May 15, 2020
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 LLC, global water source heat pump market is expected to display substantial growth during the years 2020-2026.
Technological advancements and escalating demand for heating and cooling solutions from residential, commercial, and industrial sectors are stimulating the growth of global water source heat pump market. Water source heat pump system is one of the most effective cooling as well as heating systems. These systems efficiently transfer energy to from one area to another as required.
Water source heat pump is basically used in two kinds of heat pump systems namely water loop systems and geothermal systems. Geothermal heat pump systems generally utilize the natural heat storage capacity of the earth, surface water or ground water as a key source for heating and cooling. Eco-friendly, energy efficient, and cost-saving benefits of these systems are fueling the product demand.
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Water loop heat pump system is a decentralized system which uses a cooling tower or a boiler as a backup heat source. The surplus heat in the interior areas of the building can cause heat loss in outer areas, further leading to energy savings which is encouraging the product adoption.
Elaborating on the application scope, the market is categorized into residential, commercial, and industrial. Increasing deployment of water source heat pump systems particularly in commercial buildings where individual zones of control are needed to maintain comfort conditions is stimulating the commercial share.
Residential segment is also poised to witness considerable growth in the coming years, owing to the growing adoption water source heat pumps as air conditioning units.
From a regional perspective, MEA water source heat pump market is anticipated to see modest growth over the forecast timeline, due to surging demand for energy efficient heating & cooling systems from the thriving oil & gas and construction industry in the region.
Major players operating in global water source heat pump market are Vaillant Group, Trane, Viessmann, Stiebel Eltron GmbH & Co., Glen Dimplex Group, Bosch Thermotechnology, Daikin, Danfoss, Carrier Corporation, Johnson Controls, NIBE Industrier AB, Rheem Manufacturing Company, Aermec S.p.A., and Modine Manufacturing Company among others.