Global Water-Based Heating And Cooling Systems Market Size Forecast 2024-2033
12 Dec, 2024
What Is The Definition Of The Global Water-Based Heating And Cooling Systems Market?
Water-based heating and cooling systems use water as a medium to transfer heat for both heating and cooling purposes in buildings. They typically involve circulating water through pipes to either absorb heat from or release heat to the environment, providing efficient climate control through radiators, underfloor heating, or fan coil units. These systems are known for their energy efficiency and ability to provide consistent temperature control throughout spaces.
Water-Based Heating And Cooling Systems Global Market Report 2024 provides data on the global water-based heating and cooling systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The water-based heating and cooling systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Water-Based Heating And Cooling Systems Market Size Expected To Expand, And At What Annual Growth Rate?
The water-based heating and cooling systems market has grown robustly, increasing from $32.33 billion in 2023 to $34.89 billion in 2024 at a CAGR of 7.9%. Growth in recent years has been driven by changing climate conditions, industrial sector expansion, retrofit and renovation projects, efforts to mitigate urban heat islands, and increased demand for HVAC systems in commercial buildings. The market is projected to reach $47.52 billion by 2028 at a CAGR of 8.0%, fueled by energy efficiency awareness, stringent environmental regulations, rising demand for sustainable building solutions, urbanization, and government incentives. Prominent trends include renewable energy integration, smart technology adoption, HVAC convergence with other building technologies, and product innovations.
What Are The Key Drivers Fueling Growth In The Water-Based Heating And Cooling Systems Market?
The rising construction activities are expected to propel the growth of the water-based heating and cooling systems market. The construction industry, driven by urbanization, population growth, and government investment, is expanding. Water-based heating and cooling systems are sought after for their energy efficiency, cost-effectiveness, and ability to control indoor climates in residential and commercial buildings. According to the UK’s Office for National Statistics, the construction sector saw a record 12.7% increase in 2021 compared to the previous year, with new work rising by 3.5% in December 2021. As a result, increasing construction activities are expected to boost the growth of the water-based heating and cooling systems market.
Get Your Free Sample of the Global Water-Based Heating And Cooling Systems Market ReportWhat Are The Principal Market Segments In The Global Water-Based Heating And Cooling Systems Industry?
The water-based heating and cooling systems market covered in this report is segmented –
1) By Component: Heat Pump, Convector Heater, Radiator, Boiler, Chiller, Air Handling Unit (AHU), Cooling Tower, Expansion Tank
2) By Cooling Type: Direct Cooling, Indirect Cooling
3) By Implementation Type: New Construction, Retrofit
4) By End-User: Residential, Commercial, Industrial
Which Emerging Market Trends Are Altering The Water-Based Heating And Cooling Systems Sector?
Companies in the water-based heating and cooling systems market are developing innovative technologies like heat pumps to improve energy efficiency and reduce environmental impact. Heat pumps are energy-efficient devices used for heating and cooling buildings. In March 2021, Germany’s Vaillant introduced the geoTHERM Perform and aroTHERM Perform, heat pumps designed for both new and renovated residential and commercial properties. These systems can function in cold climates, maintaining high flow temperatures even in subzero conditions, making them ideal for challenging environments.
What Is The Leading Region In The Water-Based Heating And Cooling Systems Market?
North America was the largest region in the water-based heating and cooling systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the water-based heating and cooling systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.