Water-based Heating & Cooling Systems Market

Water-based Heating & Cooling Systems Market Size, Share, Growth Analysis, By Component(Heat Pump, Convector Heater), By Cooling Type(Direct Cooling, Indirect Cooling), By Implementation Type(New Construction, Retrofit), By Vertical(Residential, Commercial), By Region(North America, Europe) - Industry Forecast 2024-2031

Report ID: UCMIG25H2051 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Water-based Heating & Cooling Systems Market Insights

Market Overview:

The market for water-based heating and cooling systems is anticipated to be worth USD 37.7 billion in 2023 and rise to USD 55.2 billion by 2028, with a predicted CAGR of 7.9% throughout that period. The development and use of low-GWP refrigerants are significantly influenced by government legislation and industry standards.The market for water-based heating and cooling systems is anticipated to increase as a result of the rising need for economical and cost-saving HVAC systems in businesses.

Water-based Heating & Cooling Systems Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Household Appliances by segment aggregation, the contribution of the Household Appliances in Consumer Durables & Apparel and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Water-based Heating & Cooling Systems Market is segmented by Component, Cooling Type, Implementation Type, Vertical, Region. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Water-based Heating & Cooling Systems Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Component the market is segmented as, Heat Pump, Convector Heater, Radiator, Boiler, Chiller, AHU, Cooling Tower, Expansion Tank
  • Based on Cooling Type the market is segmented as, Direct Cooling, Indirect Cooling
  • Based on Implementation Type the market is segmented as, New Construction, Retrofit
  • Based on Vertical the market is segmented as, Residential, Commercial, Industrial
  • Based on Region the market is segmented as, North America, Europe, Asia Pacific, RoW, KEY MARKET PLAYERS, Daikin, Johnson Controls, Carrier Global Corporation, Trane Technologies

Regional Analysis:

Water-based Heating & Cooling Systems Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Water-based Heating & Cooling Systems Market Attractiveness Analysis, By Region 2020-2028
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Water-based Heating & Cooling Systems Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Water-based Heating & Cooling Systems Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Water-based Heating & Cooling Systems Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Water-based Heating & Cooling Systems Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Water-based Heating & Cooling Systems Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • 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.
  • Driver: Increasing constructions activities in residential and industry sectors
  • The construction sector is a major driving factor behind the growth of the water-based heating and cooling industry. As construction projects continue to surge, there is a growing emphasis on energy-efficient and sustainable solutions. Water-based heating and cooling systems, such as hydronic systems, offer significant advantages in terms of energy efficiency, cost-effectiveness, and environmental friendliness. These systems utilize water as a medium to transfer heat, providing efficient heating during winters and cooling during summers. With a focus on reducing carbon emissions and achieving energy savings, developers, contractors, and building owners are increasingly adopting water-based heating and cooling systems in their projects. These systems not only offer better control over temperature and humidity but also provide opportunities for renewable energy integration, such as utilizing geothermal or solar energy sources.
  • The residential sector has been increasingly adopting water-based heating and cooling systems as a sustainable and energy-efficient solution for climate control. Homeowners are recognizing the benefits of these systems in terms of comfort, cost savings, and environmental impact. In the industrial sector, the demand for water-based heating and cooling systems is driven by the construction of new factories, warehouses, and commercial buildings. These buildings require water-based heating and cooling systems to maintain the temperature, and humidity levels, which are essential for the efficient functioning of machinery and equipment. Moreover, water-based heating and cooling systems can also help in reducing the energy consumption of industrial buildings, which is a major concern for the industry.
  • Restraint: Limited space in commercial and residential buildings for large water-based heating & cooling systems
  • One of the significant restraints faced by water-based heating & cooling systems is the limited space available in commercial and residential buildings for large water-based heating & cooling systems. In today’s world, people have started to opt for compact and space-saving products, including water-based heating & cooling systems, that can fit in small areas without compromising on their performance. However, this can be challenging for water-based heating & cooling manufacturers and installers, especially in densely populated urban areas where space is at a premium. Due to limited space, water-based heating & cooling systems may need to be smaller, which can affect their efficiency and performance, leading to higher energy consumption and maintenance costs.
  • Opportunity: Growing demand for sustainable solutions
  • One significant opportunity for water-based heating & cooling systems is the increasing demand for sustainable solutions. In recent years, there has been a growing awareness of environmental issues such as climate change, resource depletion, and pollution. This awareness has translated into a shift in consumer preferences towards more sustainable and eco-friendly products and services.
  • Water-based heating & cooling systems align well with this shift in consumer demand. These systems offer several environmental benefits compared to traditional heating and cooling methods. By utilizing water as a primary heat transfer medium, they can significantly reduce greenhouse gas emissions and contribute to a smaller carbon footprint. Water is a renewable resource, and when coupled with renewable energy sources such as solar thermal, or geothermal, water-based systems can achieve even higher levels of sustainability.
  • Challenge: Increase in environmental concerns and aging infrastructure
  • The increasing global environmental concerns, particularly related to climate change and carbon emissions, have highlighted the need for more sustainable heating and cooling solutions. Traditional heating and cooling systems often rely on fossil fuel-based energy sources, such as natural gas or oil, which contribute to greenhouse gas emissions. Additionally, older systems may use refrigerants with high global warming potential (GWP), further exacerbating their environmental impact. Many existing water-based heating & cooling systems suffer from aging infrastructure and outdated equipment. These systems may have been installed several decades ago, and over time, components such as pipes, valves, pumps, and heat exchangers can deteriorate, leading to inefficiencies, leaks, and system failures. Aging infrastructure can result in reduced system performance, increased energy consumption, and higher maintenance costs.
  • Water-Based Heating & Cooling Systems Market Ecosystem
  • The water-based heating & cooling systems market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include Anritsu, Keysight Technologies, Teradyne Inc., National Instruments Corporation, and Spirent Communications.
  • Based on heating component, the heat pump market to hold the highest market share during the forecast period
  • The heat pump market is poised to gain the highest market share for water-based heating systems due to several key factors. Firstly, heat pumps are highly efficient and environmentally friendly compared to traditional heating systems. They utilize renewable energy sources such as air, water, or the ground to extract heat and transfer it indoors, resulting in significantly lower energy consumption and reduced greenhouse gas emissions. This aligns with the increasing global focus on sustainability and the urgent need to mitigate climate change. Secondly, heat pumps offer versatility and flexibility in their applications. They can provide both heating and cooling functions, making them suitable for various climates and seasons. Additionally, heat pumps can be integrated with existing infrastructure, such as underfloor heating systems, radiators, or water heaters, making them a viable retrofit option for both residential and commercial buildings. Finally, governments and regulatory bodies worldwide are implementing supportive policies and providing financial incentives to promote the adoption of heat pumps. These initiatives, coupled with advancements in technology and decreasing installation costs, make heat pumps an attractive choice for consumers and drive the growth of the market.
  • Based on cooling component, the chillers market is to grow at the highest CAGR share during the forecast period
  • Chillers play a pivotal role in water-based cooling systems and offer a range of significant benefits. They chillers provide efficient and reliable cooling for large-scale applications such as commercial buildings, data centers, hospitals, and industrial facilities. Additionally, chillers offer precise temperature control, allowing for customization based on specific cooling requirements. They can adapt to varying loads and ambient conditions, providing stable cooling even during peak demand. Furthermore, chillers offer energy efficiency through advanced technologies such as variable speed compressors, heat recovery, and intelligent controls. These features optimize energy usage, reduce electricity consumption, and lower operational costs. Lastly, chillers can be integrated with renewable energy sources, such as solar or geothermal, further enhancing their sustainability and reducing environmental impact. Considering their ability to provide reliable cooling, precise temperature control, energy efficiency, and compatibility with renewable energy, chillers stand as the most important component in water-based cooling systems, driving comfort, productivity, and sustainability in various applications.
  • 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.
  • Recent Developments
  • Daikin, a Japanese multinational air conditioning and refrigeration company, launched a new water-sourced heat pump in April 2023. The new heat pump is designed to be more energy-efficient and environmentally friendly than traditional heat pumps.
  • Mitsubishi Electric, a Japanese multinational conglomerate, partnered with Carrier, an American multinational corporation, on a water-based heating and cooling system in March 2023. The new system is designed to be more energy-efficient and environmentally friendly than traditional heating and cooling systems.
  • Vaillant, a German multinational heating and plumbing company, launched a new water-based heat pump for commercial buildings in February 2023.
  • Johnson Controls, an American multinational technology company, launched a new water-source heat pump in January 2023.
  • Rheem, an American water heating, hydronic heating, and cooling company, partnered with Enercon, a Danish manufacturer of water-sourced heat pumps, in December 2022. The partnership will allow Rheem to offer Enercon's water-sourced heat pumps to its customers.
  • KEY MARKET SEGMENTS
  • By Component
  • Heat Pump
  • Convector Heater
  • Radiator
  • Boiler
  • Chiller
  • AHU
  • Cooling Tower
  • Expansion Tank
  • By Cooling Type
  • Direct Cooling
  • Indirect Cooling
  • By Implementation Type
  • New Construction
  • Retrofit
  • By Vertical
  • Residential
  • Commercial
  • Industrial
  • By Region
  • North America
  • Europe
  • Asia Pacific
  • RoW
  • KEY MARKET PLAYERS
  • Daikin
  • Johnson Controls
  • Carrier Global Corporation
  • Trane Technologies
  • Fujitsu

SkyQuest's Expertise:

The Water-based Heating & Cooling Systems Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Component - Heat Pump, Convector Heater, Radiator, Boiler, Chiller, AHU, Cooling Tower, Expansion Tank
  • By Cooling Type - Direct Cooling, Indirect Cooling
  • By Implementation Type - New Construction, Retrofit
  • By Vertical - Residential, Commercial, Industrial
  • By Region - North America, Europe, Asia Pacific, RoW, KEY MARKET PLAYERS, Daikin, Johnson Controls, Carrier Global Corporation, Trane Technologies
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • 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.
  • Driver: Increasing constructions activities in residential and industry sectors
  • The construction sector is a major driving factor behind the growth of the water-based heating and cooling industry. As construction projects continue to surge, there is a growing emphasis on energy-efficient and sustainable solutions. Water-based heating and cooling systems, such as hydronic systems, offer significant advantages in terms of energy efficiency, cost-effectiveness, and environmental friendliness. These systems utilize water as a medium to transfer heat, providing efficient heating during winters and cooling during summers. With a focus on reducing carbon emissions and achieving energy savings, developers, contractors, and building owners are increasingly adopting water-based heating and cooling systems in their projects. These systems not only offer better control over temperature and humidity but also provide opportunities for renewable energy integration, such as utilizing geothermal or solar energy sources.
  • The residential sector has been increasingly adopting water-based heating and cooling systems as a sustainable and energy-efficient solution for climate control. Homeowners are recognizing the benefits of these systems in terms of comfort, cost savings, and environmental impact. In the industrial sector, the demand for water-based heating and cooling systems is driven by the construction of new factories, warehouses, and commercial buildings. These buildings require water-based heating and cooling systems to maintain the temperature, and humidity levels, which are essential for the efficient functioning of machinery and equipment. Moreover, water-based heating and cooling systems can also help in reducing the energy consumption of industrial buildings, which is a major concern for the industry.
  • Restraint: Limited space in commercial and residential buildings for large water-based heating & cooling systems
  • One of the significant restraints faced by water-based heating & cooling systems is the limited space available in commercial and residential buildings for large water-based heating & cooling systems. In today’s world, people have started to opt for compact and space-saving products, including water-based heating & cooling systems, that can fit in small areas without compromising on their performance. However, this can be challenging for water-based heating & cooling manufacturers and installers, especially in densely populated urban areas where space is at a premium. Due to limited space, water-based heating & cooling systems may need to be smaller, which can affect their efficiency and performance, leading to higher energy consumption and maintenance costs.
  • Opportunity: Growing demand for sustainable solutions
  • One significant opportunity for water-based heating & cooling systems is the increasing demand for sustainable solutions. In recent years, there has been a growing awareness of environmental issues such as climate change, resource depletion, and pollution. This awareness has translated into a shift in consumer preferences towards more sustainable and eco-friendly products and services.
  • Water-based heating & cooling systems align well with this shift in consumer demand. These systems offer several environmental benefits compared to traditional heating and cooling methods. By utilizing water as a primary heat transfer medium, they can significantly reduce greenhouse gas emissions and contribute to a smaller carbon footprint. Water is a renewable resource, and when coupled with renewable energy sources such as solar thermal, or geothermal, water-based systems can achieve even higher levels of sustainability.
  • Challenge: Increase in environmental concerns and aging infrastructure
  • The increasing global environmental concerns, particularly related to climate change and carbon emissions, have highlighted the need for more sustainable heating and cooling solutions. Traditional heating and cooling systems often rely on fossil fuel-based energy sources, such as natural gas or oil, which contribute to greenhouse gas emissions. Additionally, older systems may use refrigerants with high global warming potential (GWP), further exacerbating their environmental impact. Many existing water-based heating & cooling systems suffer from aging infrastructure and outdated equipment. These systems may have been installed several decades ago, and over time, components such as pipes, valves, pumps, and heat exchangers can deteriorate, leading to inefficiencies, leaks, and system failures. Aging infrastructure can result in reduced system performance, increased energy consumption, and higher maintenance costs.
  • Water-Based Heating & Cooling Systems Market Ecosystem
  • The water-based heating & cooling systems market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include Anritsu, Keysight Technologies, Teradyne Inc., National Instruments Corporation, and Spirent Communications.
  • Based on heating component, the heat pump market to hold the highest market share during the forecast period
  • The heat pump market is poised to gain the highest market share for water-based heating systems due to several key factors. Firstly, heat pumps are highly efficient and environmentally friendly compared to traditional heating systems. They utilize renewable energy sources such as air, water, or the ground to extract heat and transfer it indoors, resulting in significantly lower energy consumption and reduced greenhouse gas emissions. This aligns with the increasing global focus on sustainability and the urgent need to mitigate climate change. Secondly, heat pumps offer versatility and flexibility in their applications. They can provide both heating and cooling functions, making them suitable for various climates and seasons. Additionally, heat pumps can be integrated with existing infrastructure, such as underfloor heating systems, radiators, or water heaters, making them a viable retrofit option for both residential and commercial buildings. Finally, governments and regulatory bodies worldwide are implementing supportive policies and providing financial incentives to promote the adoption of heat pumps. These initiatives, coupled with advancements in technology and decreasing installation costs, make heat pumps an attractive choice for consumers and drive the growth of the market.
  • Based on cooling component, the chillers market is to grow at the highest CAGR share during the forecast period
  • Chillers play a pivotal role in water-based cooling systems and offer a range of significant benefits. They chillers provide efficient and reliable cooling for large-scale applications such as commercial buildings, data centers, hospitals, and industrial facilities. Additionally, chillers offer precise temperature control, allowing for customization based on specific cooling requirements. They can adapt to varying loads and ambient conditions, providing stable cooling even during peak demand. Furthermore, chillers offer energy efficiency through advanced technologies such as variable speed compressors, heat recovery, and intelligent controls. These features optimize energy usage, reduce electricity consumption, and lower operational costs. Lastly, chillers can be integrated with renewable energy sources, such as solar or geothermal, further enhancing their sustainability and reducing environmental impact. Considering their ability to provide reliable cooling, precise temperature control, energy efficiency, and compatibility with renewable energy, chillers stand as the most important component in water-based cooling systems, driving comfort, productivity, and sustainability in various applications.
  • 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.
  • Recent Developments
  • Daikin, a Japanese multinational air conditioning and refrigeration company, launched a new water-sourced heat pump in April 2023. The new heat pump is designed to be more energy-efficient and environmentally friendly than traditional heat pumps.
  • Mitsubishi Electric, a Japanese multinational conglomerate, partnered with Carrier, an American multinational corporation, on a water-based heating and cooling system in March 2023. The new system is designed to be more energy-efficient and environmentally friendly than traditional heating and cooling systems.
  • Vaillant, a German multinational heating and plumbing company, launched a new water-based heat pump for commercial buildings in February 2023.
  • Johnson Controls, an American multinational technology company, launched a new water-source heat pump in January 2023.
  • Rheem, an American water heating, hydronic heating, and cooling company, partnered with Enercon, a Danish manufacturer of water-sourced heat pumps, in December 2022. The partnership will allow Rheem to offer Enercon's water-sourced heat pumps to its customers.
  • KEY MARKET SEGMENTS
  • By Component
  • Heat Pump
  • Convector Heater
  • Radiator
  • Boiler
  • Chiller
  • AHU
  • Cooling Tower
  • Expansion Tank
  • By Cooling Type
  • Direct Cooling
  • Indirect Cooling
  • By Implementation Type
  • New Construction
  • Retrofit
  • By Vertical
  • Residential
  • Commercial
  • Industrial
  • By Region
  • North America
  • Europe
  • Asia Pacific
  • RoW
  • KEY MARKET PLAYERS
  • Daikin
  • Johnson Controls
  • Carrier Global Corporation
  • Trane Technologies
  • Fujitsu
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Water-based Heating & Cooling Systems Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Water-based Heating & Cooling Systems Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Driver: Increasing constructions activities in residential and industry sectors
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The construction sector is a major driving factor behind the growth of the water-based heating and cooling industry. As construction projects continue to surge, there is a growing emphasis on energy-efficient and sustainable solutions. Water-based heating and cooling systems, such as hydronic systems, offer significant advantages in terms of energy efficiency, cost-effectiveness, and environmental friendliness. These systems utilize water as a medium to transfer heat, providing efficient heating during winters and cooling during summers. With a focus on reducing carbon emissions and achieving energy savings, developers, contractors, and building owners are increasingly adopting water-based heating and cooling systems in their projects. These systems not only offer better control over temperature and humidity but also provide opportunities for renewable energy integration, such as utilizing geothermal or solar energy sources.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The residential sector has been increasingly adopting water-based heating and cooling systems as a sustainable and energy-efficient solution for climate control. Homeowners are recognizing the benefits of these systems in terms of comfort, cost savings, and environmental impact. In the industrial sector, the demand for water-based heating and cooling systems is driven by the construction of new factories, warehouses, and commercial buildings. These buildings require water-based heating and cooling systems to maintain the temperature, and humidity levels, which are essential for the efficient functioning of machinery and equipment. Moreover, water-based heating and cooling systems can also help in reducing the energy consumption of industrial buildings, which is a major concern for the industry.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Restraint: Limited space in commercial and residential buildings for large water-based heating & cooling systems
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • One of the significant restraints faced by water-based heating & cooling systems is the limited space available in commercial and residential buildings for large water-based heating & cooling systems. In today’s world, people have started to opt for compact and space-saving products, including water-based heating & cooling systems, that can fit in small areas without compromising on their performance. However, this can be challenging for water-based heating & cooling manufacturers and installers, especially in densely populated urban areas where space is at a premium. Due to limited space, water-based heating & cooling systems may need to be smaller, which can affect their efficiency and performance, leading to higher energy consumption and maintenance costs.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Opportunity: Growing demand for sustainable solutions
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • One significant opportunity for water-based heating & cooling systems is the increasing demand for sustainable solutions. In recent years, there has been a growing awareness of environmental issues such as climate change, resource depletion, and pollution. This awareness has translated into a shift in consumer preferences towards more sustainable and eco-friendly products and services.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Water-based heating & cooling systems align well with this shift in consumer demand. These systems offer several environmental benefits compared to traditional heating and cooling methods. By utilizing water as a primary heat transfer medium, they can significantly reduce greenhouse gas emissions and contribute to a smaller carbon footprint. Water is a renewable resource, and when coupled with renewable energy sources such as solar thermal, or geothermal, water-based systems can achieve even higher levels of sustainability.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Challenge: Increase in environmental concerns and aging infrastructure
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The increasing global environmental concerns, particularly related to climate change and carbon emissions, have highlighted the need for more sustainable heating and cooling solutions. Traditional heating and cooling systems often rely on fossil fuel-based energy sources, such as natural gas or oil, which contribute to greenhouse gas emissions. Additionally, older systems may use refrigerants with high global warming potential (GWP), further exacerbating their environmental impact. Many existing water-based heating & cooling systems suffer from aging infrastructure and outdated equipment. These systems may have been installed several decades ago, and over time, components such as pipes, valves, pumps, and heat exchangers can deteriorate, leading to inefficiencies, leaks, and system failures. Aging infrastructure can result in reduced system performance, increased energy consumption, and higher maintenance costs.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Water-Based Heating & Cooling Systems Market Ecosystem
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The water-based heating & cooling systems market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong global sales and marketing networks. Leading players in the market include Anritsu, Keysight Technologies, Teradyne Inc., National Instruments Corporation, and Spirent Communications.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on heating component, the heat pump market to hold the highest market share during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • The heat pump market is poised to gain the highest market share for water-based heating systems due to several key factors. Firstly, heat pumps are highly efficient and environmentally friendly compared to traditional heating systems. They utilize renewable energy sources such as air, water, or the ground to extract heat and transfer it indoors, resulting in significantly lower energy consumption and reduced greenhouse gas emissions. This aligns with the increasing global focus on sustainability and the urgent need to mitigate climate change. Secondly, heat pumps offer versatility and flexibility in their applications. They can provide both heating and cooling functions, making them suitable for various climates and seasons. Additionally, heat pumps can be integrated with existing infrastructure, such as underfloor heating systems, radiators, or water heaters, making them a viable retrofit option for both residential and commercial buildings. Finally, governments and regulatory bodies worldwide are implementing supportive policies and providing financial incentives to promote the adoption of heat pumps. These initiatives, coupled with advancements in technology and decreasing installation costs, make heat pumps an attractive choice for consumers and drive the growth of the market.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on cooling component, the chillers market is to grow at the highest CAGR share during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Chillers play a pivotal role in water-based cooling systems and offer a range of significant benefits. They chillers provide efficient and reliable cooling for large-scale applications such as commercial buildings, data centers, hospitals, and industrial facilities. Additionally, chillers offer precise temperature control, allowing for customization based on specific cooling requirements. They can adapt to varying loads and ambient conditions, providing stable cooling even during peak demand. Furthermore, chillers offer energy efficiency through advanced technologies such as variable speed compressors, heat recovery, and intelligent controls. These features optimize energy usage, reduce electricity consumption, and lower operational costs. Lastly, chillers can be integrated with renewable energy sources, such as solar or geothermal, further enhancing their sustainability and reducing environmental impact. Considering their ability to provide reliable cooling, precise temperature control, energy efficiency, and compatibility with renewable energy, chillers stand as the most important component in water-based cooling systems, driving comfort, productivity, and sustainability in various applications.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on implementation type, the market for new constructions to hold the highest market share during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial vertical for the water-based heating & cooling systems market to grow at the highest CAGR from 2023 to 2028
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Water-based heating & cooling systems market in Asia Pacific to hold the highest CAGR during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • 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.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recent Developments
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Daikin, a Japanese multinational air conditioning and refrigeration company, launched a new water-sourced heat pump in April 2023. The new heat pump is designed to be more energy-efficient and environmentally friendly than traditional heat pumps.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mitsubishi Electric, a Japanese multinational conglomerate, partnered with Carrier, an American multinational corporation, on a water-based heating and cooling system in March 2023. The new system is designed to be more energy-efficient and environmentally friendly than traditional heating and cooling systems.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Vaillant, a German multinational heating and plumbing company, launched a new water-based heat pump for commercial buildings in February 2023.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Johnson Controls, an American multinational technology company, launched a new water-source heat pump in January 2023.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rheem, an American water heating, hydronic heating, and cooling company, partnered with Enercon, a Danish manufacturer of water-sourced heat pumps, in December 2022. The partnership will allow Rheem to offer Enercon's water-sourced heat pumps to its customers.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Component
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Heat Pump
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Convector Heater
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Radiator
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Boiler
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Chiller
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AHU
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cooling Tower
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Expansion Tank
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Cooling Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Direct Cooling
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Indirect Cooling
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Implementation Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • New Construction
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Retrofit
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Vertical
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Residential
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Commercial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Industrial
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Region
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • RoW
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Daikin
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Johnson Controls
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Carrier Global Corporation
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Trane Technologies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Fujitsu
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Water-based Heating & Cooling Systems Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Water-based Heating & Cooling Systems Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Water-based Heating & Cooling Systems Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Water-based Heating & Cooling Systems Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The market for Water-based Heating & Cooling Systems was estimated to be valued at US$ XX Mn in 2021.

The Water-based Heating & Cooling Systems Market is estimated to grow at a CAGR of XX% by 2028.

The Water-based Heating & Cooling Systems Market is segmented on the basis of Component, Cooling Type, Implementation Type, Vertical, Region.

Based on region, the Water-based Heating & Cooling Systems Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Water-based Heating & Cooling Systems Market are 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. , Driver: Increasing constructions activities in residential and industry sectors , The construction sector is a major driving factor behind the growth of the water-based heating and cooling industry. As construction projects continue to surge, there is a growing emphasis on energy-efficient and sustainable solutions. Water-based heating and cooling systems, such as hydronic systems, offer significant advantages in terms of energy efficiency, cost-effectiveness, and environmental friendliness. These systems utilize water as a medium to transfer heat, providing efficient heating during winters and cooling during summers. With a focus on reducing carbon emissions and achieving energy savings, developers, contractors, and building owners are increasingly adopting water-based heating and cooling systems in their projects. These systems not only offer better control over temperature and humidity but also provide opportunities for renewable energy integration, such as utilizing geothermal or solar energy sources. , The residential sector has been increasingly adopting water-based heating and cooling systems as a sustainable and energy-efficient solution for climate control. Homeowners are recognizing the benefits of these systems in terms of comfort, cost savings, and environmental impact. In the industrial sector, the demand for water-based heating and cooling systems is driven by the construction of new factories, warehouses, and commercial buildings. These buildings require water-based heating and cooling systems to maintain the temperature, and humidity levels, which are essential for the efficient functioning of machinery and equipment. Moreover, water-based heating and cooling systems can also help in reducing the energy consumption of industrial buildings, which is a major concern for the industry. , Restraint: Limited space in commercial and residential buildings for large water-based heating & cooling systems , One of the significant restraints faced by water-based heating & cooling systems is the limited space available in commercial and residential buildings for large water-based heating & cooling systems. In today’s world, people have started to opt for compact and space-saving products, including water-based heating & cooling systems, that can fit in small areas without compromising on their performance. However, this can be challenging for water-based heating & cooling manufacturers and installers, especially in densely populated urban areas where space is at a premium. Due to limited space, water-based heating & cooling systems may need to be smaller, which can affect their efficiency and performance, leading to higher energy consumption and maintenance costs. , Opportunity: Growing demand for sustainable solutions , One significant opportunity for water-based heating & cooling systems is the increasing demand for sustainable solutions. In recent years, there has been a growing awareness of environmental issues such as climate change, resource depletion, and pollution. This awareness has translated into a shift in consumer preferences towards more sustainable and eco-friendly products and services. , Water-based heating & cooling systems align well with this shift in consumer demand. These systems offer several environmental benefits compared to traditional heating and cooling methods. By utilizing water as a primary heat transfer medium, they can significantly reduce greenhouse gas emissions and contribute to a smaller carbon footprint. Water is a renewable resource, and when coupled with renewable energy sources such as solar thermal, or geothermal, water-based systems can achieve even higher levels of sustainability. , Challenge: Increase in environmental concerns and aging infrastructure , The increasing environmental concerns, particularly related to climate change and carbon emissions, have highlighted the need for more sustainable heating and cooling solutions. Traditional heating and cooling systems often rely on fossil fuel-based energy sources, such as natural gas or oil, which contribute to greenhouse gas emissions. Additionally, older systems may use refrigerants with high warming potential (GWP), further exacerbating their environmental impact. Many existing water-based heating & cooling systems suffer from aging infrastructure and outdated equipment. These systems may have been installed several decades ago, and over time, components such as pipes, valves, pumps, and heat exchangers can deteriorate, leading to inefficiencies, leaks, and system failures. Aging infrastructure can result in reduced system performance, increased energy consumption, and higher maintenance costs. , Water-Based Heating & Cooling Systems Market Ecosystem , The water-based heating & cooling systems market is dominated by established and financially sound manufacturers with extensive experience in the industry. These companies have diversified product portfolios, cutting-edge technologies, and strong sales and marketing networks. Leading players in the market include Anritsu, Keysight Technologies, Teradyne Inc., National Instruments Corporation, and Spirent Communications. , Based on heating component, the heat pump market to hold the highest market share during the forecast period , The heat pump market is poised to gain the highest market share for water-based heating systems due to several key factors. Firstly, heat pumps are highly efficient and environmentally friendly compared to traditional heating systems. They utilize renewable energy sources such as air, water, or the ground to extract heat and transfer it indoors, resulting in significantly lower energy consumption and reduced greenhouse gas emissions. This aligns with the increasing focus on sustainability and the urgent need to mitigate climate change. Secondly, heat pumps offer versatility and flexibility in their applications. They can provide both heating and cooling functions, making them suitable for various climates and seasons. Additionally, heat pumps can be integrated with existing infrastructure, such as underfloor heating systems, radiators, or water heaters, making them a viable retrofit option for both residential and commercial buildings. Finally, governments and regulatory bodies worldwide are implementing supportive policies and providing financial incentives to promote the adoption of heat pumps. These initiatives, coupled with advancements in technology and decreasing installation costs, make heat pumps an attractive choice for consumers and drive the growth of the market. , Based on cooling component, the chillers market is to grow at the highest CAGR share during the forecast period , Chillers play a pivotal role in water-based cooling systems and offer a range of significant benefits. They chillers provide efficient and reliable cooling for large-scale applications such as commercial buildings, data centers, hospitals, and industrial facilities. Additionally, chillers offer precise temperature control, allowing for customization based on specific cooling requirements. They can adapt to varying loads and ambient conditions, providing stable cooling even during peak demand. Furthermore, chillers offer energy efficiency through advanced technologies such as variable speed compressors, heat recovery, and intelligent controls. These features optimize energy usage, reduce electricity consumption, and lower operational costs. Lastly, chillers can be integrated with renewable energy sources, such as solar or geothermal, further enhancing their sustainability and reducing environmental impact. Considering their ability to provide reliable cooling, precise temperature control, energy efficiency, and compatibility with renewable energy, chillers stand as the most important component in water-based cooling systems, driving comfort, productivity, and sustainability in various applications. , 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. , Recent Developments , Daikin, a Japanese multinational air conditioning and refrigeration company, launched a new water-sourced heat pump in April 2023. The new heat pump is designed to be more energy-efficient and environmentally friendly than traditional heat pumps. , Mitsubishi Electric, a Japanese multinational conglomerate, partnered with Carrier, an American multinational corporation, on a water-based heating and cooling system in March 2023. The new system is designed to be more energy-efficient and environmentally friendly than traditional heating and cooling systems. , Vaillant, a German multinational heating and plumbing company, launched a new water-based heat pump for commercial buildings in February 2023. , Johnson Controls, an American multinational technology company, launched a new water-source heat pump in January 2023. , Rheem, an American water heating, hydronic heating, and cooling company, partnered with Enercon, a Danish manufacturer of water-sourced heat pumps, in December 2022. The partnership will allow Rheem to offer Enercon's water-sourced heat pumps to its customers. , KEY MARKET SEGMENTS, By Component , Heat Pump , Convector Heater , Radiator , Boiler , Chiller , AHU , Cooling Tower , Expansion Tank , By Cooling Type , Direct Cooling , Indirect Cooling , By Implementation Type , New Construction , Retrofit , By Vertical , Residential , Commercial , Industrial , By Region , North America , Europe , Asia Pacific , RoW, KEY MARKET PLAYERS , Daikin , Johnson Controls , Carrier Corporation , Trane Technologies , Fujitsu.

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