As per the report titled ‘Water Source Heat Pump Market Size By Product, By Technology, By Application, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report, global water source heat pump market is projected to register an appreciable growth during 2020-2026.
 

Rapid urbanization and commercialization, escalating demand for energy efficient space heating solutions, along with technological innovations and high product adoption in residential, commercial, and industrial establishments are driving the growth of global water source heat pump market. However, the high initial cost of investment for these systems and increasing popularity of alternatives may negatively impact the business outlook in the coming years, cites the study.
 

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For the uninitiated, water source heat pump system is used for transferring energy to the site where it is in demand from the point where is not required.  This technology extracts heat from water instead of the air.
 

Water source heat pumps comprise of two kinds of heat pump systems – water loop systems and geothermal systems. Water loop heat pump system is a decentralized arrangement wherein a cooling tower/boiler serve as a backup heat source. In such systems, the excess heat in the interior of the building can be reused, further leading to energy saving.
 

On the other hand, geothermal heat pump system (WSHP) leverages natural heat storage capacity of the earth, ground water or surface water as the primary source for cooling and heating. WSHP is formed up of water source heat pumps, control systems, ground heat exchanger, and indoor air conditioning system. It offers costs saving benefits and environment safety as its completely eco-friendly and has high energy efficiency.
 

Speaking of the application spectrum, global water source heat pump market is split into commercial, residential, and industrial. Water source heat pumps are suitable for a various building types including apartment buildings, office buildings, schools, hotels, condominiums, and more. The demand for these system in the commercial sector can be attributed to the need for controlling individual zones to maintain the desired comfort conditions.
 

Considering the geographical outlook, Middle East & Africa water source heat pump market is primarily driven by rising demand for energy efficient heating and cooling solutions.
 

Meanwhile, Latin America water source heat pump market is slated to witness substantial gains owing to shifting focus towards sustainable space heating technologies like water source heat pump, cites the study.
 

Top players in global water source heat pump market are Trane, Viessmann Werke GmbH & Co. KG, Vaillant Group, Stiebel Eltron GmbH & Co., Bosch Thermotechnology GmbH, Glen Dimplex Group, Daikin Industries Ltd., Danfoss, NIBE Industrier AB, Carrier Corp., Johnson Controls International plc, Modine Manufacturing Co., and Rheem Manufacturing Co. among others.