help of an input of one unit of electricity, suggesting increased efficiency. Amidst the adoption of clean energy sources, the alarming impact of CO2 emissions on the climate has created awareness as well as a positive growth scenario for the product. Largely volatile prices of fuel will help boost the demand for energy-efficient systems across the world.
With the expanding commercial and residential sectors, especially across developing nations, there will be a growth in the heating requirements, stimulating the demand for hybrid WSHP. These systems are capable of providing an increased heating & cooling capacity, lowered dependency on any water source and higher efficiency. Additionally, these systems will be showing higher power reliability and output as it utilizes the two independent, refrigerant circuits.
Europe has various positive regulatory norms established that have been supported by a number of financial policies and schemes for sustainable heating systems. The European nations have been paying more attention to lowering their dependency on energy import as well as minimizing the emission of carbon dioxide by readily improving the renewable mix. The country has also introduced a number of incentives that cover Low or Zero Interest Loan and Grant, which will be influencing Europe's water source heat pump market trends in the coming years.